{"id":1884,"date":"2015-07-30T12:32:30","date_gmt":"2015-07-30T12:32:30","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=1884"},"modified":"2020-07-13T22:34:21","modified_gmt":"2020-07-13T22:34:21","slug":"low-down-payment-options","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/low-down-payment-options\/","title":{"rendered":"Homebuyer Series Step 2:  Low to No Down Payment Options"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-1515 size-medium\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/coins-stacked-and-tape-measure-256x300.jpg\" alt=\"low down payment options and tips to purchase a home\" width=\"256\" height=\"300\" \/><\/p>\n<h2>No to Low Down Payment Options<\/h2>\n<p>In the last article we talked about credit and today we are providing solutions to\u00a0the # 2 roadblock mentioned for first time buyers.\u00a0 This article explains solutions of low down payment options for buyers that have no or little\u00a0money for\u00a0down payment or\u00a0reserves.<\/p>\n<p><strong>To solve this popular issue,\u00a0let&#8217;s talk today about:<\/strong><\/p>\n<p>*\u00a0 No to Low Down Payment Mortgage Loan Options<\/p>\n<p>*\u00a0\u00a0Saving\u00a0for down payment &amp; a rainy day fund (lenders call this reserves)<\/p>\n<p>First of all, homebuyers will have more options with money in the bank.\u00a0 Down payment funds help borrowers qualify easier, have more loan options, and have a lower mortgage payment.\u00a0\u00a0So the good news is that we have down payment ideas to aid your purchase.\u00a0 In addition, we will discuss the low down payment options available to overcome this obstacle.<\/p>\n<p>[av_button_big label=&#8217;Read Great Tips to Save Up to $40,000 in Down Payment in a Year!&#8217; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/blog\/2015\/07\/26\/simple-tips-for-homebuyers-to-easily-save-for-a-down-payment-in-a-year\/&#8217; link_target=&#8217;_blank&#8217; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;][\/av_button_big]<\/p>\n<h2>No to Low\u00a0Down Payment Options\u00a0to Purchase\u00a0a New Home:<\/h2>\n<ul>\n<li><strong>No down payment mortgage programs.<\/strong>\u00a0 <a href=\"http:\/\/teammovemortgage.com\/va-loan\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong>VA<\/strong> <\/span><\/a>and <a href=\"http:\/\/teammovemortgage.com\/usda\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong>USDA<\/strong><\/span><\/a> do not require a down payment but buyers will more easily qualify for the loan with assets in the bank or retirement accounts.\u00a0 Lenders and automated approval systems love to see assets.\u00a0 Therefore buyers which have funds left over after closing have a greater chance of loan approval.\u00a0 Assets left over after a closing are called reserves.\u00a0 Reserves can include checking, savings, vested retirement balances, insurance cash value, stocks, and bonds.\u00a0\u00a0Basically, reserves are a rainy day fund to pay the mortgage payment\u00a0and other bills if times get tough.\u00a0 Plus it should just make the buyer feel more comfortable to have a cushion.<\/li>\n<li><strong>Low down payment mortgage programs<\/strong>:\u00a0 <a href=\"http:\/\/teammovemortgage.com\/fha\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong>FHA<\/strong><\/span><\/a>\u00a0requires only 3.5% down payment.\u00a0\u00a0Additionally, there are even <a href=\"http:\/\/teammovemortgage.com\/down-payment-assistance-nc-sc\/\"><span style=\"text-decoration: underline;\"><strong>Down Payment Assistance<\/strong> <\/span><\/a>programs that will help defray the down payment required by <a href=\"http:\/\/teammovemortgage.com\/fha\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong>FHA<\/strong><\/span><\/a>.\u00a0 There are also conventional mortgage programs that allow 3 &#8211; 5% down payment.\u00a0 As mentioned above, in addition to the down payment, assets in reserve will\u00a0help buyers\u00a0look more qualified to a mortgage lender.<\/li>\n<\/ul>\n<h2>Solutions\u00a0to Obtain Funds for These Low Down Payment Options<\/h2>\n<p>[av_button_big label=&#8217;Read Great Tips to Save Up to $40,000 in Down Payment in a Year!&#8217; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/blog\/2015\/07\/26\/simple-tips-for-homebuyers-to-easily-save-for-a-down-payment-in-a-year\/&#8217; link_target=&#8217;_blank&#8217; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;][\/av_button_big]<\/p>\n<ul>\n<li><strong>Gift Funds\u00a0are allowed\u00a0as down payment for mortgage programs.<\/strong>\u00a0 Gift funds are an allowable source of down payment on most mortgage programs.\u00a0 Read more about\u00a0gifts in\u00a0the article,\u00a0&#8220;<span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/03\/21\/fha-down-payment-that-is-a-gift-from-family-or-employers-requirements\/\" target=\"_blank\" rel=\"noopener noreferrer\">When is a Gift a Gift According to FHA?<\/a>&#8220;<\/strong><\/span><\/li>\n<li><strong>Down Payment Assistance Programs:<\/strong>\u00a0 Sometimes the low down payment options are not enough.\u00a0 A buyer may need help obtaining funds for closing.\u00a0 In NC and SC,\u00a0there are some awesome down payment assistance programs.\u00a0 These assist first time or move up buyers which need help in bringing funds to closing.\u00a0\u00a0The benefits include an\u00a0interest free, no payment 2nd mortgage up to 3 &#8211; 5% of the first mortgage amount.\u00a0 <span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/down-payment-assistance-nc-sc\/\" target=\"_blank\" rel=\"noopener noreferrer\">Learn more about Down Payment Assistance<\/a><\/strong><\/span><\/li>\n<li><strong>Take up to a Year to Save up Funds for Down Payment<\/strong>.\u00a0 At first glance, a down payment can be a daunting figure.\u00a0 But some lifestyle changes will help\u00a0to find a large amount of cash that can be used for down payment.\u00a0 Check out our article <span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/07\/26\/simple-tips-for-homebuyers-to-easily-save-for-a-down-payment-in-a-year\/\" target=\"_blank\" rel=\"noopener noreferrer\">Simple Tips for Homebuyers to Easily Save for a Down Payment in a Year!<\/a><\/strong><\/span><\/li>\n<li><strong>Use tax refunds for down payment<\/strong>.\u00a0 Instead of using tax refunds to purchase a\u00a0TV or other reflex purchases, use it for a down payment.\u00a0 Sometimes a tax refund\u00a0will even\u00a0cover the whole down payment!\u00a0\u00a0So\u00a0next tax season, move that money into\u00a0a savings account.\u00a0 A tax refund coupled with the other lifestyle changes will pay off major dividends in the future.<\/li>\n<\/ul>\n<h2><strong>Rule of Thumb for How a Mortgage Lender Will Look at\u00a0Bank Accounts:<\/strong><\/h2>\n<ul>\n<li><strong>The more reserves\u00a0in the bank, the stronger\u00a0the borrower<\/strong>.\u00a0 As a rule of thumb, it helps to have a minimum of 2 months of the total expected mortgage payment in the bank.\u00a0\u00a02 months of reserves is not always required though, but it helps.\u00a0\u00a06 months of reserves is better of course and the more the better.\u00a0\u00a0One can never have too much in\u00a0reserves.\u00a0 One tidbit of information is that USDA will not lend to a buyer that has 20% of the purchase price in a liquid account, believe it or not.<\/li>\n<li><strong>NSF&#8217;s and overdrafts cause issues<\/strong>.\u00a0 Lenders don&#8217;t like to see NSF&#8217;s or overdrafts in bank accounts.\u00a0\u00a0A pattern of NSF&#8217;s can be an indicator of troubled finances.\u00a0 So\u00a0it is paramount to keep accounts\u00a0in positive territory at all times.\u00a0\u00a0Rather than use\u00a0an overdraft\u00a0line,\u00a0it is best to have extra funds in a savings account.\u00a0 This will avoid fees and penalties.<\/li>\n<li><strong>Don&#8217;t deposit cash into\u00a0bank accounts when\u00a0applying for a mortgage<\/strong>.\u00a0 Lenders don&#8217;t like to see cash deposits because it usually can&#8217;t be proven where the funds came from.\u00a0\u00a0Learn more details by reading\u00a0&#8220;<span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/06\/16\/do-not-use-cash-when-purchasing-a-home-and-applying-for-a-mortgage\/\" target=\"_blank\" rel=\"noopener noreferrer\">Do Not Use Cash When Purchasing a Home and Applying for a Mortgage!<\/a>&#8220;<\/strong><\/span><\/li>\n<li><strong>Gifts funds must be documented.\u00a0\u00a0<\/strong>The best practice is to consult with the loan officer before transferring the gift funds.\u00a0\u00a0There are important steps to document gift funds.\u00a0 <span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/03\/21\/fha-down-payment-that-is-a-gift-from-family-or-employers-requirements\/\" target=\"_blank\" rel=\"noopener noreferrer\">Read how gift funds must be documented during a mortgage loan process.<\/a><\/strong><\/span><\/li>\n<\/ul>\n<p><strong>We hope that you enjoyed\u00a0this second article in our homebuyer series.\u00a0\u00a0<\/strong>Now\u00a0there should be a multitude of ideas flowing about low down payment options and solutions.<\/p>\n<p>[av_button_big label=&#8217;Contact a Team Move Mortgage Loan Officer Now&#8217; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/contact-us\/&#8217; link_target=&#8217;_blank&#8217; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;]<br \/>\nLet us help you become a homeowner<br \/>\n[\/av_button_big]<\/p>\n<h2><strong>Read the other articles in the Homebuyer Series &#8211; I want to buy a home in a year:<\/strong><\/h2>\n<ul>\n<li><span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/07\/25\/homebuyer-series-i-want-to-buy-a-home-in-a-year-or-less-your-roadmap-to-get-home\/\" target=\"_blank\" rel=\"noopener noreferrer\">Week 1: Establish Credit Worthy of Mortgage Approval for Any Type of Mortgage Loan<\/a><\/strong><\/span><\/li>\n<li><span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/08\/08\/homebuyer-series-step-3-i-want-to-buy-a-home-in-a-year-or-less-your-roadmap-to-get-home\/\" target=\"_blank\" rel=\"noopener noreferrer\">Week 3: Creating a Budget to Afford and Qualify for a Mortgage to Purchase<\/a><\/strong><\/span><\/li>\n<li><strong><span style=\"text-decoration: underline;\"><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/08\/15\/homebuyer-series-week-4-i-want-to-buy-a-home-in-a-year-or-less-best-tips-for-paying-rent-why\/\" target=\"_blank\" rel=\"noopener noreferrer\">Week 4: Best Tips for Paying Rent &amp; Why<\/a><\/span><\/strong><\/li>\n<li><span style=\"text-decoration: underline;\"><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/08\/22\/homebuyer-series-i-want-to-buy-a-home-in-a-year-or-less-why-using-a-good-realtor-is-so-important\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Week 5: Why Using A Good Realtor is So Important<\/strong><\/a><\/span><\/li>\n<li><span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/08\/29\/homebuyer-series-i-want-to-buy-a-home-in-a-year-or-less-knowing-your-financing-options\/\" target=\"_blank\" rel=\"noopener noreferrer\">Week 6: Knowing Your Low to No Down Payment Options<\/a><\/strong><\/span><\/li>\n<li><span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/09\/05\/homebuyer-series-i-want-to-buy-a-home-in-a-year-or-less-the-last-steps-to-be-ready-for-closing\/\" target=\"_blank\" rel=\"noopener noreferrer\">Week 7: The Last Steps to be Ready for Closing<\/a><\/strong><\/span><\/li>\n<\/ul>\n<h2><strong><em>Team Move\u00a0lends in\u00a0the following areas and more<\/em><\/strong><\/h2>\n<p><strong><em>\u00a0Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, Sanford, Pittsboro, Apex, Cary, Raleigh, Holly Springs, Fuquay Varina, Siler City, Southern Pines, Aberdeen, Pinehurst, Whispering Pines, Vass, Spring Lake, Fayetteville, Lillington, Hope Mills, Dunn, Angier, Smithfield, as well as the rest of NC.\u00a0 North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>No to Low Down Payment Options In the last article we talked about credit and today we are providing solutions to\u00a0the # 2 roadblock mentioned for first time buyers.\u00a0 This article explains solutions of low down payment options for buyers that have no or little\u00a0money for\u00a0down payment or\u00a0reserves. To solve this popular issue,\u00a0let&#8217;s talk today [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1515,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,24,33,97,17,40,41,48],"tags":[6,240,7,25,26,27,28,29,30,31,9,241,10,11,446,13,16,18,102,20,42,43,44,45,46,47,49],"class_list":["post-1884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-fha","category-frequently-asked-questions","category-interesting","category-products","category-tips","category-usda","category-va-loans","tag-down-payment-assistance","tag-down-payment-gift","tag-down-payment-source","tag-fha","tag-fha-guidelines","tag-fha-home-loans","tag-fha-loan-calculator","tag-fha-loan-requirements","tag-fha-loans","tag-fha-purchase","tag-first-time-buyers","tag-gift-from-family","tag-homebuyers","tag-low-down-payment","tag-money-saving-tips","tag-mortgage-faqs","tag-north-carolina","tag-realtors","tag-south-carolina","tag-team-move","tag-usda","tag-usda-home-loan-updates","tag-usda-home-loans","tag-usda-rural-development","tag-usda-rural-development-guidelines","tag-va-home-loans","tag-va-requirements"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Low down payment options helps buyers achieve home ownership<\/title>\n<meta name=\"description\" content=\"No to low down payment options are available to help renters become homeowners. 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