Homeownership Most Often Delayed By Downpayment Confusion
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According to a survey by by Genworth Mortgage Insurance, misperceptions about downpayments are deterring what would be homeowners from purchasing their first home. They found that a majority of borrowers still believe that it is a requirement for purchasing a home. Even the many prospective borrowers who know that a 20 percent downpayment is not mandatory still think it would be difficult to pursue purchasing a house with less.
There are plenty of lower downpayment options available that make homeownership possible for just about everyone these days. Here at Griffin Funding, we walk you through all available loan solutions that fit your unique situation and show you the benefits (and potential drawbacks) of each one. We feel that proactively educating borrowers is our duty as mortgage professionals.
Here are some options to consider:
- 1% down on loans less than $424,100 with certain restrictions
- 3.5% down on FHA loans below the FHA country limits
- 5% down for conventional loans below $424,100
- 10% down for high-balance conventional loans below the high balance county loan limit (up to $636,150)
- 5% down on non-prime jumbo loans up to $3,000,000
To find our more about today’s downpayment options, give one of our expert loan officers a call at (888) 721-0003, or fill out a contact form on our website!
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