A down payment is the upfront cash
you pay to get a home loan, and it's
expressed as a percentage of the
home price.
Many people mistakenly think they
have to make a 20% down payment
on a mortgage. W hile putting 20%
down will allow you to avoid paying
for private mortgage insurance,
lenders rarely ask for that large of
a payment.
With a solid credit score and
manageable debts, you may be able
to borrow more and put down less.
Additionally, different types of home
loans have different down payments.
Ask Redstone's Mortgage
Department about these programs
that may help you lower your down
payment costs:
›
Conventional – Can start at
5% down, or as low as 3% down
through programs such as
HomeReady and Home Possible.
›
FHA – Can offer down payments
as low as 3.5%, depending on your
credit score and debts.
›
USDA – Can require as little as
0% down, although it does have
location and income limits.
›
VA – Offers ser vice members,
veterans, and their families
a home purchase with 0%
down and great rates, w ith no
mortgage insurance.
Contact Redstone's Mortgage
Department at 888-576-9190
for more information.
Home Loan
Down Payment:
You Have Options
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