You Don't Need 10% Or 20% Down To Get A Home Mortgage - part 1
by Syd Johnson
The rapid increase in home prices over the past couple of years have left many potential home buyers struggling to come up with their 10% or 20% down payment. If you live in a hot market like Los Angeles, Manhattan or Miami, you might be able to afford the monthly payments on a home mortgage but have a hard time coming up with the one time cash for a down payment.
If you can't come up with a 10% down payment, home mortgage lenders are becoming savvy to your plight and have created many different solutions to help you get financing for your new home.
One of the top ways to get home mortgage financing is with a 5% down payment. This gives most customers a huge break on the amount of cash that they need to purchase a home. In the past, 5% down home mortgages were only available as through government funded loans like the Veterans Administration Loans.
Now, many lenders including banks, credit unions and mortgage companies will work with their customers to offer low down payment deals. In addition, you can also do a zero down mortgage. In this case, the entire loan amount will be financed so your monthly payments will be higher than it would have been with a down payment. Also, your home mortgage lender might charge you a slightly higher interest for taking on the risk of approving a client without a down payment.
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You Don't Need 10% Or 20% Down To Get A Home Mortgage
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