Don’t let a down payment get in the way of your homeownership dreams.
The 20% Myth
Saving up for a down payment is often one of the biggest obstacles borrowers face when deciding to buy a new home. Many borrowers are intimidated by the idea of having to put down a 20% down payment. The good news is that there are a variety of low down payment mortgage options available to you!
Get In Touch with a Newfi Senior Loan Advisor Today!
Our team of dedicated Senior Loan Advisors are here to help you through the mortgage process and answer any questions you may have.
What are My Mortgage Options for Low/Bad Credit?
What are Monthly
a Low Down
Low down payment mortgage rates depend on your credit, income, and other factors. Get in touch with a senior loan advisor today to calculate what your low down payment mortgage payment is likely to be.
Frequently Asked Questions
- There are many benefits of low down payment home loans, such as:
- More financial flexibility
- Having money to cover moving expenses, closing costs, or pay down other debts
- Using your savings to upgrade or furnish your new home
- While there are many benefits of low down payment mortgages, they do have some drawbacks:
- Higher monthly payments
- The loan will most likely require mortgage insurance
- Building home equity will take longer and rely more on your home’s appreciation
Because everyone has their own unique situation, we recommend speaking to a loan advisor about your options as your first step. Go to newfi.com/get-started or fill out the form on this page for a free consultation with one of our licensed loan advisors to learn about what documentation and qualifications you may need!