mortgage tip of the day

2. Explore your down payment and mortgage options

There are lots of mortgage options out there, each with its own combination of pros and cons. If you’re struggling to come up with a down payment, check out these loans:

• Conventional mortgages
• They conform to standards set by the government-sponsored entities Fannie Mae and Freddie Mac, and require as little as 3% down.
• FHA loans
• Loans insured by the Federal Housing Administration permit down payments as low as 3.5%.
• VA loans
• Loans guaranteed by the Department of Veterans Affairs sometimes require no down payment at all.