A down payment is typically expressed as a percentage of the total amount you’d like to spend on a home. If you are looking to buy a home for $200,000.00 and have $20,000.00 to bring to the table, you have a 10% down payment. The amount of down payment will dictate the products that you are eligible for and what will be best for your circumstances. It’s also worth noting that the amount of down payment you are able to contribute to the purchase of a home will change the terms of the mortgage loan products and terms available to you. A lesser down payment will affect the interest rate, whether or not you have mortgage insurance and ultimately the amount you can qualify for. 
Pivot Lending Groups offers loan options with as little as a $1000.00 down payment.
Applicable products-
- Conventional Loans– These are available to you with as little as 3% down. $9000.00 will meet the down payment requirement for a $300,000.00 home.
- FHA Loans– FHA loans offer as little as 3.5% down. This would equate to a minimum of $10,500.00 to meet the down payment requirement for a FHA loan when purchasing a $300,000.00.
- VA Loans- Of course, eligibility for this loan type assumes you have served our country in some capacity and have this particular VA benefit. As a veteran, you may qualify for 100% financing meaning potentially nothing out of pocket for you to purchase a home.
- USDA Loans- This loan product also offers 100% financing for those who qualify. This loan type has limitations specific to geographic region and income maximums.
Down payment and closing cost assistance is also available for any of these products listed above. If you have not been able to save as much as you;d like to purchase a home, there is still a possibility to qualify and afford that new dream home.
We are positive that one of these options will fit your needs. Please apply now or give us a call to discuss your options.