Advantages of a Low-Down Payment Mortgage

Article details provided by Teresa Joseph, VP, Residental Lending Manager.

The housing market continues to change rapidly, but that doesn’t mean you have to put your dream house on hold to avoid breaking the bank.

There are many low-down payment mortgage programs available. From 5% down to no money down, Croghan Colonial Bank has plenty of options available for homebuyers.

Conventional and Federal Housing Administration (FHA) loans vary from 3% to 3.5%. In contrast, Veterans Affairs (VA) and the United States Department of Agriculture (USDA) mortgage loans have no down payment requirements if you qualify.

Several factors can influence the cost of your mortgage, including credit history, loan-to-value (loan amount/purchase price), type of property, and debt-to-income ratio.

When you’re ready to start your online application, you’ll need the following information:

• Employment and income information
• Asset information – where the funds for the down payment and closing costs are coming from
• Driver’s license

With local decision-making and in-house processing, underwriting, and closing, we provide homebuyers with timely loan closings. Our mortgage lending team is committed to providing direct, hands-on guidance to help you navigate the housing market. Connect with a mortgage team member, or start your online application today!