Purchase or refinance with less money down
Directors Mortgage offers no & low-down payment options that can help you buy a home when you have less money than normally required to put down for a home purchase
Directors Mortgage provides options that address
the needs of homebuyers who
- Don’t have a lot of savings but have a strong and stable current income
- Prefer to keep their assets in higher-yielding investments
- Are first-time homebuyers with high rents leaving little cash leftover
- Have low-to-moderate incomes and few cash reserves
- Are buyers looking to buy a larger home without large cash reserves
Benefits of a Zero/Low-Down Payment Strategy
Already have money saved up for your home investment? Even if you do, there are many reasons why a no or low-down payment solution may be the right choice for you. A no or low-down payment:
- CAN free up cash for other expenses: Moving, Closing Costs, Furniture needs and much more.
- CAN keep you from dipping into your assets or current lifestyle expenses (child care, school tuition payments, etc…)
- CAN let you turn rent payments into equity by letting you purchase right away
Example: you may qualify for a $100,000 home loan with only a 5% down payment; you would only need to come in with a $5,000 down payment when your loan closes. (Additional costs may include closing costs and any other related loan fees.)
Directors Mortgage’s Zero/Low-down payment programs include
First Time Homebuyers
Directors Mortgage has programs available to assist homebuyers who have little or no money than normally required to put down for a home purchase and/or little traditional credit history. Some of these loans include USDA home loans.
FHA Home Loans
Directors Mortgage is an FHA (Federal Housing Administration) approved lender that can offer these programs that allow limited down payment funds, gift funds, potentially limited paperwork and flexible credit requirements.
VA Home Loans
Directors Mortgage has programs available to Military veterans and to those actively serving. These loans offer lower interest rates, closing costs and the potential for a no down payment option. (For this option to be eligible, the serviceman or woman must not have used their Full Entitlement yet. (VA loan entitlement).
Contact a Directors Mortgage Specialist for more details on our no & low-down loan products.
