| Low-down-payment home loans |
Are there low-down-payment home loans?Primarily the two types of low down payment loans on the market today are both government sponsored programs, FHA and VA. The low to no down payment loans of a few years ago are long gone as lenders clean up their act to make up for the loses incurring since 2007.FHA is one of the most popular type loans seen over the last year and a half and insures a 3.5% down payment program and VA as always is 0% down for qualified Veterans. All lenders including the above government insured programs are under much tighter rules and scrutiny as to the buyer's and properties qualification for a new home loan. FHA is also in the process, as of this writing, in tightening up their internal requirements with the ultimate goal of doing fewer loans at less risk. Fannie-Mae and Freddy Mac also sponsor a low down program available through qualified lenders. Fannie Mae's Community Home Buyers program allows people to buy with just 3 percent down. For details, contact lenders who offer government-insured loans. In addition to calling lenders for information, contact Fannie Mae directly at (800) 832-2345. Loan limits vary depending on the county where the property is located.
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