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Down Payment Options

Loan Options

Contact Info

Location

875 Mount Jefferson Road, Suite 2
West Jefferson, NC 28694

Phone

336-846-2222

Email

[email protected]

Down Payment Options, Blue Ridge Mountain Mortgage

Down Payment Options

Empowering Your Homeownership Journey with Blue Ridge Mountain Mortgage

Determining the right down payment can be complex, and at Blue Ridge Mountain Mortgage, we’re here to provide clarity. The ideal route for each buyer or investor varies based on their unique situation and preferences. Explore our low down payment options and gain insights from our mortgage experts to make an informed decision.

Low Down Payment Options:
FHA Loan:

Purchase a single-family home or condominium with as little as 3.5% down. Mortgage insurance is required for down payments less than 20%.

USDA Loan:

Ideal for rural and suburban markets, this loan requires no money down. PMI considerations and household income limitations apply.

VA Loan:

Qualified military veterans can purchase a home with no down payment, enjoying up to 100% financing.

How Much Should I Use For a Down Payment?

Pros and cons exist for each option, and discussing your plan with our mortgage experts is crucial.

Cost Of a Lower Down Payment:
Potentially Higher Interest Rates:

Depending on the loan program, lower down payments may result in higher interest rates.

Potentially Higher Mortgage Insurance Premiums:

The lower the down payment, the higher the mortgage insurance premium, depending on the loan program.

Benefits Of Lower Down Payments

Less Money Out of Pocket

Lower down payments mean less upfront costs at the time of purchase.

Higher Rate of Return

Property appreciation is similar regardless of the down payment, potentially offering a higher rate of return with a lower initial investment.

Opportunity Cost

Available cash can be invested elsewhere, potentially yielding higher returns.

Personal Consideration

Carefully assess the amount you’re comfortable putting down, considering both your lender’s qualification and your preferred monthly payment. Consult our mortgage experts for personalized guidance.

At Blue Ridge Mountain Mortgage, we’re committed to assisting you in finding the down payment option that aligns with your financial goals and comfort level. Let’s navigate this journey together.

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