Low Down Payment Mortgages

After the mortgage crisis of the late 2000’s, down payment requirements for many home loans increased substantially. Some mortgages required down payments as high as 20 percent which for many families was not possible. Fortunately as the housing market returns to a stronger state, down payment requirements are dropping once more. With additional low down payment mortgage options becoming available, a greater number of borrowers are able to find a loan program that best suits their needs.  

360 Mortgage Inc. specializes in a number of low down payment mortgages ranging from government-backed loans to conventional loans. Each type of mortgage has its advantages and each is tailored to a specific type of buyer.

The Low Down

For borrowers with strong credit and income, our conventional low down payment loan “The Low Down” allows for a down payment as low as 3 percent. This conventional loan is a great alternative to FHA financing if you’re looking to purchase with a low down payment or refinance with limited equity.
  • Purchases up to 97%
  • Refinances up to 95% LTV, regardless of current mortgage program
  • Reduced Mortgage Insurance
  • High Balance available
  • Relaxed AMI income limits based on census tracts
  • Gift funds eligible for entire down payment

My Pay Advantage & Ultimate Advantage Blue

Similar to “The Low Down”, My Pay Advantage and Ultimate Advantage Blue programs allow for a down payment of as low as 3 percent, but without the monthly mortgage insurance.
  • Up to 97% LTV with no monthly M.I.
  • 100% gift for down payments eligible.
Ultimate Advantage Blue allows a one-time, up-front mortgage insurance premium to eliminate the monthly mortgage insurance premium.

FHA Loans

FHA Loans are backed by the Federal Housing Administration which allows borrowers with less than ideal credit to qualify for a loan with a down payment as low as 3.5 percent. FHA loans are available for both purchases and refinances.
  • Minimum credit score of only 580
  • Debt-to-income ratio of up to 43%
  • Down payment of only 3.5% required

USDA Loans

USDA Loans can be one of the lowest cost mortgage options available. These loans are designed for low-to-moderate income borrowers in certain rural areas. Borrowers that qualify can use the mortgage to purchase, build, or rehabilitate a home.
  • Up to 100% financing available
  • Often some of the lowest interest rates available on low down payment mortgages

VA Loans

Veterans or their surviving spouses can take advantage of the VA Loan offered by the U.S. Department of Veterans Affairs (VA). Borrowers who qualify for the VA Loan will find that it offers a number of advantages over similar home loans.
  • Up to 100% financing available
  • No private mortgage insurance premium
  • Closing costs are limited by VA regulation
  • No pre-payment penalty
Borrowers looking for a home loan that requires little or no down payment can choose from a number of loan programs, but it can be difficult to determine which option is best for you. 360 Mortgage Inc. specializes in these low down payment mortgage options and will find you the mortgage that meets all of your needs. Contact us today for more information on the many low down payment mortgage options we have available.

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