The answer is not simple – there are a few different factors that go into this! When you meet with a NEFCU Mortgage Loan Officer, they will go over different programs and their respective requirements for down payments.
While your credit score greatly impacts your down payment, there are other things that influence it, like income, property location, and even whether you’re a first-time homebuyer or not. Income may have limitations based on what program you select for your mortgage. Some programs, like the Rural Development (RD) loans, may only be available based on the location of the property, which in turn affects the amount required for a down payment.
NEFCU offers many programs to meet a wide range of borrower’s needs. Down payments vary and can range from 0% to 5% of the loan amount, all dependent on the program you select.
We also offer a Down Payment Assistance program where we provide your down payment with zero percent interest (in the form of a second mortgage loan on your property), plus we pay you Private Mortgage Insurance! Give us a call and let’s talk about getting you into a home with NEFCU. Our mortgage experts will assess your needs and help you pick a program that best fits your financial plan. Visit us online or call 866.80.LOANS.