Types of Mortgages and Down Payments

There are several types of mortgages out there to choose from. Different mortgages have different down payments.

  • Regular 30-Year Fixed Mortgage is a traditional mortgage that require at least a 5% down payment.

  • FHA Mortgage is a government-backed mortgage with a minimum down payment of 3.5%.

  • VA Loan is a government U.S. Veterans Affairs loan for U.S. military members and veterans home loans with zero down payment. The government does not actually make the loans, they just guarantee the loan through a mortgage lender.

  • USDA Loan is a government U.S. Department of Agriculture loan with a zero-down payment loan guarantee program for specific rural areas. The government does not actually make the loans, they just guarantee the loan through a mortgage lender.

Even if you are using VA or USDA loans, making a good size down payment will help cut your mortgage payment and you will not have to pay PMI (private mortgage insurance).

If you have questions on where to start or down payments please, Don’t hesitate to Contact Me!

More Articles on obtaining a Mortgage

Rebuilding your credit could take over 7 years

If you’re serious about buying-It’s time to get pre-approved

0 views

Recent Posts

See All

Bathrooms 101 for Sellers

I am sure that your realtor has told you that bathrooms sell. I have put together a quick organization plan for your bathroom to make it shiny and spacious. The first thing we need to do is control th

Choosing Between Two Perfect Houses

You’ve searched and searched, finding nothing that suits, when suddenly you’ve found not one, but two homes that would be perfect. What to do? First, remember that your housing market may demand that

  Subscribe to Our Site

©2015 BY RE/MAX HARBOR COUNTRY@ New Buffalo VALERIE (VAL) BOMBERGER

Tel: 269.208.4750  valeriebomberger@remax.net  https://www:.valeriebombergermirealestate.com/

45 N. Whittaker, Suite #200 New Buffalo, MI 49117

The properties on this website are generated from the Broker reciprocity Program of the

MLS Exchange, Inc. All rights reserved.