Can you buy a home with a limited down payment?

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Can you buy a home with a limited down payment?

Have you been wondering about jumping into the housing market this year? One of the top questions we get asked is, “how much money do I need to put down on a home?” It’s a common question and one that has a few answers!

We have options!

If you feel like you don’t have enough money for a down payment we have mortgage options that can help! Our first option is a USDA Rural Development Loan?

What is a USDA Rural Development Loan?

USDA rural development mortgages are one of the most common utilized mortgage program in northern and central MN They are a great first-time home buyer mortgage.

Key Factors

    • No down payment required
    • One-time guarantee fee paid at closing or can be rolled into the loan
    • Seller-paid closing costs are allowed
    • No reserve requirement
    • Primary homes only
    • Income restrictions apply

Other Loan Options 

An FHA loan is a mortgage loan insured by the Federal Housing Administration (FHA), allowing banks to offer a more favorable rate to consumers.

Key Factors

    • Low down payments
    • Low closing costs
    • Seller-paid closing costs allowed
    • Flexible credit standards
    • Available to all income levels
    • Manufactured homes eligible (certain restrictions apply)
    • Allows a co-applicant to help you qualify even if the person doesn’t live in the home
    • Requires upfront and monthly FHA mortgage insurance premiums

Whatever your situation is, UCB can help you find the right loan option so you can buy a home this spring! Start the process today and get preapproved online! 

Have questions? Contact Mortgage Lender Alec Meyer today!