Down payment as low as 3%
Don’t have 20% to put down on a home? It’s okay – even putting 3% down can get you into a home. The American Dream loan entry cost assistance can help you reach that 3% down payment.
If you’d like to learn more about the American Dream loan, contacting a mortgage loan officer is your next step. They’ll be able to show you how the American Dream loan compares to other mortgages and tell you about other assistance programs in your area.
Whether you choose the American Dream loan or another mortgage, buying your first home is at once exciting and stressful. Watch how one couple approached the process.
Maybe. In general, the larger your down payment, the lower your mortgage interest rate and monthly payment. For the lowest interest rate, a 20% down payment is needed. But on average, first-time homebuyers put down about 6%.2 Down payment assistance can help you get there.
Qualifications for down payment assistance vary, but are normally based on your income, the price of the home you want to buy and your history as a homeowner. Often down payment assistance programs are reserved for first-time homebuyers, but not always.