low down payment mortgage
Date: Tue, 01/11/2011 - 03:42
Can anybody tell me about some low down-payment mortgages?
In order to get a mortgage, the borrower needs to put down a cer
In order to get a mortgage, the borrower needs to put down a certain sum of money from his end. This is known as down payment. In order to qualify for a conventional mortgage, you'll have to put 20% down. However, if you cannot put down 20%, then you'll have to go for the option of private mortgage insurance. This insurance will safeguard the lender's interest. In case of an FHA mortgage, you need to put down 3.5% - 5% down payment.
