Just because you can put more money down on your home purchase doesn’t mean you should. Down payments protect the bank, not the home buyer. While it is true that a larger down payment does reduce the amount borrowed, and reduce the monthly payments, often times a lower down payment can yield financial benefits to the borrower.
Introducing Security’s No Down Payment
- Keep your money in the bank, finance the entire amount of your home, including closing costs.
- Option for a soft-second – meaning you don’t make a payment on the second mortgage and after 36 months of on-time payments on the primary mortgage, the second is forgiven.
- Available to prior homeowners.
- Also available for non-occupant co-borrowers.
Security Home Mortgage provides assistance for certain homebuyers in meeting their down payment requirements. When combined with a 30- year fixed FHA mortgage, qualified borrowers can receive a forgivable Second Mortgage to purchase a home with little or no cash investment. Ask one of our loan officers if the No Down Payment program is a good fit for your situation today.