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LOW DOWN PAYMENT MORTGAGE LOANS
We Make It Fast And Easy To Get A Low Down Mortgage
HOW TO GET A LOW DOWN PAYMENT MORTGAGE?
The first step is to understand what a low down payment mortgage is and how it works. A low down payment mortgage is a type of home loan that allows you to put down a smaller amount of money than usual. The minimum amount you can put down is usually around five percent of the purchase price of the home. In some cases, you may be able to put down even less.
In order to get a low down payment mortgage, you will need to meet certain requirements. The lender will want to see that you have a good credit score and a steady income. They may also require you to have a certain amount of money saved up for the down payment. If you do not have a good credit score or a steady income, you may still be able to get a low down payment mortgage, but you will likely pay a higher interest rate.
DO LOW DOWN PAYMENT MORTGAGES COST MORE?
The short answer is no, low down payment mortgages do not necessarily cost more. The reason for this is that when you put down a smaller down payment, the lender often requires you to purchase private mortgage insurance (PMI).
This insurance protects the lender in case you default on your loan. The cost of PMI varies depending on the size of your down payment, but it is typically around 0.50% to one percent of the loan amount.
ARE THERE JUMBO MORTGAGES WITH LOW DOWN PAYMENT?
Yes, there are jumbo mortgages with low down payment options.
Jumbo mortgages are home loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. The current conforming loan limit is $484,350 for a single-family home. If you need to borrow more than this amount, you will need a jumbo mortgage.
LENDING WAREHOUSE HAS LOW DOWN PAYMENT MORTGAGE OPTIONS
If you’re looking for a low down payment mortgage, Lending Warehouse has several options to choose from. We offer both fixed-rate and adjustable-rate mortgages with down payments as low as three percent. We understand that coming up with a large down payment can be difficult, which is why we offer these low down payment options.