Down Payment

Buying a home is one of the most significant investments you will make. This process starts out with acquiring a great mortgage loan. How your mortgage monthly payments pan out for the next few years depends on what down payment you make.

We help you make the ideal down payment decision that benefits you in the long run!

Down Payment Guidelines

Traditionally, down payment requirements range between 3.5–20 percent of your home’s contracted sale price. Special circumstances, such as a high credit score, may help you secure a down payment lower than 10 percent.

The amount of your down payment not only determines how much you save on interest, but whether or not you can eliminate the Mortgage Insurance Premiums (MIP). Check out a few ways you can make your mortgage process a lot smoother:

  • Create a savings plan. A savings account that consistently receives funds intended for down payment is a smart financial decision.
  • Choose a home loan program that fits your needs. The Federal Housing Administration (FHA) loan offers competitive down payment options to first-time homebuyers.
  • Coming up with a down payment for your home may not always be the easiest task. As the borrower, you can receive “gift funds” (or gift money) for down payments, which is essentially the cash you receive without any obligations for return. Your gift money can be usedto fulfill all or part of your down payment.

However, know that loan regulations have specified certain limitations on who can gift you these funds. The ideal course of action would be let an expert guide you through the nuances of down payment.

And that is Mortgage Scenarios is here for you!

Let’s get you a quick approval!