Information – Effective immediately, the 5% down payment on a 95% Loan to Value conventional loan can come from a gift! Nothing really to it!
Down Payment Information – This requires DU approval and must follow Fannie Mae guides regarding gifts. There is a gift of equity allowed and can only be used on single family primary residences. MI is available with no overlays. It must meet investor guidelines. Investor requirements may change at any time.
*Rate 4.625 and APR 1.764% is based on sales price of $100,000, with LTV 95%, 5% down payment of $5,000, loan amount $95,000. 360 payments at $488 (excluding taxes, MI and Insurance).
Question: How much money do I need to buy a home?
Traditional conventional financing requires a down payment of 10 to 20% of the purchase price of the home; however, there are other programs available such as our FHA program that allows you to buy a home with as little as 3.5% down. In addition to the down payment, you should be aware that there are other fees associated with purchasing a home. For example, there are closing fees, pre-paid interest, and prorated items such as property taxes and homeowner’s insurance. Call and speak with one of our licensed Loan Officers to get a better idea of what you can expect.
Call our team today. Let’s open the doors for more potential homeowners!