Low Down Payment Options for Gilbert Homes Mortgage Loans

Mortgage rates for Gilbert Homes and homes all across the country are on the rise, which means you might have to use more of your down payment towards to monthly payments instead of up front. While the larger the down payment for Gilbert Homes mortgage loans the better, some times that’s not really an option, especially if you want to get into Gilbert Homes before mortgage rates rise again. Some buyers can find no or low down payment loans and this trend is becoming more common once again. The founder of the Troy Reeves Team, Troy Reeves, has noted a lot more people buying with smaller loans and wants buyers to know that it’s completely doable. Check out your three best options for buying Gilbert Homes with smaller down payments.

VA Loans for Gilbert Homes

Currently, the VA, or Veterans Affairs guarantees mortgages for qualified veterans with no down payment contingencies. Although they go through the VA, private lenders originate these loans and the borrower pays a funding fee that can be added to the total loan amount. Fees can vary and depend on if the vet has served in the military, Reserves, or National Guard. It also makes a different if the loan for buying Gilbert Homes is the first VA loan or not.

Navy Federal Loans for Gilbert Homes

If you can get a loan through the Navy Federal Credit Union, you can get 100% financing on primary housing. Eligibility for credit union membership is limited to military personnel and certain civilian employees of the United States Department of Defense, as well as family members. These loans are being offered again after a hiatus that ended in 2010. The funding fee for these loans is 1.75%.

Department of Agriculture Mortgage Loans

The Department of Agriculture has a rural development mortgage guarantee program that is extremely popular. These loans are not confined to the purchase of farm land but do have geographical limitations. There are also restrictions that cover household income and are usually only offered to first time home buyers. These mortgage loans come from banks and the USDA gets a 2 percent guarantee fee.