There can be a lot of misconceptions when it comes to getting a mortgage and how much its going to cost you. Here are three commonly believed myths that we have debunked.
You need a 20% down payment to buy a home.
This is one of the most common misconceptions and it is not true! There are multiple mortgage programs that only require a low or even no downpayment.
Low down payment options are only for first time homebuyers.
Low and no down payment loan options are available to many qualified customers, including repeat home buyers.
Qualifying for a down payment assistance program is difficult.
Nope! Our lenders take a look at a variety of criteria, such as income, credit scores and property location to find which program could best suit you.
What loan programs require low or no downpayment?
- Conventional: 3.5%
- FHA: 3.5%
- USDA: 0%
- VA: 0%