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6 Types of Properties That Can Be Purchased with a Low Down Payment

What Type of Properties Can You Buy with a Low Down Payment Mortgage? Low Down Payment low down paymentA low down payment option is the best alternative when you want to get a property.  Casey with Las Vegas Custom Loans can guide you in this.  No matter the type of property you need. It presents the opportunity to get your own home with a little fund; it also allows you to purchase different properties. There are different types of homes that can you can purchase with a low down payment mortgage program
  1. 1. Single-Family Homes with low down payment

The most popular choice for the low-down-payment program is a single-family home. A single family home is simply a property with space for one family.  The home does not include a separate unit or independent living quarter. It is just like a typical everyday home. With this type of property type, you can own any single-family home you want with little reserves. A single-family home is the best choice for anyone.  Especially if you are a young professional who wants to have a lower monthly cost, financial stability & home ownership.
  1. Large Luxury Properties with low down payment

A low down payment program can also help you purchase a large luxury property. With such a program, you can own a large property of about $2 million with a down payment of 5%. Other programs might require you to do a down payment of 10 or 20% to purchase a property at that price. Also, if you can increase your down payment, with our program, you can increase your buying power.
  1. First Homes with low down payment

Another option is the first home option. With this option, you can buy your first home and still get the best financing you deserve. Many programs have limitations that make it difficult for first-time buyers to have secure finance.  This program does not give restrictions to first-time buyers as long as your proposed housing cost is not expensive compared to your current housing cost. To qualify for this program as a first timer, the proposed housing cost should not be more than 250% of your current housing cost.
  1. Multiunit Properties

You can also use a low down payment mortgage programs to purchase 1-4 multiunit properties. The best way to increase your financial status is to own a rental property.  This can be done when you invest in multi-unit properties. With multiunit properties, you will experience many benefits which include rental income.  For residential financing, you will have to live in one of the units.  Otherwise, you will be looking for commercial financing.
  1. Second Home
Possibly you have reached a stage in life where you have a steady income, successful career, and a wish to travel. If you are at this stage, getting a second home is not a bad idea. It could be an excellent way to reward yourself for your hard work. And secure a retirement haven.  Invest in real estate by having a second home in a city visit often. It also becomes an escape as well as increasing your financial stability at the same time. You can secure financing for the purchase of a luxury vacation property, and that is where I come in. Low down payment option allows you to purchase a second home with just 10% down payment.
  1. Warrantable and Non-Warrantable Condo and Planned Unit Developments
Another type of home that you may purchase with a low-down payment mortgage program is a warrantable and non-warrantable condo. With such a program, you can get an affordable and convenient property that is easy to own and maintain. Unlike a single family home, you do not have to burden yourself with the outdoor upkeep with a condo. Many condos come with benefits such as recreation and workout centers. Townhomes are similar to condos are also eligible for financing with a low down payment program. Townhomes also function similarly like single-family homes. They are more spacious than condos but offer almost the same conveniences.  Townhomes will have common areas such as a community pool and clubhouse.  Some even have workout areas & come with gated entrances as well as security patrols.  Higher end townhome communities boast tennis courts and golf courses. The Home Owners Association will care for these common elements and areas. For your next property purchase, you can use a low down payment mortgage program.

Call Casey Moseman if you need more details about the low down payment loans.

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