Partner Colorado Blog

How to Fund an Emergency

An image of a woman dealing with the aftermath of a home flood

Have you ever been hit with a financial emergency and didn’t know how to pay for it? Ideally, you’ll want to have an emergency fund in place for this very reason. If you don’t, or the money you have set aside isn’t enough, you have several options to consider. Be sure to review the pros and cons of each option below before determining which option will work best for you.

The 20% Down Myth

Not all home loan options require 20% down.

If you’re desperate to own a home of your own, you’re likely saving up until you have 20% of your dream home’s total value. That’s great, but the fact is you don’t need to put down 20%. 

The 20% myth is left over from the era after the housing crisis, when many lenders tightened their lending parameters for a while. In fact, since FHA loans were introduced in 1934, mortgages have not required putting 20% down.