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I want a small down payment
For most conventional loans, you need to have a 10 percent or 20 percent down payment. That can be a big chunk of money. But there are programs that let you make a smaller down payment.
Ask your mortgage consultant if you would qualify for an FHA loan. FHA loans require a smaller down payment, and closing costs can be lower, as well. You may also be able to get a conventional mortgage with a lower down payment requirement, depending on your credit score.
If you’re a first-time homebuyer, ask about special programs to help you become a homeowner. Federal agencies and banks have a variety of special mortgages for first-time buyers, and many include lower down payment requirements or closing-cost assistance.
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