No matter how you get there, buying a home is a major milestone in life! For most, buying the first home is the hardest. Gathering a down payment, understanding the process, getting approved for a loan… it can be overwhelming if you’re not prepared. For those of your purchasing a home with a low down payment, this ones for you! Check out our video for some important things to know!
WITH A LOW DOWN PAYMENT
- Less money out of pocket, higher monthly payment
- Ability to have a Co-Signer
- Can receive gift funds
- Seller can help with closing costs
- Credit score can be as low as 600
- Mortgage Insurance —> Can be removed in 2 years if all payments have been made on time + there is 20% equity in the home