Understanding Your Down Payment
The amount you have available for a down payment can impact the loan programs available to you. Down payments typically range from 3 to 20 percent of the sales price for the property. Newly expanded underwriting guidelines and broader-scoped niche loans allow homebuyers to get in with virtually no money down. Whatever category you fit into, your DC Funding banker can advise you on your options with regards to down payment, mortgage insurance and loan programs.
Tips for Accumulating a Down Payment
No-down and low-down payment Mortgages
Housing Finance Agencies:
These agencies offer special loan programs to low- and moderate-income buyers, buyers interested in rehabilitating a home in a targeted area, and other groups as defined by the agency. Working through a housing finance agency, you can receive a below market interest rate, down payment assistance and other incentives.