Low Down Payment Loan : How to get Considered from Lenders

Some people may give low down payment, usually for the first time home-buyer, so how to be considered for a low down payment loan, for first time home-buyer you generally need to have:

• Enough verified cash on hand to cover the down payment
• Sufficient income to support the monthly mortgage payment
• Sufficient cash to cover normal closing costs and related expenses (explained below)
• A good credit background that indicates your payment history or willingness to pay
• In some instances a cash reserve equivalent to two monthly mortgage payments
• Sufficient appraisal value which shows the house is at least equal to the purchase price
  

There is a few of closing costs or settlement costs are paid when the home buyer and the seller meet to exchange the necessary papers for the house to be legally transferred. You must talk carefully with the appraisal, maybe on the average closing costs run approximately 2% to 3% of the house price. This percentage may vary depending on where you live, If you a first-time home-buyer, no worried, it is just the process you have to do it