Down Payment
Some home loans require a down payment, while others do not. Loans with down payments of less than 20% usually require private mortgage insurance (PMI).
Qualifying for a Low Down Payment
To be considered for a low down payment mortgage, you generally need to have the following:
- Sufficient income to support the monthly mortgage payment
- Enough cash to cover the down payment
- Sufficient cash to cover normal closing costs and related expenses
- A credit background that indicates your "willingness to pay"
- Appraisal value showing that the house's value is at least equal to the purchase price
- In some cases, a cash reserve equivalent up to two monthly mortgage payments or more
File: dsp_RightColumn.cfm
Expression
Element FHNC_LOCATION is undefined in COOKIE.
The contents of the tag stack are:
1: ?? (377,0) /opt/GenWebSites/www.firsthorizon.com/global/dsp_RightColumn.cfm
2: CFINCLUDE (126,0) /opt/GenWebSites/www.firsthorizon.com/lay/lay_2006.cfm
3: CFINCLUDE (286,0) /opt/GenWebSites/www.firsthorizon.com/fbx_fusebox30_CF50_nix.cfm
4: CF_FBX_FUSEBOX30_CF50_NIX (258,0) /opt/GenWebSites/www.firsthorizon.com/fbx_fusebox30_CF50_nix.cfm
5: CF_FBX_FUSEBOX30_CF50_NIX (1,0) /opt/GenWebSites/www.firsthorizon.com/fbx_fusebox30_CF50_nix.cfm
6: CF_FBX_FUSEBOX30_CF50_NIX (1,0) /opt/GenWebSites/www.firsthorizon.com/fbx_fusebox30_CF50_nix.cfm
7: CFINCLUDE (51,0) /opt/GenWebSites/www.firsthorizon.com/index.cfm
Timestamp: 08/28/2008 at 00:31:33
Server: fhel.com