If you are interested in buying a new home in the near future, you may be taking a closer look at your finances and trying to figure out how you will get the money you need to purchase the home you want. You may qualify for the loan amount you desire based on your income, but you may not have quite enough money to make the full down payment.
One option would be to purchase a smaller home. However, this may not be desirable because most people need to find a home that has a minimum number of bedrooms, bathrooms and living areas to meet their family’s needs. Another option to consider is to use a down payment assistance program from MortgageDepot.
There are several different options available for down payment assistance, and this means that there may be a great solution available to help you overcome your current down payment challenge. Some programs use low-interest or no-interest second liens, and you can speak with a representative at MortgageDepot about the qualifications for these programs. An alternative to these programs would be a low down payment first lien or a first lien that enables you to accept a gift of funds from a family member. As you can see, there are many creative ways available that you could overcome the challenge of having a low down payment, and our team at MortgageDepot can help you to explore all of them in detail.
Getting pre-qualified through MortgageDepot is a great way to learn more about the loan programs that you may qualify for and to narrow down the down payment assistance programs that may be suitable for you. This will also tell you the loan amount that you may qualify for and other important information that you will need in order to move forward with your buying plans. We make it fast and easy for you to get pre-qualified. You can spend a few moments completing the short loan application online, or you can speak with us personally to complete the loan application over the phone.
At MortgageDepot we specialize in helping our clients overcome their unique challenges so that they can move forward with their dreams of home ownership. If you are challenged by a limited amount of money available for use as a down payment, a smart idea is to contact our office today to inquire about our programs and to get pre-qualified.