Affordable Alternatives to a Conventional Mortgage

Sep 3, 2019 04:06 PM

By: Primary Residential Mortgage, Inc.

Not ready for a conventional mortgage with a large down payment? Don’t give up on your homeownership dreams. Primary Residential Mortgage, Inc. offers plenty of affordable alternatives. Keep reading to learn more about your options.

FHA loans:

You can qualify for an FHA loan with a credit score as low as 500-580. These loans often have lower down payments than conventional mortgages, so you may be able to get into a home faster.

VA loans:

VA loans are for veterans and military service members. You may be able to get a VA loan with no down payment.* These loans also have lenient credit requirements and don’t require mortgage insurance.

USDA loans:

If you’re interested in buying a home in a rural area, a USDA loan could help. You may be able to buy a home without a down payment.*

Renovation loans (203K):

Interested in buying a house that needs a little extra love? A 203K renovation loan could help you buy a home with money to pay for renovations. These loans have minimal down payments and don’t require perfect credit to qualify.

One-time-close construction:

Sometimes the best way to find the right home is to build it yourself. One-time-close construction loans let you buy and build a home with one closing. You don’t have to make mortgage payments until the construction is complete.

Down payment assistance programs:

Conventional loans offer more flexibility than you may think. Down payment assistance programs can help you get a conventional loan with no down payment.* Some of these loans don’t require mortgage insurance, making them even more affordable.

*Closing costs and fees may still apply.

You don’t have to put your dreams of owning a home on hold. You deserve a home you love and these programs can help you buy a home even if you don’t have perfect credit or money for a large down payment.

To learn more about the many home financing options out there, contact your local PRMI Loan Officer.

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