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