The amount you can borrow will depend on various factors, including your income, credit score, and the value of the property you are purchasing. A common starting point is to calculate 25% of your gross monthly income to help determine a manageable monthly mortgage payment.

To ensure your ability to pay for a mortgage, taxes, and other costs associated with purchasing a home, Tidemark will evaluate your credit score and history, debt-to-income ratio, which assesses your debt relative to your income, and review your checking and savings accounts to ascertain your financial stability.

A monthly mortgage payment comprises the principal and interest on the mortgage, along with insurance and property taxes if the payment is through escrow. Additionally, depending on the loan type and down payment amount, you may need to pay private mortgage insurance as part of your monthly mortgage payment.

The mortgage process typically takes between 30-45 days, but it can vary depending on the complexity of the loan.

Tidemark Federal Credit Union offers various low down payment options, including conventional loans not backed by a government agency.

Conventional fixed-rate loans are available with a down payment as low as 3%.

• It's important to note that low down payment loans require mortgage insurance, which can increase the overall cost and monthly payments. We'll explain the options available, so we can help you choose what works for you.
• Our team of experts can assist you in selecting the right loan option that suits your needs and budget, based on factors such as loan amount, type, property type, income, first-time homebuyer, and homebuyer education requirements to ensure eligibility.

FHA loans are available with as little as 3.5% down.

• While these loans provide the benefit of low down payments, it is crucial to consider all associated costs, including up-front and long-term mortgage insurance and all fees.
• Our home mortgage experts can provide a comparison of the overall costs of all financing options available.

VA loans offer low- and no-down-payment options for eligible veterans and other eligible borrowers.