Need low down payment mortgage programs for young people?

Discussion in 'Personal Finance Q & A' started by Raymond, Aug 4, 2016.

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  1. Raymond

    Raymond Newbie

    Like a lot of people here I'm looking to buy a new home. What I need is a low down payment mortgage program for young people. I'm under 25 with a good job that has excellent careers prospects. I have checked my credit file and everything seems in order so I can apply for a mortgage. My only problem is I have a very small down payment perhaps 5% of purchase value. I was wondering if anyone has a list of banks/brokers or intermediaries who offer low down payment mortgage for young people. Thanks
  2. Miles

    Miles Newbie

    For a Low Down Payment Mortgage the best rates are shown below. If you have a credit score of 740+ and can verify your income you can get a $342,000 loan with the property valued at $362,500, that't about $20,000 in down payment which is quite small. I tried to find a mortgage with no down payment but there wasn't one.

    Best 30 Year Fixed 5.5% Deposit Mortgage
    (1) eLend 3.270% APR
    (2) CapitalOne 3.649% APR
    (3) Sebonic Financial 3.375% APR
    (4) Loan Depot 3.752% APR

    The source for these rate us shown below and was obtained through


    For low down payment mortgage programs check out the following

    Best Low or N0-Money Down Mortgages for 2016
    (1) FHA Loan (3.5% Down Payment)
    (2) The HomeReady™ Mortgage (3% Down Payment)
    (3) Conventional 97 (3% Down Payment)
    (4) Good Neighbor Next Door ($100 Down Payment)
    (5) Home Construction Loan (3.5% Down Payment)
    (6) Piggy-Back Mortgage (10% Down Payment)
    (7) USDA Loan (No Down Payment Required)
    (8) VA Loan (No Down Payment Required)

    Before you apply for a mortgage try to get approved for one of the low or no-money down mortgages for 2016. If you are not eligible for these programs get one of the best rates below for low money down mortgages. Hope this helps.
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