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A Note From Jonathan V Reece
ACCESS YOUR HOME EQUITY TODAY !
Use your home equity to pay off high-interest credit cards and other debts.
CALL ME TODAY ABOUT YOUR HELOC or HELOAN OPTIONS !
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THIS WEEK
You probably don't need 20% down
The 20%-down rule keeps a lot of would-be buyers renting — and it's mostly a myth. Here's the real picture.
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RATE SNAPSHOT · September 28, 2026
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CONVENTIONAL 30-YR
7.31%
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FHA 30-YR
7.04%
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VA 30-YR
7.03%
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Source: Freddie Mac PMMS & Optimal Blue via FRED. National averages — informational only.
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First-Time Buyers
The Down Payment Myth That Keeps Buyers Renting
One of the biggest reasons people keep renting is the belief that you need 20% down to buy a home. You don't. Plenty of loan programs let qualified buyers get in with 3% to 5% down, and some — like VA and USDA loans — allow zero down for those who qualify. There are also down payment assistance programs that provide grants or low-cost second loans to help cover the upfront cost. The catch is that these programs vary by area and have limited funding, so it pays to know your options early. If you've been waiting to save a huge lump sum, you might already be closer to ready than you think. A short conversation can map out exactly what you'd need and which programs fit your situation.
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Tip of the Week
If you're self-employed, keeping clean financial records for two years makes mortgage qualification much smoother.
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Tips for Homeowners
Debt-to-Income Ratio: What Lenders Are Looking At
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1.
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Your debt-to-income ratio (DTI) compares your monthly debt payments to your gross monthly income. Most conventional loans require a DTI below 45%, with the best rates reserved for those under 36%.
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2.
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DTI has two parts: front-end (housing costs only ÷ income) and back-end (all debts ÷ income). Lenders focus on back-end DTI but both matter.
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3.
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Paying off installment loans or car loans before applying can meaningfully reduce your DTI. Even a small reduction can move you into a better rate tier or expand your purchase power.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Jonathan V Reece team any time and we'll walk you through your options.
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