There are a lot of low down payment and no down payment home loan options for homebuyers today.
In this video, Mary Catchur reviews many of the options, which include 1% down payment options and zero down payment options.
Related: Low Down Payment Mortgages Allowing Buyers to Purchase a Home Years Sooner
Hello. I’m Mary Catchur. I’m the owner of Marimark Mortgage.
Just want to send out a reminder today about some of the low down payment and no down payment loan options there are. I’m always surprised at how many calls we get still for people who think that you have to put 20% down on a conventional loan. Most of the people who call here wanting a low down payment loan are usually looking for an FHA loan because they’ve heard that’s a great first-time homebuyer program. Well, it is, but it may not be the right program for you. There are other options for conventional loans as well. We can actually do conventional loans for first-time home buyers with only 3% down. We also have 5% down payment programs on the conventional side. And we even have some lenders that are offering 1% down and giving you a grant for the remaining 2% that would be required on a 97% loan.
This is a great program for somebody who has a good credit score. There are income limitations on it as well. But we can help you determine if you qualify for that program. And of course, don’t forget some of the no down payment programs that are still available. USDA offers a great program with zero percent down. There are limitations again, on income and the geographic area that the property is located in. But again, we can help you figure that out. And don’t forget the VA program as well. Great program for veterans with 0% down and both FHA and the VA have some really wonderful refinance programs with streamline documentation where you don’t even have to get an appraisal or provide a lot of documentation, and you can reduce your rate on those. So, if any of these programs are of interest to you, you’re buying a home or refinancing in the near future, give us a call.
Marimark Mortgage, 813-910-8020.