T. are many different types of loans available to borrowers with less than a 20% down payment. These include SBA loans, conventional mortgages, FHA and VA loans, as well as asset-based loans.
The SBA (Small Business Administration) offers several loan programs designed for small businesses and entrepreneurs who need financing but don’t have the cash on hand to make a large down payment. The most popular of these programs is the 7(a) Loan Program, which is guaranteed by the SBA. Lenders can use this program when they want to make small business loans with a low down payment or no down payment at all.
Conventional mortgages require at least 10% down for the purchase of a home or investment property, but some lenders may offer products that allow you to put less than this amount down.
Below are a few loan types for you to consider. However, each loan type has it’s PROs and CONs. The best way to determine the right loan type for you is to talk to a commercial mortgage advisor.
Call DDA mortgage today to discuss your options,
(727) 784-5555. Or ask a question using the form below.