Qualified buyers can purchase a home with as little as 5% down by paying for "Private Mortgage Insurance" (PMI) A home can even be purchased with 3% down with some of the newer Fannie Mae & Freddie Mac loan programs. PMI is the private counterpart to FHA and VA insurance, for borrowers or properties who don't qualify for the government programs. PMI loans involve an added premium on each month's payment.
In the Joplin area, including southeast Kansas, Northwest Arkansas and Northeast Oklahoma, through my affiliation with the Real Estate Brokers Lending Service, I can take your application for a low down payment loan of this sort myself. Contact me by email or phone to set an appointment to make your loan application. I can take your app and have an answer for you, usually in as little as 30 minutes to an hour.
This service isn't yet offering programs for poor credit, but check back -- as soon as they do it will be posted here! If you have credit problems, contact me and I will help you find a lender appropriate to your needs. Outside this area (over about 50 miles from Joplin) please Contact me by email and I will refer you to a real estate agent ® in your own area who can help.
Other programs offered by lenders
A real estate agent ® is in the best position to help you find a loan program appropriate for you. Various lenders offer programs for people with poor credit, people with little money to put down and people with low incomes. Check with a real estate agent ®. The world of "nonconforming loans" is rapidly expanding, so almost anyone can buy a home.
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