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Down Payment Help and Options - St. Louis MO
How much do I need for Down Payment?
Is There a Zero Down Payment Mortgage?
What is the Minimum Down Payment?
Do I have to have 20% down payment?
These are very typical questions regarding down payment that I hear every day as a mortgage loan officer. There is a lot of misunderstanding and lack of knowledge when it comes to mortgage down payment, especially so within the media. For instance, you do not need 20% down payment to purchase a new home.
MINIMUM DOWN PAYMENT OPTIONS:
There are two great mortgage programs that allow for a ZERO down payment, that's right zip, nada, nothing, etc. The USDA Rural Development and the VA Mortgage Program does not require a down payment along with the added value of super low interest rates in normal conditions.
The FHA Mortgage is referred by many as the first time home buyer home loan, not only because of the easier underwriting, lower required credit scores, and higher debt ratios but because of the minimum down payment requirement of only 3.5% of the sales price!
Conventional mortgages are those insured by either Fannie Mae or Freddie Mac, this is the loan program that many think requires at least a 20% down payment. For the ... more
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