t is a common myth that you need 20 percent to put down on a home or you cannot get a mortgage. There are many other options out there – you just have to find them.

1. A 20 PERCENT
DOWN PAYMENT
M O R T G A G E . I N F O
THE REASONS
YOU DON' T NEED

2. FHA MORTGAGE
PROS
CONS
EASY TO APPLY
For those w/ a blemished
credit history, higher than
average debt ratio, or other
special circumstances
MORE EXPENSIVE
Upfront mortgage
insurance + Annual
mortgage insurance paid
monthly

3. VA MORTGAGE
Does not require any
money down
Borrowers may be able to
wrap their closing costs
and/or funding fee into the
loan
(Only for qualifying veterans)

4. USDA MORTGAGE
Meant to be a loan to build
up the less fortunate areas
of the U.S.
Does not require any money
down and has favorable
terms

5. CONVENTIONAL
MORTGAGE
Conventional 97 program
allows a low, 3 percent down
payment
You have to have really good
credit and a low debt ratio
Pay private mortgage
insurance until your loan­to­
value ratio is below 80
percent
THE CATCH:

6. CLICK HERE
TO LEARN MORE
INFORMATION ORIGINALLY PUBLISHED APR/13/2016

7. Justin McHood is Americas Mortgage
Commentator and has been providing
Mortgage commentary for over 10 years.
INFORMATION PROVIDED BY:
Justin McHood
MORTGAGE.INFO

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