As many know you are required to have a minimum down payment of at least 5 %. This down payment can come from many sources such as a gift, savings, line of credit, credit card or a cash back from a lender. Each option has certain criteria in order to move forward whether that is credit or GDS and TDS ratios. For those without there own savings or the option to borrow the money, the cash back program is a great option, especially for those currently renting. If you have a goal of becoming a home owner, this might be a great option for you.
Down Payment Options