Finance Factors is here to help you navigate the road on your journey to homeownership.
Down Payment Basics
Did you know that a 20% down payment is not required for you to buy a home?
- With a Home Possible loan, you could get a 30-year fixed rate loan with as little as 3% down. There are income restrictions so talk to a loan officer about your options.
- Finance Factors also has solutions that could allow up to 100% financing or more on a purchase! Our unique multi-collateral program is a powerful tool to address no/low down payment scenarios:
- Use the equity in a parent’s property as the down payment. This allows a parent to help their child without having to take out a loan or use their assets.
- Use equity in an existing property you own to buy another property.
- Siblings can combine the equity in multiple properties to purchase a property jointly.
- Many more uses.
Call our Mortgage Hotline at 808-548-3300 to speak to a loan officer about your home goals.
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