There are many great Lafayette area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (337) 267-4099 for a FREE home buying or selling consultation to answer any of your real estate questions.
One of the most popular questions we get asked is, "Do I have to put 20% down on a home in order to purchase it?" The simple answer is no. There are a lot of different loan programs out there that allow you to put less money on a down payment, and some where you don't have to put any money down at all. Here are the different types of loans. One may be perfect for you:
VA Loans
- VA loans, which all veterans are eligible for, can be had for 0% down. There is a VA fee up front, but that's rolled into the loan. A lot of times we are able to work in the closing costs to where you come away with paying no money down.
- A rural development loan is a loan that has 2 prerequisites for qualification. First, the property has to be outside the parish lines in a designated RD area. We have a list of all the homes in the area that qualify for this loan if you would like to check it out. The other requirement has to do with income. If you have a family of 4, the combined household income can not exceed $76,000, or $90,000 for a family of 5.
- FHA loans will allow you to pay 3.5% down. They also allow you to have a non-occupying home borrower who can cosign for you in a loan.
- Conventional loans are very flexible. You can do a 20% down conventional loan, and that eliminates the need for PMI (Private Mortgage Insurance). Your PMI becomes cheaper the more money you put down.
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