Hi, it’s Dave Holland with Veterans National Mortgage.
And this next question, the answer will really depend on your finances and what type of loan that you qualify for.
It’s very important to speak with an independent mortgage broker, so you can see just exactly what program is going to best suit you, and what lender is going to best suit your type of scenario. If you’re a first-time buyer, if you’re a veteran, if you’re doing an FHA loan, if you’re doing a USDA loan, there are many products that can fit your exact scenario.
You just need somebody to look at your particular scenario and figure out which one is best for you. As far as Down Payment, you can get loans that are as little as 3%, down up to 20%. down the first-time homebuyer sometimes there are grants that you can actually get from the state. There’s a Cal half a program in California.
There are other programs and other states that you can get for first-time homebuyers. They’re called downpayment assistance programs. These can actually help you with the downpayment so that you don’t have to come up with so much money on your purchase. Typically, a conventional loan will start at 3% down and go from 3% to 5%. All the way up to however much you want to put down.
FHA is a government loan. And that will typically have a 3.5% down payment. FHA, a lot of folks opt into it because FHA is more flexible guidelines. You can get into FHA with lower credit scores, different job scenarios, and it has better interest rates than a conventional loan.
For the most part, if you’re looking at VA loans, we might be biased because we specialize in VA loans. But VA loans are 100% financing, so you don’t have to have any money down. And you can actually get an outstanding interest rate for your VA loan with no mortgage insurance either.
“For the most part, if you’re looking at VA loans, we might be biased because we specialize in VA loans. ”
So VA loan is quite possibly the best loan available today. USDA loan is another 100% financing loan, but you have to be in certain areas of the county. So you want to talk to somebody about that loan to see if you qualify for USDA, a lot of those programs have income guidelines that you want to take a look at as well. So really, the bottom line is on any kind of alone to figure out how much your down payment is going to be.
First, you need to speak with somebody and give them your entire scenario. They need to look at your credit, your income, your assets, the whole picture. And then you can tell them this is what I’m comfortable putting down or this is how much that I can afford. What is the best program for me? And then you go from there.
Thank you for listening. Veterans National Mortgage is always happy to help you in your homeownership journey. Your opportunity to learn about downpayment is now you can apply now, to find out how much downpayment that you need, and a free quote we can tell you in under a minute, what type of program would be best for you.
Our team is excited to help you with your dream home and we’ll see you next video.
Veterans National Mortgage | NMLS #2006604 – NMLS Consumer Access Portal
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