Whether you have limited cash savings for a down payment?, want to buy a fixer-upper, or decide that a manufactured home? is the way to go, some conventional mortgage? products can apply to these situations. Here are a few conventional mortgage products that can help you make homeownership a reality.
Low down payment loans
A common misconception claims that your down payment needs to be 20 percent of the purchase price of the home. For example, if your home costs $85,000, you need to have $17,000 for the purchase. That’s simply not true. Depending on the type of mortgage and your lender?, your down payment can be as low as 3 percent of the home’s purchase price. In this case, instead of $17,000 down on an $85,000 house, your down payment could be as low as $2,550.
Depending on the type of mortgage and your lender, your down payment can be as low as 3 percent of the home’s purchase price.
Loans for fixer-uppers
If you find a home you love, but it needs some renovation work or repairs, the costs might seem overwhelming. When you have a loan option that lets you combine the purchase price of a home with those other costs, you can consider more options.
Manufactured housing loans
Today’s manufactured homes are quite a bit different than those of the past. They can also become a more affordable option than a traditional, site-built house. If a manufactured home is right for you, a few mortgage loan products can help.