QuickHome.Loans
QuickHome.Loans

Down Payment Options

The down payment is a significant part of buying a home. The amount you need depends on the price of the home and your financial situation.

Conventional Loans:

  • Typically require a 20% down payment to avoid Private Mortgage Insurance (PMI).
  • Options if you can't make the 20% down:
    • 97% Loan-to-Value (LTV): Requires PMI but allows for a smaller down payment.
    • Lender-Paid Mortgage Insurance (LPMI): Lender pays the PMI, but the interest rate may be higher.

Government Programs:

  • FHA Home Loan: Good for first-time buyers or those with lower credit, requiring a 3.5% down payment.
  • FHA 203(k) Loan: For homes needing renovations; can finance both purchase and repairs.
  • USDA Rural Loan: Available for homes in designated rural areas, offering up to 100% financing (no down payment).
  • VA Home Loan: Available for veterans, often with no down payment required.

Down Payment Assistance

Did you know there are down payment assistance programs available at the state, city, and county levels? These programs are designed to ease the financial burden of purchasing a home, and I can guide you through the process of identifying and applying for the options that best suit your needs. Whether you’re a first-time homebuyer or looking for additional support, let’s explore how these resources can help you take the next step toward owning your home.

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