Most first time homebuyers put down an average of 6% on their home. This is a common action for these first time homebuyers because they lack the finances to be able to put down an adequate down payment of 20% that most homebuyers are told to do. However, the average down payment made by first-time buyers has only be hanging around 6%, according to the National Association of Realtors. There are many low down payment mortgage programs available to buyers in Florida, and NSH Mortgage is your broker to help you get your home loan.
Low Down Payment Mortgage Programs To Explore
There is no lack of low down payment mortgage programs on the market right now. The mortgage rule makers, such as Fannie Mae and Freddie Mac have adapted new mortgage programs. These supplemented home loans have actually been around for years available through NSH Mortgage.
FHA Home Loan One Of The Low Down Payment Mortgage Programs
The FHA home loan program offers 3.5% down payment of your total mortgage. The FHA, known as the Federal Housing Administration, allows credit scores as low as 580 to qualify for their home loan program. Your total down payment can come from a cash gift, making it possible to actually purchase a home with zero down.
Twenty-three percent of first time homebuyers have financed their new purchase with a low down payment FHA home loan.
VA Home Loans With The Low Down Payment Mortgage Programs Offered By NSH Mortgage
The VA Home loan provides 100% financing for qualified veterans and active service members. The most attractive thing about the VA Home Loan being 0% down is that they the loan officers do not require mortgage insurance and rates are usually about ½ percent lower than conventional home loans. These two features of one of the low down payment mortgage programs available through NSH Mortgage, cuts hundreds of dollars per month off of a buyer’s housing costs.
USDA Home Loans With NSH Mortgage
The U.S. Department of Agriculture has a home lending program that provides up to 100% financing for qualified buyers. It is aimed at homebuyers in rural and suburban areas in the United States.
The home loan is known as the USDA Home Loan, or sometimes referred to as the Rural Development Loan. Local banks and mortgage companies, such as NSH Mortgage, across the country, extend it. Some buyers living in metropolitan areas can still check to see if this home loan is available to them if they are interested in moving to a more suburban area in the future.
NSH Mortgage Continues To Provide Low Down Payment Mortgage Programs With Today’s Current Mortgage Rates
First time homebuyers have a unique opportunity to take advantage of low down payment mortgage programs offered today. With today’s current mortgage rates, a FHA, VA, or USDA home loan may be the best opportunity for prospective homebuyers to purchase their first home.
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Low Down Payment Mortgage Programs In Florida with NSH Mortgage
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