BUYING WITH LITTLE OR NO DOWN PAYMENT

There are some programs that allow 95% financing with an option of a 5% cash down payment. Other options are 100% financing with a borrowed down payment or a cash-back from the lender. Your rate may be slightly higher but you will own your own home sooner. With as little as 5% down payment, lenders will offer you their best-discounted rates. While your down payment can be as low as 0%, keep in mind that the larger the down payment, the less your home will cost over the long term – so it makes sense to put down as much as you comfortably can.

In order to qualify for this product you must have a good credit rating. Generally, nothing worse than one month late payment on any credit cards or loans in the last two years. No Bankruptcies in the last 7 years and no orderly debt payment. Work history should include 2 years in the same line of work and minimum 6 months with a new company.

Use the services of one our licensed Mortgage Professionals to ensure you get the best mortgage. Call us today!!