Reduced down payments have unlocked millions of doors.
To get a traditional mortgage, you might have to save 20% of a home's purchase price. For many people, that's a really tall mountain to climb. For decades, the Federal Housing Administration has leveled the playing field by insuring mortgages with reduced upfront costs. Our credit union lending team can explain all the benefits of this popular program geared toward first-time homebuyers.
- FHA loans are designed for lower- and moderate-income homebuyers in Lubbock, TX, and surrounding counties
- Down payments as low as 3.5%
- Choose mortgages of 15, 20 or 30 years
- Less-than-perfect credit rating acceptable
- Some upfront costs can come from family members or down payment assistance grants
- Refinancing options available
- Work directly with ALLIANCE CU lenders; no interaction with government agencies is necessary
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