Posted by Low down payment home loan options once were limited to FHA. While FHA is a great low down payment home loan option, it is far from the only one. From 3% down Conventional options to down payment assistance options to VA home loans at 0% down, many options exist for the home buyer looking for low down payment choices.
Choosing the Right Low Down Payment Home Loan Option
Minimum down payment Home Loan’s are not a “one size fits all” situation. Many factors go into finding the best low down payment home loan option. For example, every borrower seeking a low down payment home needs to consider:
- First time home-buyer status
- Income level
- Credit Score
- Military Veteran status
- Priorities (Payment or Down Payment)
- Assets available
All the above are important keys. In fact, they relate to both the programs you are eligible for and the program that best fits your needs. Your Arizona lender considers these items when advising you on the best low down payment home loan option for you.
Low Down Payment Home Loans Vary
Minimum down payment home loans resemble snowflakes – no 2 are exactly the same. For example, differences typically are in these areas:
- Down Payment Requirement
- Mortgage Insurance Costs
- Credit Score Requirements
- Debt to Income Ratio
- Maximum Loan Amounts
- Wait Periods After Major Derogatory (bankruptcy, short sale or foreclosure)
Need help with the down payment? Read about Arizona Down Payment Assistance Programs.