Borrowers with 10% down have plenty of options with Conventional or FHA loans.

You can benefit from reduced PMI or MIP (mortgage insurance premiums) vs the 3.5% low down payment programs.

20% down is the goal. Properly documented gift funds are allowed so only 3 to 5% has to come from borrowers’ own funds. The rest can come from a relative in the form of a gift prior to closing.

Little know FHA Tip 10% down and 15 year term

Back to 10% down and FHA if you select a 15 year term with a ten percent down payment you will receive the least expensive FHA loan over time and can own you home in 15 years instead of making payments for a full 30 year term.

Select option below to learn more about the available loans with 10% down

FHA

Conventional

Non-QM ( non-qualified mortgage)

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What is a Non-Qualified Mortgage Loan?