Paths to Becoming a First-time HomebuyerOwning a home has traditionally been part of the “American Dream”, but in today’s financial climate some Americans doubt they can afford the dream. The good news is that there are many programs available today to assist first-time homebuyers in obtaining a mortgage.
Down Payment FAQs
How much do I need for a down payment?
The down payment required varies based on what program you qualify for and what mortgage arrangement you choose. Currently, FHA loans will allow as little as 3.5% down and VA loans allow 0% down. Other loan arrangements that include Private Mortgage Insurance (PMI) or subordinate financing can also greatly reduce the down payment required. Cambria Mortgage consultants can discuss all these options with you.