- Lost Equity In Your Home? HARP 2.0 May Be The Answer
- Veteran Loan Information Center
- 7 Things You Should NOT Do When Applying For A Home Loan
- Special Report Exposes All Of The Terms And Fees That Are Charged To Buyers At Settlement
- The Top Mortgage Questions You Must Ask Before Applying For A Mortgage
- How To Finally Stop Renting And Own A Home Of Your Own
- Important Terms You Must Know BEFORE Obtaining A Mortgage
- Checklist Of Items Lenders Need To Approve Your Loan Application
- 12 Secrets To Lowering Your Homeowners Insurance Cost Your Agent Doesn’t Want You To Know
- Money & Time Saving Tips For A Successful Move
- Video Proof! Credit Repair REALLY Works!
- Free Credit Repair Program
- Tested and Proven Strategies For Building A Better Credit Record Faster and Easier
- How To Own A Home With Low Interest Rates And A Low Down Payment, Regardless Of Your Credit
- 3 Quick Tips For Repairing Your Credit Report
- The Dangers of Identity Theft and How to Protect Yourself!
- Fannie Mae Lookup
- Fannie Mae Homes
- Freddie Mac Lookup
- HUD Approved Condo Projects
- Huntington Beach Market Update – November 2016
- 3 Reasons To Use A Huntington Beach Mortgage Lender
- Summit Lending Mortgage Refinance - When Is The Right Time?
- Top 5 Tips For Getting VA Loans
- 4 Ways to Buy a Home With Minimal Down Payment
4 Ways to Buy a Home With Minimal Down Payment
As a Huntington Beach Mortgage Lender, we understand how difficult it can be to save for a down payment on a home. After all, a lot of us have been in this position before and many of us will be in it at some point in our lives.
However, putting a down payment on a house doesn’t have to break the bank for you. Inspired by this article, here are four ways that you can still buy a home without having to make a huge down payment.
Getting a loan through the Department of Agriculture is possible to people who have a respectable credit score and a consistent source of income. These type of loans are typically meant for locations in rural areas and the interested buyer cannot already own a home.
A 2% fee is required right from the start and a 0.5% yearly fee is also included in the loan. There is also no mortgage insurance for a USDA loan.
2. VA Loans
Are you a veteran or active military and looking to buy a home? If so, a VA Loan is likely a great option for you!
To those who qualify for this type of loan, no money down is required and there are minimal closing costs, making a VA Loan an ideal way to purchase a home if you are short on cash. Additionally, interest rates are usually lower for this type of loan and credit requirements are not as strict.
3. First-Time Home Buyer
Obviously, this program is ideal for people who are buying a home for the first time in their lives. The criteria may vary depending on who you are obtaining the loan from and which state you are in. There may be income limits and credit requirements that borrowers may need to meet, but the first-time home buyer program is a great way to obtain a loan if you’re new to the game.
4. FHA Loans
FHA Loans offer several benefits that have been helping people obtain loans for more than 80 years. If you don’t have a great credit score, this loan is for you!
With an FHA loan, a 3.5% down payment is required and insurance is now just 0.85%. If you are looking for a smaller down payment than the common 20%, this kind of loan can help you greatly.
Don’t let the fear of having to lay an enormous down payment on a home prevent you from achieving your homeownership dreams. With a Summit Lending Huntington Beach mortgage lender such as myself, I will help you realize options you never knew were possible.
To learn more about our programs and how I can personally help you achieve your financial dreams, contact me today!