You can apply for government-sponsored loans or find a home loan with low down payment options. There are also some programs for first-time home buyers that will pay some or all of your down payment. You should consider your eligibility, as many of these programs have different requirements. For example, some programs require a low credit score and are only open to first-time home buyers.
A larger down payment will also make you a more reliable and competitive buyer, and it will also make your home purchase less of a hassle.
The first mortgage is a conventional loan through Fannie Mae or Freddie Mac, while the second mortgage is a home equity loan of about 10% of the home purchase price.
You can take advantage of these offers to lower your mortgage payments and make your dream home a reality.
If you can’t put 20% down, you may be able to qualify for a piggyback loan, which is a combination of two loans.
A large down payment will also increase your home equity, which you can use for major expenses like remodeling.
The offer also includes a 50% discount on the processing fee. If you’re a corporate customer, you can also get a discounted rate of Rs. 2,000, plus applicable taxes.