Can't Afford Mortgage Down Payment?
Nov 10, 2017, 14:39 PM
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Many millennials and others have good jobs now and can afford to make monthly mortgage payments. They'd love to buy a house to take advantage of low interest rates before rates climb even higher. But many potential first-time buyers and others find it a huge hurdle to save thousands of dollars for a down payment.
The program requires the borrower to contribute 1% of the loan amount from their own money. Then, United Wholesale Mortgage provides a gift of 2% of the loan amount -- up to a maximum of $5,000 -- so the borrower ends up with 3% equity in the home at closing.