Mortgage. Down. Payment. The three scariest words in the home buying process. If saving up money for the down payment stumps you at every turn, keep reading. You may realize that you are closer to buying a home than you think. Find Unconventional Loan Options. A conventional mortgage typically requires a down payment of 20%. But there are several loan products with little or no down payments required. These include FHA-backed loans for first-time home buyers, VA loans for former and current military personnel and spouses, and USDA loans for buyers who want homes in “agricultural zones.”It is best that you thoroughly review these loan options with our PEFCU Loan Representative; as they may require a specific…
5 Tips on Saving for a Mortgage Down Payment
Mortgage. Down. Payment. The three scariest words in the home buying process. If saving up money for the down payment stumps you at every turn, keep reading. You may realize that you are closer to buying a home than you think. Find Unconventional Loan Options. A conventional mortgage typically requires a down payment of 20%. But there are several loan products with little or no down payments required. These include FHA-backed loans for first-time home buyers, VA loans for former and current military personnel and spouses, and USDA loans for buyers who want homes in “agricultural zones.”It is best that you thoroughly review these loan options with our PEFCU Loan Representative; as they may require a specific…