Many people believe that it takes a lot of money down to be able to afford a home. With the help of down payment assistance programs, this isn’t always the case.

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Today I’ve got some exciting news. If you’ve been renting because you believe you don’t have enough money for a down payment, you should know that you actually have some options.

It is a common misconception that to buy a home you need to come up with a large sum for the down payment. This is not always the case.

There are a number of programs out there allow you to purchase a home for very little money down.

To discuss this, I recently sat down with one of the top loan officers in Las Vegas: Monica Aldana from Cross Country Mortgage.

With a conventional loan, you can put just 3%, 4%, or 5% down so long as your credit score is above 640.

You also never have to repay the money you receive from this assistance program. However, there is a fee of approximately $700 for down payment assistance.


If you have credit score of at least 660 and are using the FHA loan, you can qualify to put down 4% through that program. Typically, though, buyers can qualify for just 3.5% down using an FHA loan. This means that money saved on the down payment could go toward closing costs.

Programs like these open up a lot of opportunities. However, there are some things you should be aware of.

It’s also important to remember that interest rates are higher for these programs than what is found on the standard market. However, these interest rates are not FICO-driven.

This means that if you have a low FICO score, you could get a lower interest rate by using a down payment assistance program.

If you’ve got any questions for Monica about this, you can reach her by calling (702) 339-8221.

Also, if you would like more information or have any other questions for me, feel free to give me a call or send me an email. I look forward to hearing from you soon.