Finding Affordable Loans--Do You Qualify?

The affordability of owning a home has a lot to do with what kind of loan you qualify for and the prevailing market interest rates. We're now in the post-mortgage crisis era and, although interest rates remain historically low (around 4.5% today for a 30-year fixed mortgage) the days of zero percent down financing are behind us. Fortunately, there are still several loan options that make home ownership more accessible, if you qualify.  
  

FHA Financing

· Flexible credit and income-qualifying guidelines 

· Down payment as low as 3.5percent

· You may qualify with the help of a family member or friend as a co-signer

· Gift funds accepted for down payment

HomePath® Mortgage

· Available on select Fannie Mae owned properties
· Down payments as low as 3percent on primary residences and as low as 10% on investment properties
· Down payment can be from your own savings; a gift; a grant or a loan from a nonprofit organization, state or local government or employer
· Available on primary residences, second homes or investment properties

Community Development Mortgage Program

· Down payment as low as 2 percent
· Fixed interest rates that stay the same for the life of your mortgage loan
· No mortgage insurance required
· The home must be a primary residence and a homebuyer education class may be required