Minneapolis, MN: Are you wondering how much you may need to save for your new home?
It may not be as much as you think!
O Down Payment
The VA Loan for our military personal and the USDA rural housing loan both offer a zero down payment loan program for individuals and/or properties that meet their criteria. Sometimes this can be done with little to no cash out of pocket.
3% Down Payment
There are conforming conventional first time home buyer loan programs, like HomeReady from Fannie Mae and Home Possible from Freddie Mac only require a small 3% down payment. You may even be able to fund your down payment with gifts, grants, down payment assistance programs, your 401k, and your employer.
3.50% Down Payment
The very popular FHA Loan program allows as little as 3.50% down, and is the most liberal in terms of credit scores, and debt-to-income ratios. You may even be able to fund your down payment with gifts, grants, down payment assistance programs, your 401k, and your employer.
5% Down payment
This is the standard conforming conventional minimum down payment for your everyday plain vanilla home loan for most people. The minimum can change based on property type (duplex, investment), credit score, and occupancy type.
Are you surprised?
Surprised how low you can go? While many believe a 20% down payment is required, you can see this is far from your only option for most first time home buyers.
Whether you've saved a little or a lot, reach out today to one of our Minnesota based home loan experts, and we'll determine which loan program works best for you.
I lend in Minnesota, Wisconsin, and South Dakota - and we'd love to be your mortgage lender.
Call (651) 552-3681, or just apply online at https://joemetzler.com/application. NMLS274132.
Not an offer to enter into an interest rate lock agreement. Not everyone will qualify. Cambria Mortgage, part of the Cambria counter top family, is an Equal Housing Lender. 33 Wentworth Ave E, St Paul, MN 55118. Company NMLS 322798