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2018 Mortgage Down Payment Programs

Tuesday Jul 10, 2018
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For some reason there are still borrowers who think that they must have at least 20% to put down on a home purchase or they won’t qualify for a mortgage, but this is far from the truth today.

Fortunately there are some great loan programs available for purchasing a home; they include Conventional, VA, FHA, USDA and Jumbo mortgage programs.

Conventional loans can be found with a down payment of as little as 3% down for first time home buyers and 5% down for other buyers. The loan limit for a conventional home loan has increased to $452,100.

The FHA loan program will fund mortgage loans with as little as 3.5% down but that loan limit is capped at $296,750.

The VA has zero down payment on a home up to $452,100, and will do Jumbo loans over that amount but those will require a down payment.

USDA loans are for rural properties and they will do 100% financing. Jumbo loans are those with loan amount over $452,100, and there are Jumbo loan programs that will allow as little as 10% down.

So, don’t think that just because you don’t have tens of thousands saved for the down payment on a home, that you can’t purchase a home. There are many options for low down payments across the board on loan programs. Indigo Mortgage is a local mortgage broker serving New Mexico, so we have access to all of these mortgage programs. Please give us a call with your questions about mortgages and financing your home.

Indigo Mortgage is a locally owned and operated company, serving homebuyers in Albuquerque, Rio Rancho, Santa Fe and all across New Mexico. For questions about selecting a mortgage lender, contact Indigo Mortgage in Albuquerque at (505) 836-5700. Indigo Mortgage offers five mortgage divisions including Residential, VA Loans, Reverse Mortgages, Construction and Commercial. They are licensed by the Nationwide Mortgage Licensing System (NMLS #188348), and can provide loans anywhere in New Mexico.

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