If you are looking to purchase a home, but do not have the down payment, there are many different down payment assistance programs available to you. We are a mortgage brokerage and recently found at least 8 different lenders offering down payment assistance programs to whom we can broker. The down payment can be either a loan to be paid back by you, a forgivable loan, or a grant. You do not have to be a first time homebuyer to qualify. The programs go down to a 600 credit score. The caveat to these programs is they typically have higher...
Category: Down Payment
DOWN PAYMENT – FIRST-TIME HOMEBUYER VIDEO SERIES
I am at the train park in Scottsdale, located at Indian Bend and Scottsdale Road. This is a popular location where families bring their young children to play and ride on the train. A common question amongst young families is how to buy a home, and how much down payment is needed. The best loans in terms of repayment require a small down payment. If you have excellent credit, a conventional loan requires as little as 3% down. If you have less than perfect credit, a FHA loan requires 3.5% down. There are some lenders offering 1% down, but there...
August 31, 2023August 31, 2023john
MINIMUM DOWN PAYMENT REQUIREMENTS
What is the minimum amount you can put down to purchase a home? It depends on whether you are purchasing the home as your primary residence, second/vacation home, or investment property. Also, it can depend on the type of loan. Here are the minimums: • VA, USDA, or down payment assistance loan – No down payment • Primary residence, first-time homebuyer – 3% down • Primary residence, FHA loan – 3.5% down • Second/vacation home – 10% down • Investment property – 15% down These amounts assume a 1 Unit property. If you are looking to purchase a 2-4 Unit...
October 1, 2022October 1, 2022john
NO MONEY DOWN LOANS INTEREST RATES
Many lenders will try to sell you no money down loans, or down payment assistance loans, but it is likely that these loans will have higher interest rates and more costs. If you can come up with a down payment, in some instances as little as 1% of the sales price, you may be able to get the lower rates and costs. Here are some ideas of allowable down payment sources: 1. Cash from your own accounts 2. Borrow from your 401k plan 3. Gift from a relative 4. Co-signer on the loan 5. Gift of equity if purchasing from...
September 20, 2021September 20, 2021john
DOWN PAYMENT: WHAT CAN YOU USE?
Many lenders will try to sell you no money down payment loans, or down payment assistance loans, but it is likely that these loans will have higher interest rates and more costs. If you can come up with a down payment, in some instances as little as 1% of the sales price, you may be able to get the lower rates and costs. Here are some ideas of allowable down payment sources: 1. Cash from your own accounts 2. Borrow from your 401k plan 3. Gift from a relative 4. Co-signer on the loan 5. Gift of equity if purchasing...
March 7, 2019March 7, 2019john