4 Ways To Get A Low-Down-Payment Mortgage Without An FHA Loan

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FHA Streamline Refinance Middletown

Federal Housing Administration loans, which only require a 3.5% down payment, can be a lifeline to borrowers with limited savings and blemished credit. The downside? They come with expensive up-front and ongoing mortgage insurance premiums.

But if your credit score is 620 or higher, you could save money with a HomeReady, Standard 97, HomeOne or Home Possible mortgage. Not only will you save on mortgage insurance, but these loans only require a 3% down payment.

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Original Article Source Credits:   Forbes , https://www.forbes.com/

Article Written By:  Amy Fontinelle and Mike Cetera

Original Article Posted on:    Dec 8, 2020

Link to Original Article:  https://www.forbes.com/advisor/mortgages/low-down-payment-mortgage-without-fha-loan/