Right Loan Here are many questions to consider when you are choosing the right
loan program for your needs. Our Loan Specialist will ask you to consider
the following questions when making your decision:
HOW MUCH OF A DOWN PAYMENT CAN YOU AFFORD?
There are many loan programs available to accommodate smaller down payment
amounts. Homebuyers who put less than 20% down will most likely have
to pay mortgage insurance which is added to the monthly mortgage payment.
Many homebuyers choose an 80/10/10 program, which requires that the
first mortgage is 80% of the home’s sales price, the second mortgage
is 10% of the home’s sales prices, and your down payment is 10% of the
sales price. This program eliminates the need to pay mortgage insurance.
Many cities and counties also have down payment assistance programs.