Mortgages with Low or No Down Payments
Want to buy a home but don’t have a large down payment? There are
many loan options available to those who can’t put 20% down payment.
Here are the low down payment options available at AFI Financial:
Low Rate FHA loans with 3.5% down
Low Rate USDA loans with 0% down
Low Rate Fannie Mae My Community Mortgage 3% down
Low Rate Conventional loans with 5% down
Low down payment lows vary in terms and restrictions. Please use the
chart below to compare the differences between the programs. It is important
to call our offices for a free pre-approval before you begin shopping
for your new home.
|
FHA |
USDA |
FNMA MCM |
CONV |
| Upfront Mortgage Insurance/Funding Fee 1 |
1% |
2% |
1.95% 3 |
1.95% 3 |
| Monthly Mortgage Insurance 2 |
$95.83 |
NONE! |
$95.83 |
$78.33 |
| Income Restrictions |
NONE |
YES |
YES |
NONE |
| Loan amount Restrictions |
Per County |
Per Income |
Per Income |
$417K Max |
| Max Monthly Debt Ratio |
50% |
Per Family Size |
41% |
41% |
| Gifts Allowed For Down Payment |
YES |
N/A |
YES |
NO |
| Closing Cost Assistance From Seller |
6% |
6% |
3% |
3% |
1. UPFRONT MORTGAGE INSURANCE IS FINANCED INTO THE LOAN
AMOUNT 2. BASED ON $100,000 LOAN AMOUNT 3. MONTHLY MORTGAGE INSURANCE
CAN BE WAIVED WITH A ONE TIME UPFRONT FEE (760 CREDIT SCORE REQUIRED).
3. MONTHLY MORTGAGE INSURANCE CAN BE WAIVED WITH A ONE TIME UPFRONT FEE
(760 CREDIT SCORE REQUIRED). IF NO UPFRONT FEE PAID ONLY MONTHLY IS REQUIRED,
NOT BOTH.
Fannie Mae My Community Mortgage INCOME LIMITS TOOL:
Area Median Income must be determined for all properties by using the
FNMA Area Median Incomes (AMI) Search Tool.
https://www.efanniemae.com/sf/refmaterials/hudmedinc/index.jsp
FHA MORTGAGE LOAN LIMTS TOOL
FHA LOAN LIMITS must be determined for all properties by using the FHA
LOAN LIMITS Search Tool.
https://entp.hud.gov/idapp/html/hicostlook.cfm
USDA COUNTY LIMITS TOOL:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
USDA INCOME LIMITS GUIDE:
For Michigan:
http://www.afifinancial.com/docs/Michigan usda income limits.pdf
For Florida:
http://www.afifinancial.com/docs/Florida usda income limits.pdf
Our loan officers receive extensive training on these programs and can
qualify you within 15 minutes over the phone. We are here to make purchasing
a home with little or no money down easy for you. Call right away!!!
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