Low Down Payment
The following are among the down payment loan programs being offered today. They range from Conventional, FHA, VA loan programs. As a general rule, the down payment funds must be sourced.
The lender will want to know where it came from. If the source of funds cannot be proven through acceptable documentation such as a check draft, wire transfer, bank transfer, employment, your loan application may be denied.
See 5% Down and 10% down Mortgages Below
Keep in mind that this is not an offer for extension of credit or a commitment to lend. Loans are available to qualified borrowers. Borrowers are subject to credit and underwriting approval. Not all borrowers will be approved for financing. APR depends on borrower credit score and loan type of an ARM or fixed-rate mortgage.
Available for Purchase or Refinance
|Loan Type||Down Payment||Financing up to||Credit Score||Down Payment Gift Allowed?||Max Loan Amount||Eligible Property Types||Seller contribution allowed?||Owner Occupancy or Non-owner?|
|Conv 97||3%||97%||680+**||Yes, blood relative ONLY||$424,100||SFR, Condo, Townhouse||No||Owner|
|Conv||5%||95%||620+||No||$424,100||SFR, Condo, Townhouse||Yes||Owner|
|High Balance||5%||95%||660+||No||$636,150||SFR, Condo, Townhouse||Yes||Owner|
|Conv||10%||90%||500-579||Yes - 5%||$424,100||SFR, Condo, Townhouse||Yes||Owner|
|FHA||0.5%||99.5%||580+||Yes - 3%||$636,150*||SFR,Condo, Townhome, Duplex, Triplex, Fourplex||Yes||Owner|
|FHA||3.5%||96.5%||580+||Yes - 3%||625,500*||SFR, Condo, Townhome, Duplex, Triplex, Fourplex||Yes||Owner|
|VA||0%||100%||No Minimum||Yes - 3%||$636,150*||SFR, Condo, Townhome, Duplex, Triplex, Fourplex||Yes||Owner|
* Loan amount may be higher for 2 to 4 unit properties.
** If receiving gift for down payment, then credit needed is 740