Low Downpayment Loans
The biggest hurdles most people face with buying a home are the initial costs and downpayment. If you are looking to become a homeowner, but don’t think you can afford the downpayment, there are options. There are zero down payment loans. FHA loans, insured by the Federal Housing Administration, require down payments as low as 3.5%. VA backed loans for qualified veterans have no downpayment. Nerdwallet.com. Putting less money down usually requires higher monthly mortgage payments, mortgage insurance (which protects the lender in cases of default), and higher interest rates, but you can always refinance down the road. Low downpayment loans typically require credit scores of 580 or above. Do you know your score? Reach out to me and let’s talk about your options and what will work best for you.