mortgage financing and programs

Financing with Low Down Payments

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20 years ago it was expected that buyers would need to put a downpayment of 20% on the purchase of their home. During the 90′s that began to change as many lenders began offering financing with much less downpayment required. During the housing boom of the last decade low and no downpayment financing was readily available. Then suddenly the housing boom went bust. As the country fell into a recession many people began defaulting on their mortgages. Foreclosures began to rise and lenders began to tighten lending requirements to mitigate risk. Getting home financing with a low down payment became much more difficult. That doesn’t mean it is impossible. Chosad services a number of low downpayment programs. Through the FHA Loan program we offer financing that requires as little as 3.5% down. We also offer low downpayment programs available to certain groups of people like uniformed service members, firemen, and police. Chosad also participates in downpayment assistance programs that help cover downpayment and closing costs for first time home buyers in many of the states we are licensed in. The bottom line is that if you are borrower interested in low downpayment financing Chosad has many options available to you. Contact us today for more details. Fill out an Chosad loan request form, or give us a call at 604-916-2321.

Posted in: downpayment assistance, first time home buyers

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