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Which Mortgage Has the Lowest Down Payment?

Down payments are a large part of the home buying process and one of the biggest road blocks to home ownership. It is a common misconception that purchasing a home will require 20% down. This is simply not true and there are many loan programs available that allow just 3.5% to even 0% down payment for those who qualify. In many cases, the down payment can even come to you as a gift from a family member or a loved one.

Although putting 20% down may result in a more favorable monthly mortgage payment, most borrowers who are looking to purchase a home do not have the $70,000 or even $120,000 set aside for a down payment. It is important to work with an excellent loan officer and mortgage company who has access to loan products with various down payment options.

Below, we will discuss these low down payment home loans and who may have access to them.

Loan Options with Zero ...

Success Story: Moving from Renter to Homeowner


The Problem: How to Move from Renting to Owning

Residential Wholesale Mortgage, Inc. hosts several home buying workshops per year where we turn our attendees into savvy home buyers. One of our clients recently learned how to navigate the home buying process with the help of our mortgage professionals at a recent VA home buying class (a home buying course specifically designed for prospective home buyers involved with the Armed Forces).

Our client—unsure about whether or not she and her husband would qualify for a loan—came to the workshop to get her questions answered. Even though she was apprehensive about home buying, her living situation was just not cutting it and her lease was nearing its expiration. She decided to explore her options.

The First Step: Home Buying Education

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Learning About Home Loans: What Is the Proper Choice?



When choosing a home loan, you have many options available to you. How do you know which one to choose? The short answer is that it depends on each individual’s circumstances because each option is designed to serve a specific purpose. Also, some of these home loan options may have less strict qualification guidelines.

The home loan options and details discussed in this article will help you understand some of the most common options available to borrowers. Researching which option works best for you is a great idea, and we are always available to help. Read below for a run down on Fixed-Rate Mortgages, Adjustable-Rate Mortgages (ARM), FHA Loans, VA Loans, and Jumbo Loans.  


Fixed-Rate Mortgages

Mortgage Success Stories: Getting out of the Hot Zone

The Problem: Life Happens and Sometimes Debt Does Too

Over a number of years, a local firefighter proved himself to be a model borrower: he had a stable (and noble) job and always made his payments on time and in full. Unfortunately, he found himself in between a rock and a hard place when an injury forced him to take a temporary leave from his job. With this disruption in his income, he was looking to improve his financial position through a mortgage refinance and take advantage of the excellent rates.

RWMI was able to step in and help. Our new client initially came to us in hopes of extending his loan out to a 30 year term and reduce his monthly payment by at least $500 dollars, so one of our professional mortgage consultants made it a priority to find the proram that will suit our client's needs. After analyzing our client’s financial information and presenting all of the options available, we zeroed in on the most appropriate option and then took action. 

The Solution: Cash-Out Debt Consolidation Refinance

Did we extend our client’s loan to a 30 year term? No, we figured out an even better solution. After presenting the options ...

Why do I have to have an impound account? Here is everything you need to know. 

You may have heard about impound accounts while researching the loan process, but what exactly does that mean? An impound account (sometimes called an escrow account) is a fund managed by your mortgage company that acts as a safety net for future homeowner's insurance premiums and property tax payments. The fund automatically pays your annual home insurance and semi-annual (twice a year) property tax payments, ensuring that they do not go unpaid—something that could result in your home being seized by the county.

The first payment that you put into the impound account is called a seed payment or impound deposit, which is paid up-front when you take out your mortgage. Your seed payment will give you a two month cushion on your annual fees. For the seed payment, the Real Estate Settlement Procedures Act (RESPA) requires you to pay two to eight months’ worth of property tax and insurance payments. Whether you need to do two or eight months can be determined by the time of year you fund your loan, as explained by the chart below. Basically, it shows that closing your loan closer to your first semi-annual property tax payment will require you to pay a larger seed deposit.


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