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Low Down Payment Mortgage Options

January 29, 2019 by Fred
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When you are saving to buy your first home, planning for a traditional 20% down payment can seem like a monumental task. The truth is that there are a number of low down payment mortgage options available today.

Low Down Payment Mortgage Options at TexasLending.com

 

Conventional

  • Down Payment: 5% of the Home Purchase Price
  • Credit Score Minimum: 620

You can qualify for a conventional mortgage with a minimum 5% down payment. This an achievable option for a low down payment mortgage for first time home buyers with a good savings plan.

Buying your first home requires saving for the down payment and closing costs, but you should also consider saving for the cost of moving and setting up your home. Read more about creating a Down Payment Savings Plan in this article.

 

FHA Loan

  • Down Payment: 3.5% of the Home Purchase Price
  • Credit Score Minimum: 580

This is a government insured loan through the Federal Housing Administration. FHA purchase loans have a more flexible credit limit for first time home buyers. The FHA loan is a great low down payment mortgage option.

 

First Time Home Buyer Loan

  • Down Payment: 3% of the Home Purchase Price
  • Credit Score Minimum: 620

This low down payment mortgage is exclusive to first time home buyers through Fannie Mae. At 3% down and a credit score above 620 this could be your best mortgage choice.

 

VA Loan

  • Down Payment: 0% of the Home Purchase Price
  • Credit Score Minimum: 620

You must be a Veteran of the US Armed forces to qualify for this loan program. The 0% down payment mortgage is a great benefit to veterans through the U.S. Department of Veterans Affairs. We are proud to help our veterans buy homes with this low down payment mortgage option.

 

USDA Loan

  • Down Payment: 0% of the Home Purchase Price
  • Credit Score Minimum: 640

The United States Department of Agriculture requires a higher credit score for the USDA Loan, but 0% down payment. In order to qualify for this loan, you must be purchasing a home in a “rural area” as determined by the USDA.

 

We are here to help you understand your low down payment mortgage options. No two mortgage transactions are alike and helping you make a plan for buying your first home is something we are proud to do. Speaking to one of our licensed mortgage consultants is the best way to get information about your home buying potential.

Applying for pre approval for a low down payment mortgage is free at TexasLending.com.
Reach out to us to get started today!

 
 

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Current Rates

 

Conventional Refinance
15 Yr. Fixed

As of: October 12, 2018

4.25%
RATE
4.353%
APR

Conventional Refinance
30 Yr. Fixed

As of: October 12, 2018

4.875%
RATE
4.949%
APR

VA Home Loan
30 Yr. Fixed

As of: October 12, 2018

5.000%
RATE
5.199%
APR

FHA
30 Yr. Fixed

As of: October 12, 2018

4.75%
RATE
5.534%
APR

FHA
15 Yr. Fixed

As of: October 12, 2018

4.25%
RATE
5.098%
APR
 
 
 

 

 

Read What People Say

 

Kindyle Ledingham

"The process was great until 4 days before we were supposed to close. Some how an e-mail from several people showing our home was ready to close early didn’t get read by the team at Texas Lending. I even sent to my loan officer to confirm he received it. I honestly didn’t know we had a problem until Lydia called with MAJOR attitude asking where I got my closing date. She said my contract states March 25th. I explained it clearly says” On or Before March 28 NOT 25th” and the bulider was just waiting on flooring. They set the closing date and notified Texas Lending on March 6 and I followed up to make sure on March 7th” We closed a day late having to get power of attorney’s for my husband to sign on my behalf since I am going thru chemo therapy and it’s an all day treatment. I don’t think we should have been charged to have them drawn up the POA to your liking when we already had them in place by a highly reputable attorney and only needed them because Texas Lending dropped the ball. At the end of the day we closed and I want to say I don’t care what is messed up none of it matters...it’s the tone and attitude from your one employee who truly left a bad taste in my mouth. I did love Debbi Brown...always super super nice and only reason I have 3 stars instead of 2."

 
 

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