Many people would love to buy a new home, but they think that they must save up a small fortune to use for the down payment and closing costs on a purchase. Traditionally, home buyers had to save at least 20 percent of the sales price as the down payment, but these days are gone. Through MortgageDepot, you can purchase a home with little or no money out of your pocket. Whether you do not have money to make a large down payment or you simply want to keep your money in your bank account, this is a great loan program to consider.
This loan option is highly popular, and the structure begins with a 95 percent mortgage. The additional five percent of the sales price can come from a range of sources. It can be a gift from a family member, a contribution from the seller or even a second lien that you obtain from another source. While there is a lot of flexibility with regards to this five percent, the money does have to come from an approved source.In addition, the loan program is easy to qualify for. While some similar programs offered through other sources have strict guidelines and require you to have an excellent credit rating, the program through MortgageDepot is more flexible. Borrowers with a credit score of 620 or higher may qualify, and you can work with a representative from MortgageDepot to learn more about the requirements.
If you are interested in purchasing a home but do not want to make a large down payment, this program is a great option to consider. Owning a home can be a dream come true, and MortgageDepot can help you to accomplish this goal. You can contact MortgageDepot today to learn more about this and other competitive loan programs available to home buyers.