Low Down Payment Mortgage Broker
Low down payment mortgage originator and advisor Tim Barr is the broker to contact because of the extensive options available to him. Not everyone can afford to make the standard 20% down payment when buying a home. If you’re like most buyers, a down payment is the biggest obstacle that stands between you and home ownership. Finding a home loan with a low down payment could potentially be the difference between you buying a home now, or having to wait months or even years until you save up enough money. Low down payment mortgage broker with Homestead Mortgage can help.
What is a Down Payment?
A down payment is a portion of the purchase price that a home buyer pays from their own funds. It’s the part of the home purchase price that you don’t finance, but instead pay out-of-pocket.
Low Down Payment Home Loans
If you are among the large group of renters who often dream of buying a home, the down payment doesn’t have to stop you. There are different mortgage options available to you that offer a low down payment requirement
FHA Home Loan
An FHA loan is insured by the Federal Housing Administration (FHA), and great for buyers with less than stellar credit or a low down payment. An FHA loan the easiest loan to qualify for, which allows you to put down as little as 3.5% for a down payment. Rates do not change based on credit score and are typically lower than conventional loan rates.
- Low Down Payment
- Low Closing Costs
- Flexible Income and Credit Requirements
Conventional Home Loan
Conventional home loans conform to the loan limits set by Freddie Mac and Fannie Mae’s underwriting requirements, and offer more flexible terms and fewer restrictions than government-backed loans. People often think conventional loans require a minimum of 20% down payment. but conventional loans also allow for as little as 5% down. For borrowers with good credit profiles, conventional financing is the best way to go.
- Low Down Payment
- Low Interest Rates
- Faster Loan Processing
We’ve all heard the advice of putting a 20% down when buying a home. But are you really required to save up all that before you can buy? If you’re struggling to save money for a down payment, there’s good news. There are home loans available that require a low down payment. To learn more about your low down payment loan options, contact the Homestead Mortgage low down payment mortgage broker Tim Barr today!