One of the great parts of the current mortgage market, is there are many different loan programs. Each client has their own unique set of needs and goals with their house hunt, and these plans should be taken into account when choosing the right loan program for you.
You can get into an FHA Loan program with as little as 3.5% down, with 100% of your down payment being a gift. There are other loan programs where you can get in with 5% down as well.
The bottom line, there are a variety of loan programs available for you. Most people believe that unless they have 20% down payment, their mortgage options will be limited and this is simply not the case! Please consult your loan officer in order to review your loan options!
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