http://pkrealtor.com/blog/categoryname_down-payment/sort_entrydatetime-desc/  If you’ve served in the military (or if your spouse has), you have access to one of the most powerful homebuying tools out there. The chance to buy a home without having a down payment.Unfortunately, 70% of Veterans (that's 7 out of every 10) don’t know about this benefit, according to Veterans United.And that’s a big missed opportunity for those who’ve earned this benefit through service. So, let’s break down what you really need to know about Veterans Affairs (VA) home loans right now.Why VA Home Loans Can Be a Great OptionFor nearly 80 years, VA loans have made homeownership possible for millions of Veterans and active-duty service members. Here are just a few of the top perks according to the Department of Veteran Affairs:Options for $0 Down Payment: Many Veterans can buy a home without spending years saving up.Fewer Upfront Costs: The VA limits which types of closing costs Veterans have to pay, helping you keep more cash on hand when you’re finalizing your purchase.No Private Mortgage Insurance (PMI): Unlike many other loan types, VA loans don’t require PMI, lowering your monthly costs.These features make VA loans a great way for service members (or their family) to build stability, save money, and start creating long-term wealth through homeownership.Can You Still Get a VA Loan with the Government Shutdown?But lately, there’s been some confusion about whether VA loans are still available due to the government shutdown. And that uncertainty has kept some Veterans from taking the next step.While there may be processing delays, Veterans United explains you can still get a loan:“There’s been a lot of confusion and uncertainty about how a government shutdown will affect VA home loans . . . The good news is that the shutdown has minimal impacts on VA lending. Lenders are still able to order appraisals, obtain a borrower’s Certificate of Eligibility, submit the VA Funding Fee and more. In short, Veterans are still able to use their home loan benefit to buy a home or refinance an existing mortgage.”So, despite the headlines, you can still use your VA home loan benefits today. The process is ready when you are. It just may take more time to go through.Why the Right Agent and Lender MatterJust remember, using your VA home loan is easier (and smoother) when you have the right team behind you. As VA News puts it:“Choosing a military-friendly broker or agent who understands the VA home loan application process can make all the difference in the homebuying experience. Finding the right agency or brokerage is just as important as locking in a good VA mortgage lender. Communication is key to getting to the loan closing table.”A knowledgeable agent and an experienced lender can help you navigate every step, all the way from qualifying to closing. With their help, you can make sure you’re getting the most out of your benefits.Bottom LineIf you’re a Veteran, a VA home loan is one of the most valuable benefits you’ve earned through your service. It offers options for no down payment, limited closing costs, and more. Want to learn more? Talk to a lender so you can take full advantage of the benefits you’ve earned. http://pkrealtor.com/blog/1028/the-va-home-loan-advantage:-what-every-veteran-should-know-right-now/ Mon, 10 Nov 2025 05:34:52 -0500  Buying a home is exciting… until you start thinking about the down payment. That’s when the worry can set in.“I’ll never save enough.”“I need a small fortune just to get started.”“I guess I’ll just rent forever.”Sound familiar? You’re not alone. And you’re definitely not out of luck.Here’s the thing: a lot of what you’ve heard about down payments just isn’t true. And once you know the facts, you might realize you’re a lot closer to owning a home than you think.Let’s break it all down and bust some big down payment myths while we’re at it.Myth 1: “I need to come up with a big down payment.”This one stops a lot of people in their tracks. A recent poll from Morning Consult and NeighborWorks shows 70% of Americans think they need to put at least 10% down to buy a home. And 11% aren’t sure what’s required at all (see graph below): The truth? According to the National Association of Realtors (NAR), the typical down payment for first-time buyers has been between 6% and 9% since 2018. But there’s more to the story. If you qualify for an FHA loan, you may only need to put 3.5% down. And VA loans typically don’t require a down payment at all. So, there are options out there that can really make a difference for some buyers.Myth 2: “It’ll take forever to save up for a down payment.”Sure, saving can take time. But it may not have to be as long as you think. In many states, reaching your goal can happen faster than you might expect, especially when you know your budget and have a clear savings plan.According to a new study, the amount of time varies depending on where you live. The map below shows, on average, how many years it takes to save up for a 10% down payment based on typical home values and income levels in each state (see map below):But remember, in most cases you won’t even need a down payment as large as 10%. Plus, no matter how much money you end up putting down, it won’t all have to come out of your pocket. Here’s why.Myth 3: “I have to do it all on my own.”This is one of the biggest myths of all. The reality is, there are thousands of down payment assistance programs out there, and the same poll from Morning Consult and NeighborWorks shows 39% of people don’t even know about them. That means a lot of potential homebuyers could already be closer to homeownership – they just don’t realize it. These assistance programs are designed to help people like you who are ready to own a home but just need a little support getting started. As Miki Adams, President at CBC Mortgage Agency, explains:“With high interest rates and soaring home prices, down payment assistance is more essential than ever.”Bottom LineIf you’ve been putting off buying a home because the down payment feels like too much to tackle, let’s talk. You may not need as much as you think, and there are plenty of resources out there, so you don’t have to do it alone. You just need an expert to point you in the right direction.If a down payment wasn’t holding you back, would you be ready to start your home search? http://pkrealtor.com/blog/974/the-truth-about-down-payments-it’s-not-what-you-think/ Mon, 04 Aug 2025 11:16:37 -0500 There’s a misconception going around that you have to put 20% of the purchase price down when you buy a home. But the truth is, many people don’t put down that much unless they’re trying to make their offer more competitive. And if you want to give your savings a boost, look into down payment assistance. Most first-time buyers qualify and the typical benefit is $17,000. To learn more about your loan options or down payment assistance programs, connect with a trusted lender and check out downpaymentresource.com. http://pkrealtor.com/blog/944/what-you-really-need-to-know-about-down-payments/ Tue, 17 Jun 2025 10:29:54 -0500  For 80 years, Veterans Affairs (VA) home loans have helped countless Veterans buy a home. But even though a lot of Veterans have access to this powerful program, the majority don't know about one of its core benefits.According to a report from Veterans United only 3 in 10 Veterans are aware they may be able to buy a home with no down payment with a VA loan (see visual below):That means 7 out of every 10 Veterans could be missing out on a key homebuying advantage.That’s why it’s so important for Veterans, and anyone who cares about a Veteran, to be aware of this program. As Veterans United explains, VA home loans:“. . . come with a list of big-time benefits, including $0 down payment, no mortgage insurance, flexible and forgiving credit guidelines and the industry's lowest average fixed interest rates.”The Benefits of VA Home LoansThese loans are designed to make buying a home more achievable for those who have served. And, by extension, they also give their families the opportunity to plant roots and build equity in a home of their own. Here are some of the biggest advantages for this type of loan according to the Department of Veterans Affairs:Options for No Down Payment: One of the biggest perks is that many Veterans can buy a home with no down payment at all.Limited Closing Costs: With VA loans, there are limits on the types of closing costs Veterans have to pay. This helps keep more money in your pocket when you’re finalizing your purchase.No Private Mortgage Insurance (PMI): Unlike many other loan types, VA loans don’t require PMI, even with lower down payments. This means lower monthly payments, which can add up to big savings over time.If you want to learn more, your best resource for all the options and advantages of VA loans is your team of expert real estate professionals, including a local agent and a trusted lender.Bottom LineVA home loans offer life-changing assistance, and a trusted lender and agent can help make sure you understand the details and are ready to move forward with a solid plan.Do you know if you’re eligible for a VA home loan? Talk to a trusted lender who can help you see if you’d qualify.  http://pkrealtor.com/blog/929/many-veterans-don’t-know-about-this-va-home-loan-benefit/ Tue, 27 May 2025 05:51:00 -0500  If you're a first-time homebuyer, chances are you'll come across some terms you’re not familiar with. And that can be overwhelming, especially while going through one of the biggest purchases of your life. The good news is you don’t need to be an expert on real estate jargon. That’s your agent’s job. But getting to know these basic terms will help you feel a lot more confident throughout the process.Terms Every Homebuyer Should KnowOnce you’re familiar with this terminology, you’ll have a better understanding of important details – from contracts to negotiations. So, when those big conversations happen, you’ll feel informed, in control, and able to make the best decision for your unique situation. As Redfin puts it:“Having a basic understanding of important real estate concepts before you start the homebuying process will give you peace of mind now and could save you a fortune in the future.”Here’s a breakdown of a few key real estate terms and definitions you should know, according to the Federal Trade Commission (FTC) and First American.Appraisal: A report providing the estimated value of the home. Lenders rely on appraisals to determine a home’s value, so they’re not lending more than it’s worth.Contingencies: Contract conditions that must be met, typically within a certain timeframe or by a specified date. For example, a home inspection is a common contingency. While you can waive these to try and make your offer more competitive, it’s generally not recommended.Closing Costs: A collection of fees and payments made to the various parties involved in your home purchase. Ask your lender for a list of closing cost items, including attorney’s fees, taxes, title insurance, and more.Down Payment: This varies by buyer, but is typically 3.5-20% of the purchase price of the home. There are even some 0% down programs available. Ask your lender for more information. Chances are, unless specified by your loan type of lender, you don’t need to put 20% down.Escalation Clause: This is typically used in highly competitive markets. It’s an optional add on in a real estate contract that says a potential buyer is willing to raise their offer on a home if the seller receives a higher competing offer. The clause also includes how much a buyer is willing to pay over the highest offer.Mortgage Rate: The interest rate you pay when you borrow money to buy a home. Consult a lender so you know how it can impact your monthly mortgage payment.Pre-Approval Letter: A letter from a lender that shows what they’re willing to lend you for your home loan. This, plus an understanding of your savings, can help you decide on your target price range. Getting this from a lender should be one of your first steps in the homebuying process, before you even start browsing homes online.Bottom LineYou don't need to have all these terms memorized, but a little knowledge goes a long way. Brushing up on the basics now means fewer surprises later – and more clarity when you buy a home. What unfamiliar real estate term or phrase have you come across that wasn’t on this list?Let’s connect and talk through it so you have a solid understanding of what it means and where it may show up in the homebuying process.  http://pkrealtor.com/blog/928/common-real-estate-terms-explained/ Mon, 26 May 2025 08:38:59 -0500