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Home Equity Loans
Low Down Payment Mortgages
- Were created for borrowers with limited available cash for the down payment and closing costs.
- Some of these low down payment mortgages let you pay as little as 3 to 4% of the purchase price as a down payment (the amount of up-front money in the mortgage process that is required to be able to get a mortgage).
- You might have to meet other requirements in order to get a mortgage. Please check with your mortgage specialist.
- One requirement would possibly be that you are ineligible if you earn above a certain income
- Flaws in your credit history
It is a good idea to check with your mortgage specialist about the Low Down Payment Mortgage.
Remember that one of the pitfalls is that the less money you put down the more money you have to repay with interest and might also be a factor in purchasing more house than you could regularly afford.
