No And Low Down Payment Loan Options…

I have borrowers ask me every day how much they need to put down to purchase a home.

Here are your minimum down payment options on the loan products currently available in the market place.

Loan Programs…

VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it.

USDA: No down payment necessary. Low monthly MI. Mainly for rural areas or outlying suburbs. Has geographic and income restrictions.

FHA: The minimum down payment is 3.5%. Great rates, has up front and monthly mortgage insurance.

Conventional: There are 3% down and 5% down loan options on Conventional. No up front MI.

The bottom line:

1) If you have less than 5% to put down VA and USDA are best if you qualify for them. Otherwise FHA is a wonderful loan program – very friendly to the borrower.

2) If you have 5% or more to put down you can get a Conventional loan, and you will have multiple loan choices.

That’s it for today!

Have a good day! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here.

Get A Rate Quote Here.

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10% Down Bank Statement Loans…

If you are self employed and can’t use your tax returns to prove income there are loan options for you.

You can use your bank statement deposits to prove income.

We have 10% down bank statement loans for purchase and refinance with good credit.

Let me know if you are in this situation.  I’ll be happy to help you with your home purchase!

I hope you have a great day!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here.

Get A Rate Quote Here.

Need A Mortgage Calculator?

My Previous Blog Posts

Effect Of Brexit Vote On Mortgage Rates…

From a mortgage rate perspective the Brexit vote resulted in lower rates.

Generally if the stock market takes a hit the bond market will improve, and if the bond market improves mortgage rates get lower.

So, if you think you missed the boat on refinancing – now is a good time to do it. Rates are low for the time being.

Let me know if you would like to see how low we could get your payment and rate.

I hope you have a great day!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here.

Get A Rate Quote Here.

Need A Mortgage Calculator?

My Previous Blog Posts