Getting a Loan as a First-Time Homebuyer

Today we’re sharing why first-time homebuyers don’t need a large down payment.

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Today it’s simple for first-time homebuyers to get a loan. Many first-time homebuyers view their biggest difficulty as being the down payment. They possibly haven’t had much time to save for a giant down payment. Now there are a couple of great options for them. 

Right now, first-time homebuyers can purchase a home with as little as 3% down with a conventional loan. Also, they can borrow from their 401(k). If they’ve saved some money for retirement they can receive a tax-free loan from their 401(k). It’s also interest-free as long as you pay yourself back. You usually have five years to pay yourself back.

First-time homebuyers can purchase a home with as little as 3% down.
— Leigh Marcus

For the low down payment options, you can finance your closing costs. You would ask for a seller credit, then we would roll it into the loan, so you’re genuinely only paying 3% down. The typical hindrance of not having enough for a down payment can now easily be overcome!

If you have any questions about buying your first home or real estate, in general, let me know! Send me an email at Leigh@LeighMarcus.com or call me at 773-312-7550. I would love to help you.