Great Mortgage Options Still Exist
Much of the housing news in the media lately has focused on the lack of options that are available to homebuyers who are looking for low and no down-payment mortgages. But, opportunities do still exist—even for those who require a zero-down loan. Many potential buyers are fearful that tightening credit standards have squeezed them out of the market, but this simply is not the case.
Buyers who are seeking a loan with the option to put down a low or no down-payment have choices. For example, the National Homebuyers Fund provides homebuyers with a zero-down program with a maximum loan amount of $438,000. The USDA Rural Housing program also provides a zero-down option that does not require the added cost of monthly mortgage insurance and is eligible for loan amounts up to $417,000. The Federal Housing Association (FHA) and standard conforming loan programs all have 3% down-payment options that do not have income restrictions and are available to all types of buyers.
This is just a sampling of the types of loan programs that are available to homebuyers who are seeking options that do not require a 20% down-payment. If you would like more information about no-and-low down-payment options, please contact me and I will put you in touch with a specialist.
