Low to No Down Payment Mortgages 

It is a terrific time to buy a home.   Home sales are strong and rising while supply is dropping.  Home prices are rising and are over 4% higher this year than last.  Compared to next year, today’s market may look like a bargain. 

Furthermore, mortgage rates are still at historic lows. 

Even with all of that being said, buyers are somewhat tentative.  Buyers are not as concerned about the monthly payment as they are about having to put 20% down. 

Fortunately, a number of low to no down payment mortgages are available.  The following loan programs require little to no money down with a few qualifications: 

FHA loan – 3.5% down payment with mortgage insurance

VA Loan – 100% financing but must be a veteran, no mortgage insurance

USDA Loan – 100% financing but geographically restricted with mortgage insurance

HomeReady™ Loan – 3% down payment with mortgage insurance

Conventional 97 Loan – 3% down payment with mortgage insurance

Conventional Loan with Equity Kicker – 1% down payment with 2% equity gift and no mortgage insurance 

The most recent low-down program only requires a 1% down payment…and the lender will contribute another 2% towards the down payment.  Here are the program features: 

• You put down 1%

• Lender contributes 2%

• You now have 3% equity at closing

• Great low rates

• Close in less than 30 days

• Available with no monthly Mortgage Insurance

This short video (35 seconds) highlights the 1% down payment loan program. 

If you would like to know more, please contact me.