How to buy your first home like a pro with a low-down payment in Brick NJ.
By Tony Busanich, 1-4 FAMILY HOME LOAN SPECIALIST
How to buy your first home like a pro with a low-down payment in Brick NJ. When first-time home buyers are looking for a low-down payment conventional mortgage without PMI they offer have many options but aren’t sure where to look. A minimum of 20 percent down payment is not the standard anymore. New first-time homebuyer programs are available with as little as 3.5% down. The cost of the mortgage insurance (MI) maybe paid by the bank depending on the borrower's credit score and location of the property there buying. Borrowers with lower credit scores may be better off with an FHA loan. The disadvantage with FHA loans is that the borrower cannot cancel the MI for an FHA loan. The only way to get out of it is by refinancing into a conventional loan.Aside from the down payment, there are ...