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Benjamin Pack

NMLS ID 632031

801-912-8484 bpack@boemortgage.com



May 24th, 2016 | Down Payment, Purchase Loans, thealpineteammortgage, VA Loans, 401K

Here with The Alpine Team Mortgage offer several available options for customers who have little available for down payment when purchasing their home.  Depending on the customers’ needs, income, credit score, possible military background, and location of the property, the minimum down payment requirements range from 0% ( VA and USDA loans) to 5% (Conventional/Fannie Mae loans).  Another option for customers is an FHA loan.  This is a loan where only 3.5% of the home’s purchase price is required for a down payment. It is popular among first-time homebuyers as well as customers who have had some small to moderate credit issues. 

An important goal of ours over at The Alpine Team is to effectively communicate information like this to our customers, referral partners, and future customers.  In our website, you will be able to use this information to guide yourself or a friend/family member to help them see which loan fits the individual situation, or better yet let one of our professionals help.  To truly find out the best possible program, consulting one of our professionals for a free analysis is a more accurate way to determine the best loan program.  Here are some of the Bank of England Mortgage available products:

  • Conventional (FNMA)- A popular loan for most as the low down payment option (5%) carries a significantly lower MI (monthly mortgage insurance) payment when compared to FHA. 
  • FHA (Federal Housing Administration)- This government insured loan has a low down payment requirement (3.5%) and has more flexible credit guidelines as mentioned above.  The one drawback is that the MI payment is higher than other loans, and carries an upfront mortgage insurance premium. Great program for first time homebuyers.
  • VA (Veteran’s Administration)- This loan is for military veterans with over 180 days of active duty. It allows for 0% down payment as well as it does NOT have a monthly mortgage insurance payment. As a result, VA loans can have the most advantageous programs for all who qualify. They do have a one-time Funding Fee that can be financed into the loan.
  • USDA (Rural/US Dept. of Agriculture)- This loan also carries a 0 % down payment requirement and has a low “Guarantee Fee” charge/cost.  There are limitations to these loan products, however. The property must be located in more of a suburban-suburban/rural-type setting.   Also, these loans carry a maximum household income requirement to quality.  


If The Alpine Team professional can help you with any down payment questions regarding residential mortgages, please contact us at thealpineteam@boemortgage.com or call us at our 800-669-0191.