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☆ A 20% home down payment isn't 'the law of the land,' analyst says. Here's how much people are paying
▼ + stars: | 2024-05-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Tetra Images | Tetra Images | Getty ImagesPutting 20% down is 'definitely not required'One way to reduce your monthly mortgage payment is by putting down more money and borrowing less. But for many households, trying to get a higher down payment can be challenging, said Danielle Hale, chief economist at Realtor.com. While a lower down payment is one way to "attack affordability challenges," it can be a "mixed bag," Hamrick said. With a lower down payment, you will need to borrow more from your lender, which raises the monthly cost of your mortgage, Hale said. A smaller down payment can also mean you don't qualify for a lender's best -available interest rate.

Persons: Danielle Hale, there's, SurveyMonkey, Hale, It's, Hamrick Organizations: CNBC, Department of Veterans Affairs, U.S . Department of Agriculture, Federal Housing Association Locations: U.S

Millennials are turning to more creative and affordable ways of getting on the property ladder, such as buying a fixer-upper. One day, while out walking, she noticed a beautiful, old house that "seemed empty and looked a wreck." A couple bought a 19th-century manor house in Ohio they saw in the Cheap Old Houses newsletterThe Angeleauxs pose in front of Walnut Hill, a house they found on the Cheap Old Houses Instagram account. In May 2022, the Cheap Old Houses newsletter advertised an 1800s manor house in the small village of Higginsport, Ohio. During the renovation, Wormann handled a termite infestation in the beams, disposing of mountains of trash, and firing unreliable contractors.

Persons: —, Betsy Sweeny, Betsy Sweeny Betsy Sweeny, Sweeny, Kayli, Angeleaux, Connor, Kayli Angeleaux, Connor Angeleaux's, We're, Farleigh, Olamide Soyemi, Cullen Farleigh Olamide Soyemi, Cullen Farleigh, Soyemi, creatives, Cullen, Anton Wormann, Anton Wormann Anton Wormann, Wormann, hadn't, akiya Organizations: Service, McClain House, Federal Housing Association Locations: Wheeling , West Virginia, McClain, Virginia, Ohio, Walnut Hill, Utah, Higginsport , Ohio, Colombus, London, East London, Swedish, Tokyo, Japan, Sweden

☆ 5 successful real-estate investors who started with as little as $5,000 in savings explain how they leveraged FHA loans to buy their first properties
▼ + stars: | 2023-10-21 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Before writing off real estate as too expensive to invest in, you'll want to consider all of your options. Here's how it works and how you can use one to buy real estate and start building long-term wealth. How everyday people have leveraged FHA loans to buy property and build wealthBoston-based investor Karina Mejia used an FHA loan to buy her first property at age 22 . It's a joke but it is solid advice: Before you actually get married, you should each use your own FHA loan." You can get your foot in the door without too much upfront cash by using an FHA loan."

Persons: Ludomir Wanot, witxh, Wanot, Karina Mejia, Sasha, It's, Mejia, Avery Heilbron, Heilbron, Jervais, Jim Resonable, That's Organizations: Federal Housing Association, Evergreen Housing, Ludomir, Seattle, Department of Veterans Affairs Locations: Seattle, Boston, Georgia, North Carolina, North Carolina , California

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