I wanted to give you a brief updated summary of various loan products and the minimum down payment for each…
Loan Programs…
VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it.
USDA: No down payment necessary. Low monthly MI. Mainly for rural areas or outlying suburbs. Has geographic and income restrictions.
FHA: The minimum down payment is 3.5%. Great rates, has upfront and monthly mortgage insurance.
Conventional: 3% down for first time home buyers, and 5% for non first time home buyers.
The bottom line:
1) If you have less than 5% to put down VA and USDA are best if you qualify for them. Otherwise FHA is a wonderful loan program – very friendly to the borrower.
2) If you have 5% or more to put down you can get a Conventional loan, and you will have multiple loan choices.
Have a good day today!
…and thanks for reading.
Brett
Get Pre Approved For A Loan Here
My Previous Blog
Texas renters are spending more than 30% of their incomes on rent. It can be…
If you are looking for a home in the outer suburbs or in a rural…
If you have credit card debt it’s smart to consider a consolidation loan. If you…
I wanted to let you know we have a 2% to 5% downpayment and closing…
Do you have investment property, and would like to pull cash out of your property?…
Texas renters are spending more than 30% of their incomes on rent. It can be…
