Traditionally, the biggest obstacle to buying
a home with mortgage financing is obtaining the down payment funds.
In the past, mortgage lenders required at
least 20% down. Today, Goverment Insurance programs and Private Mortgage Insurance make
low down payments possible. In some instances, local and state agencies will provide down
payment assistance in the form of a loan or grant.
to qualify for a low down payment?
Do not assume that you can obtain a low down payment loan. Lower down payment loans
may require stricter credit and income in your application file.
What makes low
down payment possible?
Low down payment loans are not as easy and common as they seem. Be thankful for low
down payment loans.
Can I Obtain a loan or
gift for my down payment?
Several options are available to you including some new innovative programs like
the FHA Bridal Registry
What is Down Payment
Local and state agencies may offer down payment assistance programs to help with a
down payment for your home. Warning, it takes some extra work.
A list of state housing authorities. A great starting place to investigate down
payment asssistance programs in your state.