Myth: You need a 20% down payment to buy a home.
Fact: Many homebuyers can qualify for loans with as little as 3% down. Plus, eligible military buyers can secure a VA loan with zero down payment—no money down required!
If you’re looking to buy a home in Chicagoland and think you need 20% saved for a down payment, it’s time to rethink that. With today’s flexible financing options, buying a home is more achievable than you might think.
Here’s What You Need to Know About Down Payments
1. Low Down Payment Options for First-Time Buyers
Did you know you can purchase a home with only 3% down? Many first-time homebuyers qualify for conventional loans with low down payments, making homeownership more accessible than ever before. You don’t have to wait years to save 20%; there are plenty of affordable options out there.
2. VA Loans – Zero Down for Eligible Military Buyers
For military service members and veterans, there’s no need for a down payment with a VA loan. If you’re eligible, this is one of the best financing options available, offering zero down payment and competitive rates.
3. USDA Loans – Financing for Rural and Suburban Homes
If you’re looking to buy a home in more rural or suburban areas, a USDA loan could be an excellent option. These loans require no down payment and come with low interest rates. Perfect for those looking to settle in the Chicagoland suburbs.
4. FHA Loans – Accessible for Buyers with Lower Credit Scores
For buyers with less-than-perfect credit, FHA loans allow for as little as 3.5% down. These loans have relaxed credit score requirements, making it easier for more buyers to qualify and buy their dream home.
The Bottom Line: You Don’t Need 20% Down
Buying a home in Chicagoland or anywhere in Illinois doesn’t have to feel out of reach. With programs designed to help first-time buyers, military families, and those looking for affordable options, Helen Oliveri Real Estate can guide you through the process.
Need Help Navigating Your Options?
At Helen Oliveri Real Estate, we offer free buyer consultations to discuss the best options for you. Our team will connect you with trusted lenders who can help determine your eligibility for low down payment loans, and we’ll help you find the perfect home that fits your needs and budget.
Ready to Get Started? Schedule Your Buyer Consultation Today!
Don’t let the myth of the 20% down payment hold you back from homeownership. Contact Helen Oliveri Real Estate today for expert guidance and to explore your financing options. Let us help you make your dream of owning a home in the Chicagoland suburbs a reality!
