Today I’m here with Mike Yates from Atlantic Bay Mortgage to discuss loan programs with low down payment options. Money.com recently had an article about lower down payment options for conventional loans, but there are a lot of other options out there.
For example, Atlantic Bay Mortgage offers a conventional loan program through Fannie Mae that only requires 3% down. Although this program is mostly for first-time home buyers, you can go with an option that is open to other buyers. There is also an income-restricted option.
VA loans are some of the best loans available on the market. Active duty military and veterans can purchase a home for no money down. Closing costs are covered as well. These loans also have low monthly mortgage payments because you don’t have to pay private mortgage insurance.
VA loans are the best loans available on the market.
Another loan program that does not require a down payment is the USDA loan. USDA loans are used for purchasing property in rural areas and there are income restrictions you have to meet in order to qualify. Although you cannot buy a property in Tampa, you can get a property in one of the outlying areas.
Last but not least, consider the FHA mortgage. This is a longstanding mortgage program used by a lot of first-time home buyers that only requires 3.5% down up to a certain loan amount. In our area, that loan cap is $271,050.
If these programs aren’t quite the right fit for you, there are also down payment assistance programs available for first-time home buyers. You can use this money for your down payment, closing costs, or a combination of the two. In Hillsborough County, you can get $15,000 for your down payment and closing costs, and in Pinellas County, you can get $7,500 in down payment assistance.
If you have any specific mortgage questions for Mike, you can reach him at 813-343-8551 or send him an email at MikeYates@AtlanticBay.com. If you have any other real estate questions, you can always give me a call or send me an email. We would be happy to help you!
