Home Purchase Mortgage Calculators
Mortgage Program Calculators
We provide a comprehensive summary of low / no down payment mortgage programs on FREEandCLEAR as well as a helpful chart that compares these programs. Each program has different borrower qualification guidelines and down payment requirements. For example, some programs apply borrower income limits and most programs apply loan limits as well. You can use our comparison of low and no down payment mortgage programs to find the program that best meets your financial profile. Based on the information you provided, the FHA Mortgage Program, Fannie Mae 3% Down Payment Program and Freddie Mac Home Possible Mortgage Program are potential options for you. The FHA Mortgage and Fannie Mae 3% Down Payment programs do not have income limits so they may be useful given your relatively high income. All of these programs are offered through traditional lenders such as banks, mortgage brokers and credit unions.
We recommend that you contact lenders in your area to understand if they offer these or other low down payment mortgage programs. You can review lenders in your area by clicking INTEREST RATES We advise you to contact three-to-four lenders as comparing proposals from multiple lenders is the best way to save money on your mortgage.
Although most low down payment mortgage programs require borrowers to make a down payment of 3.0% - 3.5%, you may be able to combine one of these programs with a closing cost assistance grant or down payment assistance program to buy a home with minimum personal financial contribution or to help pay for closing costs. Home buyer assistance programs are typically provided by HUD-approved local housing commissions. The housing commission can review your options and explain how to combine a low down payment mortgage program with a down payment or closing cost grant. Your income may disqualify you from many home buyer assistance programs but it does not hurt to have the conversation. I have provided a link to the HUD web site. Simply select your state on this web site and then click "Learn About Home Ownership" to be directed to information about mortgage assistance programs in your state.
In addition to contacting the lenders on FREEandCLEAR as well as your local housing commission you may want to also contact Residential Home Funding Corp. and ask about their Mortgages for Champions Program. This program offers reduced lender closing costs on mortgages for firefighters and they may also offer low down payment programs. As always, we encourage you to shop multiple lenders to find the mortgage with the lowest interest rate and fees.