If you’ve been renting for years, the idea of owning your own home may feel like a distant dream. Perhaps you’ve thought about it but quickly brushed it off, thinking it’s out of reach. You’re not alone. Many renters feel the same fears, especially when it comes to the cost of buying a home. But here’s the truth: owning a home could be closer than you think, and those fears might be based on outdated myths.
The Fear: “I Can’t Afford a Down Payment”
One of the biggest concerns that renters face when thinking about buying a home is the cost of the down payment. According to a recent survey by LendingTree, 65% of renters who want to own their home believe that the cost of a down payment is holding them back. It’s easy to see why—down payment myths can be scary and intimidating. Many people still think they need 20% of the home’s value saved up to even have a chance at owning a house. But what if we told you that this is just a myth?
The Myth: You Need 20% Down
The 20% down payment myth is one of the biggest misconceptions that keeps renters stuck. It’s true that a larger down payment can save you money on mortgage insurance and lower your monthly payments. But the reality is that most first-time homebuyers don’t need to put down nearly that much. There are plenty of loan options that require significantly less, meaning you could become a homeowner with as little as 3% or even zero down.
The Opportunity: Low Down Payment Options
If you’ve been dreaming of owning a home, it’s time to reconsider the reality of down payments. There are several mortgage programs designed to help renters become homeowners without needing to drain their entire savings. Here are a few low down payment options that might be right for you:
- FHA Loans: With a down payment as low as 3.5%, FHA loans are designed to help first-time buyers with less-than-perfect credit make the leap into homeownership.
- Conventional Loans: Many conventional loans also offer down payment options as low as 3%, especially for first-time homebuyers.
- VA Loans: If you’re a veteran or an active-duty service member, a VA loan offers 0% down payment options and can be an incredible benefit when transitioning from renting to owning.
Introducing the ML Mortgage Home 100 Program
One of the most exciting programs available right now is the ML Mortgage Home 100 Program. Imagine getting into your first home without worrying about a huge down payment or closing costs. The Home 100 Program offers 5% forgivable down payment and closing cost assistance, which can make all the difference for renters who feel that cost is the biggest barrier to homeownership.
This program is designed to take away the stress of coming up with a massive sum of money upfront. It’s an opportunity to take that dream of homeownership and make it a reality without feeling financially burdened. If you’ve been renting and wanting to break into owning your home, this is your chance to do it—without the barriers that many fear.
The Benefits of Owning Your Home
Why make the leap from renting to owning? Owning your home is more than just having a place to call your own. It’s about building equity, gaining stability, and creating a space that’s uniquely yours. When you own, you invest in your future—not someone else’s. You gain the ability to make improvements, decorate as you like, and enjoy the pride of ownership.
Plus, owning your home can be a powerful tool for long-term wealth building. Every mortgage payment you make is an investment in your future, building equity that can benefit you financially down the road.
Ready to Take the Next Step?
It’s time to stop letting myths and fears hold you back from achieving your dream of homeownership. At ML Mortgage, we’re here to guide you through the process, answer your questions, and help you discover the programs that are right for you—like our Home 100 Program.
Are you ready to start building your future? Contact Us Today to learn more about how we can help you transition from renting to owning, and take advantage of the exciting opportunities waiting for you.
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ML Mortgage Corp. is a state-licensed mortgage lender, NMLS ID #362312, licensed by the CA Department of Financial Protection and Innovation under the Finance Lenders Law, License #60DBO69831. For other states, visit www.mlmortgage.net. To verify licenses, visit www.nmlsconsumeraccess.org. All loans are subject to credit approval and acceptable collateral. Additional terms and conditions apply. Programs, rates, terms, and conditions may change without notice. Not all programs are available in all states. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. © 2024 ML Mortgage Corp. All rights reserved.
