Concerned that a big down payment will keep you from owning your dream home? At Supreme Lending, we offer down payment programs to lessen that burden. You could you be in your new home for little to no money down.
Up to 100% financing options available with our Supreme Dream program + FHA loan
Down payment assistance that can be converted to a grant and forgiven with 36 on time payments
Supreme Dream – Income guidelines apply & assistance is a second mortgage on the home
Other Programs – Must meet income, property type, credit, or employment requirements
Real estate has not slowed down in the face of a global pandemic. Historically-low interest rates have buyers ready to invest in property throughout Texas and the United States. Down payment assistance programs are helping buyers in Houston, TX, and beyond.
Supreme Lending has been serving Texas property owners for more than twenty years. As a premier mortgage lender, we work quickly and with integrity to help you purchase or refinance a home. And we have extensive experience with down payment assistance options to make your real estate dreams even more accessible. Reach out today to get started.
A Quick Lending Refresher
Unless you can pay cash to purchase a property, you will need to secure a mortgage loan from a lender. The vast majority of buyers carry a mortgage on the property, typically for a term of 30 years.
To get a traditional home loan, you typically need to have 20% of the sale price as a down payment. So, if you want to buy a $300,000 home in Houston, TX, you would need $60,000 in cash.
The purpose of requiring such a large down payment is to ensure that the buyer has some skin in the game, so to speak. That is, lenders know that homeowners who make a large down payment are less likely to default on the loan.
Having at least 20% equity in the home allows you to avoid paying PMI (private mortgage insurance). PMI protects the lender if you cannot make your payments, and it is standard when a down payment is less than 20%.
Just fill out the quick form below and we’ll take it from there.
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FHA Home Loans
FHA mortgages are another type of government-backed home loan. These options also offer down payment assistance by offering down payments as low as 3.5%. Presented by the Federal Housing Administration, these mortgages are excellent for first-time buyers.Similar to USDA and VA loans, mortgage options through the FHA come through approved private lenders. To qualify for the highest mortgage down payment assistance, borrowers need to have a credit score of at least 620.
A Few Pieces to Remember
Pursuing down payment assistance programs is an excellent way to start your homeownership journey. As you do, keep in mind the following considerations:
Let’s connect and get you on the road to homeownership.