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Down Payment

Ideas for Saving for a Down Payment

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If saving for a down payment seems like a daunting task, you are not alone. Many people think they have to put 20% down or they can’t get a loan. Luckily, that’s not the case. There are many programs you can use that require as little as 3.5% down, such as the FHA loan. However, even 3.5% down can seem like a looming amount. If the average home price in your area is $200,000, … [Read more...] about Ideas for Saving for a Down Payment

Simple Ways to Start Saving for House Down Payment

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If there’s one thing that can help you get approved for a mortgage, it’s a large down payment. Showing the lender that you have a vested interest in the property lowers the risk the lender must take. Putting more money down can help you cancel out negative factors such as a lower credit score or higher debt ratio. Your willingness to put your own money on the line shows lenders … [Read more...] about Simple Ways to Start Saving for House Down Payment

Is it Possible to Get a Jumbo Mortgage With a 5% Down Payment

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Loans higher than the conforming loan amount of $484,350 are considered jumbo loans. These loans typically sit on a lender’s own books and lenders have their own guidelines for them. Among those guidelines are high down payment requirements. Today, however, many lenders allow down payments as low as 5% even on a jumbo loan. Get Matched with a Lender, Click Here. The … [Read more...] about Is it Possible to Get a Jumbo Mortgage With a 5% Down Payment

What is the First-Time Homebuyer Credit?

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After the housing crisis, the Obama Administration offered a first-time homebuyer credit, which helped first-time homebuyers afford a home. Unfortunately, the credit stopped in 2010, but there are other mortgage assistance programs that help make homeownership more affordable. Get Matched with a Lender, Click Here. What Was the First Time Homebuyer Credit? The first-time … [Read more...] about What is the First-Time Homebuyer Credit?