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When you’re preparing to buy a condo or home in Orange County, or throughout other communities including San Diego, Riverside, Los Angeles, and San Bernardino in Southern California, one of the first questions you undoubtedly have is: “How much money do I need for a down payment?”
Down payments for a home range from very low to a percentage of the sales price of the home, depending upon what type of mortgage loan you’re seeking to obtain. For first time homebuyers, who are looking for a loan with a low down payment option, FHA loans may be an attractive option, with down payments as low as .5% for qualifying homebuyers.
VA loans for active or inactive military service members also offer loan products with low down payment options. VA loans are available to current and former military service men and women who meet the following requirements:
- Fulfillment of 90 consecutive days during wartime or 181consecutive days during peacetime as Active Duty.
- Fulfillment of 90 consecutive days during wartime or 181 consecutive days during peacetime, as an honorably discharged veteran.
- Six years of service in the Army Reserve, Army National Guard, Air National Guard, Coast Guard Reserve, Navy Reserve, Marine Corps Reserve or Air Force Reserve
- Spouses of active duty or reservists may also be eligible for a VA loan to buy a home or refinance a mortgage in Southern California.
It’s also good to note that Southern California offers plenty of down payment assistance programs, which the team at Summit Lending can help you to take advantage of when you’re ready to purchase a home or a condo in Los Angeles County, Orange County, Riverside County, San Bernardino County, San Diego County and Ventura County.
Summit Lending is a top Yelp! reviewed mortgage broker and lender, serving all of Southern California’s diverse neighborhoods and cities. Summit Lending’s team has the experience necessary to help you with all your home financing needs, whether you’re a first-time buyer or you’ve bought and sold multiple homes.
Based in Huntington Beach, CA, with offices throughout Southern California, the top rated mortgage consultants at Summit Lending can be reached online, on Facebook or via phone at 888-451- 9006. From conventional fixed rate loans to Jumbo loans, VA loans and cash out refinances, FHA loans and reverse mortgages, we are here to help you accomplish your short and long term real estate financing goals, through providing you with the best options in mortgage loans available to meet your needs.