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Kathie Norris

Kathie Norris

Mortgage Lender, NMLS 843169
Call (281) 685-8215

HomeWay Mortgage NMLS 1588259
115 E 2nd St – Hallettsville, TX 77964

Down Payment Requirements

Did you know that different loan types have different down payment requirements?

Although putting down the minimum may sound appealing, you will often find that you can get improved rates, lower cost mortgage insurance and qualify for a more expensive home by putting down more than the minimum.

The following are the minimum down payment requirements by loan type:

Conventional:

3% for first-time home buyers (anyone that has not owned a property in the past 3 years)
5% for everyone else
20% if you don’t want to escrow or pay mortgage insurance

FHA: 3.5%
VA: 0%
USDA: 0%
Portfolio: 20% down

Need additional information or have questions? Call Me! I’d be glad to help and guide you through each one of these financing options.

My goal is to provide timely, educational information related to the Real Estate and Mortgage industries, along with some fun stuff just to make you smile. I want and value your input! Please email any questions or comments you have. – Kathie

Texas Mortgage Banking Disclosure: Pursuant to the requirements of section 157.007 of the Mortgage Banker Registration and Residential Mortgage Loan Originator Act, Chapter 157, Texas Finance Code, you are hereby notified of the following: Consumers wishing to file a complaint against a Mortgage Banker or a licensed Mortgage Banker Residential Mortgage Loan Originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 N Lamar, Suite 201, Austin, TX 78705. Complaint forms and instructions may be downloaded and printed from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originator. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

Copyright © 2019 Kathie Norris, NMLS # 843169 All Rights Reserved.
HomeWay Mortgage, 115 E 2nd St – Hallettsville, TX 77964