What is Happening in the Mortgage Market
How much down payment you need to buy a Texas Home
If you're saving up to buy your first home or wondering if you have enough equity to trade out for another, you may be relieved to know that for most buyers, low down payment options are still available.
The Veterans Administration and the US Department of Agriculture (USDA) both offer a zero down loan program for individuals and/or properties that meet their criteria. Sometimes, loans require little or no cash out of pocket. Some HUD (Housing and Urban Development) properties are available with as little as $100 down.
The Federal Housing Administration (or FHA) loan program can allow as little as three and half percent down, and it is more lenient than most other programs on minimum credit scores and other factors.
3% Down Payments.
Fannie Mae and Freddie Mac offer conventional loans with as little as 3% down. The minimum on these programs can change depending on factors such as property type, credit score, occupancy, etc.
Are you surprised at how low you may be able to go? While many believe a 20% down payment is required is simply the most prudent, you can see now that it is far from the only option whether you've saved a lot or a little, reach out today, and will work on finding the perfect formula that's just right for you.
Call today or apply online now at www.MortgageProsUS.com
Richard Woodward, NMLS 217454
Office: (214) 945-1066
Interlinc Mortgage Services, LLC., NMLS 205696
7711 San Jacinto Place, Ste 100 Plano, Texas 75024
Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. InterLinc is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice.