Low Down Payment Mortgage Options

By
Mortgage and Lending with www.FLBestRate.com NMLS # 243087

 

Saving up money for a large down payment on your mortgage is no longer the norm.  Most homeowners and first time home buyers in Florida use the FHA mortgage loan that only requires 3.5% down but there are also conventional loans that compete with FHA.

It is a myth that you have to put down a large down payment to get the best interest rate. The interest rate on an FHA loan will be the same regardless of your down payment. First time homebuyers can now also use Fannie Mae’s “My Community” mortgage and Freddie Mac’s “Home Possible” mortgage with down payment options starting at 3% with reduced or no mortgage insurance.

Many homeowners and first time home buyers believe they must put down 20% for avoid mortgage insurance. On Conventional mortgage loans we have mortgage options with lender paid mortgage insurance with as little as 3% down. Depending on your credit score most of these options will have lower payments than a loan with mortgage insurance even though the interest rate is slightly higher.

If you are looking for a low down mortgage option you can apply here. We have all options available:

  • FHA Mortgage with 3.5% Down
  • My Community Mortgage with 3% Down
  • Home Possible Mortgage with 3% Down
  • VA Mortgage with 0% Down
  • USDA Mortgage with 0% Down

We will find you the best mortgage to fit your needs.  Most of the mortgage loans we place come with Zero upfront costs or Junk Fee's.

We are located in Tampa and Service the entire State of Florida.

Check out our web site here or call 813.629.5478 for find out about our mortgage programs and low interest rates.

Comments (1)

Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Melvin - It is good to know that buyers have options when it comes to finding a loan, even if they don't have a lot of money for a down payment.

Sep 29, 2015 05:00 AM