With record setting low interest rates now available, home mortgages are more affordable than ever. But for many would-be home buyers, saving up for the 20% down payment can take years.
Home buyers today are taking advantage of special, government sponsored programs which allow for incredibly low down payments and in some cases allow for no down payment at all!
FHA allows a down payment of just 3.5%, which may be a gift to you from a relative. FHA insures your loan, and their mortgage guidelines have a liberal approach to both credit score and down payment.
The VA loan program is available to military borrowers nationwide and has a flexible program for very low down payment. VA loans work in a similar fashion as FHA loans, whereas the VA is an insurer of loans and not a maker of them,
USDA offers a 100% mortgage. Borrowers are qualified by neighborhood density and household income and may borrow up to 100% of the property's appraised value. Many communities in Florida are designated to qualify for this type of financing.
If you have questions or would like more information, please contact me.