Homes for Sale Listings-Meridianville, AL Real Estate Area

Larry Hill, Real Estate Agent in Meridianville, Alabama

MadisonCounty Meridianville Huntsville Madison Hampton Cove
Hazel Green New Market Toney Harvest Brownsboro Gurley Ardmore Owens Cross Roads

Obstacles to Home Ownership

Still, for many Americans, owning a home continues to remain just slightly out of reach. For more and more families, saving the money for a down payment is the biggest obstacle to homeownership. Many people mistakenly believe that you have to come up with a down payment equal to 20% of the price of a home.

Traditionally, lenders have required that home buyers be able to make a down payment of at least 20% of a home's purchase price to get a home loan or mortgage. However, mortgage lenders will grant home loans to qualifying home buyers with a down payment of as little as 5% of the purchase price, if the mortgage is insured.

In fact, home loans with down payments of less than 20% are increasingly popular. They are called "low down payment mortgages." This is good news for the millions of home buyers who are finding it difficult to save a large down payment, especially for their first house.

What Makes It Possible?