Recently I had a conversation with Shane Hofmann of Edina Realty about an important subject in real estate: loan options.
Shane has been in real estate for approximately 15 years, and has been with Edina Realty for about six. In that time, he’s gained a lot of experience and expertise.
One of the questions he hears people ask most often is about what their loan options are. There’s a common misconception that in order to get a house, you have to put 20% down.
These days, this simply isn’t the case. In today’s market, you have several options available to you.
“In today’s market, you have several loan options.”
The VA loan, for example, allows veterans to go in with zero down. For people buying their first home, a good option is the FHA loan—which allows you to put as little as 3.5% down.
Even in the case of a conventional loan you can put either 3% or 5% down. Gift funds, too, can apply.
To work with Shane and his team, the first thing you’ll need to do is fill out an application. This can be done online or in person.
If you’d like any other information or have any other questions, feel free to give me a call or send me an email. I look forward to hearing from you soon.