You Don’t Need 20% Down To Buy a Home in Louisiana

Brandon was born and raised in Louisiana within a nurturing and faithful upbringing and education. In 2007, his career began in Louisiana as an actor and moved to Hollywood, CA in 2010 to pursue bigger roles. Brandon has been employed as an actor by various studio productions for NBC Universal, ABC and Paramount to name a few. He has worked alongside many pioneers in the entertainment industry such as Jon Mercedes, Jay Leno, George Clooney and the list continues.

Brandon’s love and interest for the business side of the entertainment industry convinced him to accept various executive positions under Fiesta Studios’ branches such as Account Executive at United Public Relations in 2011, Junior Consultant at Entertainment Consulting Services in 2012 then was promoted to Director of Creative Affairs of Fiesta Studios; all while working as an actor and managing his team of four agents and two managers.

Around 2017, Brandon began to explore his calling to priesthood and left his entertainment career in Hollywood to move home and enter Notre Dame Seminary in New Orleans. In pursuit of his new journey as a man of God, Brandon realized he could give back to his community without being ordained a priest. In late 2019, Brandon withdrew from entering the seminary as a full-time seminarian and procured an interest to explore the real estate industry and the rest is history.

Feeling blessed and appreciative for the opportunities and accomplishments life has bestowed upon him, Brandon currently offers a new and strong desire to serve his community as a licensed Realtor. He has dedicated his time and talents toward servicing those in need of selling their home, or servicing those in need of buying the home of their dreams. He and wife Elizabeth are newly married and recently had their one year anniversary.

For decades, the golden rule of home buying has been that you need a 20% down payment. It’s a daunting figure that has stopped countless potential homeowners in their tracks. But what if that rule was more of a myth? The truth is, you don’t need 20% down to buy a home. In fact, waiting to save that much could be costing you more in the long run. Let’s break down the reality of down payments and how you can unlock homeownership much sooner.

Why the 20% myth persists. The idea of 20% down stems from one main factor: avoiding Private Mortgage Insurance (PMI). Lenders require PMI on loans where the borrower puts down less than 20% to protect themselves from default. While putting down 20% has benefits, such as no PMI, a lower monthly payment, and better loan terms, it is far from a requirement for securing a mortgage.

Loan programs that make it possible. The modern mortgage market is designed to make homeownership accessible. Several key loan programs allow for low or no-down-payment options:
• Conventional Loans: With good credit, you can put down as little as 3%.
• FHA Loans: A popular choice for those with lower credit scores, requiring only 3.5% down.
• VA Loans: An incredible benefit for veterans, active military, and eligible spouses, offering 0% down payment.
• USDA Loans: For those buying in designated suburban and rural areas, 0% down payment options are available.

When does 20% make sense? While not necessary, there are scenarios where a 20% down payment is advantageous. If you can afford to put down 20% without depleting your emergency savings, it will result in the lowest possible monthly payment and help you avoid PMI. It’s a smart move if you plan to stay in the home long-term. However, for most buyers, preserving cash for repairs, emergencies, and life events is a higher priority, and putting down 6-7% on average is a perfectly strategic financial decision.

The bottom line. You have options. The dream of homeownership doesn’t have to be delayed for years because of an outdated rule. By understanding the different loan programs and working with an expert, you can find a path that gets you into your new home without a massive upfront investment.

Don’t navigate the complex mortgage landscape alone. I’m here to explain your options and find the right loan for your life. Call me at (985) 218 5445, email me at TGroup@kw.com, or visit www.FindNolaHomes.com. Let’s make your dream of home ownership a reality today.