buying with a small down payment
The needs of those who don’t have a large amount of money for a down payment are similar to first time home buyers. We use many of the same loan products but more often than not, we will structure the loan differently. I can match you with the right loan and structure the financing so you can buy a house sooner.
No two home buyers are the same so the best loan will be based on your individual buyer profile. The best loan will be highly specific to your individual situation. This is especially true if you are buying with a small down payment. We have all the tools to meet your needs. Furthermore, we have the flexibility to structure loan with lender credits to fit the amount of funds you have available. We can even work with your Realtor to help them make an offer with seller credits to best fit your needs.
HomeReady and Home Possible
Pros: 3% Down payment, Reduced mortgage
insurance, and Flexible qualifying.
Cons: Income limits in most areas.
FHA Loans
Pros: 3.5% Down payment, Generous lender
credits
Cons: Mortgage insurance can’t be dropped
USDA Loans
Pros: 0% Down payment, Good rates, and reduced mortgage insurance.
Cons: Can’t be used in all areas.
Conventional Loans
Pros: 3% Down payment, good rates, Mortgage insurance can be cancelled
Cons: Best for well qualified buyers
VA Loans
Pros: 0% Down payment, good rates, flexible qualifying
Cons: Only for current or former military
Down Payment Assistance
Pros: 0% Down payment, FHA loan
Cons: Involves a second payment or higher fees for a grant
