One of the most popular questions I’m asked comes from people who have good paying jobs, and are ready to buy a home in the area. However, they don’t have cash on hand to afford a 20% down payment. Burbank City Mortgage Services may be able to help by offering FHA (Federal Housing Administration) loans with down payments as low as 3.5%, Conventional loans for as little as 5% down, or a VA loan with 100% financing.
We also have Adjustable Rate Mortgages (ARM) such as our 5/5 ARM program which offers a down payment as low as 3%. In fact the rate only adjusts every five years for a maximum amount of 2% per adjustment period, and a maximum of 5% over the life of the loan.
You can also help stretch your down payment with financial gifts from parents or relatives, seller paid contributions towards your closing costs, and community development programs which may be available in your area. Be sure to discuss these items with your real estate agent to ensure you’re not leaving money on the table.
Keep in mind that each person’s situation is different, and one loan program does not fit all. Give me a call or come by, and I’ll help you determine the best loan to fit your needs.
Call Lending Manager Marjorie Beck today at (818) 524-1679 or email MarjorieB@BurbankCityMortgage.com. Burbank City Mortgage Services is located at 1800 W. Magnolia Blvd. in Burbank.