New home key

In today’s mortgage market, there are several options for down payments on a home purchase. Home prices are still quite high and mortgage rates are up there too, so finding any help to make your home purchase easier is what we’re all about at Indigo Mortgage.

  • First-time home buyers can put as little as 1% down with a special program at Indigo Mortgage but there are some income restrictions.
  • There is also a 3% down payment program on conventional loans but again there are income limitations.
  • FHA offers a 3.5% down payment program with no income limitations.
  • The VA offers zero down on all their purchase loans as well as USDA offers zero down on rural properties.
  • For first-time home buyers, there are several down payment assistance programs that will either grant or finance a down payment for borrowers, meaning they would not have to come up with the money for the down payment.

It’s important to remember that even if the borrower does not have to come up with the down payment money, there will be closing costs that they have to come to the closing with –that can be anywhere from $6000 and up.

With so many options and pieces to the puzzle, it’s important to utilize the expertise of a local mortgage broker like Indigo Mortgage. We will not only take the time to outline the right program but can also offer some of the best rates and terms on the market. We’ve served New Mexico homebuyers for more than 20 years and would love to assist in your mortgage for a new home.

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