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Down payment
The down payment is one part of what you’ll need. Budget for closing costs too.
The down payment is one part of what you’ll need. Budget for closing costs too.
LOAN OPTIONS / FHA
Could an FHA loan work for you?
An FHA-insured loan can help eligible buyers purchase a home with a smaller down payment. We’ll explain the mortgage insurance and compare it with conventional financing.
What to compare with an FHA loan
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Down payment
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Mortgage insurance
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Property
FHA or conventional? Compare the full cost.
A smaller down payment is only part of the decision. Ask us to compare both options using the same home price and loan term.
FHA
This page
Government-insured financing with an upfront mortgage insurance premium and ongoing premiums.
Ask how mortgage insurance affects your cash needed at closing and your full monthly payment.
Conventional
Financing that is not insured or guaranteed by a government agency.
Private mortgage insurance is usually required with less than 20% down. Ask about its cost and the conditions for removing it.
Eligibility, mortgage insurance and loan terms depend on your application and the program. Ask for a written Loan Estimate before deciding.
FHA home loans
Down payment and eligibility
You don’t have to be a first-time buyer to consider an FHA loan. It can help eligible buyers purchase a primary residence with a smaller down payment. We’ll check your income, credit and plans for the home.
Upfront and monthly mortgage insurance
FHA mortgage insurance includes an upfront premium and an annual premium. Some costs can be financed, which increases the loan balance. We’ll show you the payment and cash needed at closing alongside another relevant option.
Down-payment funds and property condition
Tell us where the down payment will come from and whether the home needs repairs. The appraisal reviews property requirements, and needed repairs can affect the purchase and closing.
See it with your numbers
Try a price and down payment. Add the rate from your quote to see principal and interest.
- Down payment
- 10.0%
- Loan amount
- $270,000
- Principal and interest, 30 years
- Add your rate
Before taxes, insurance and mortgage insurance. Not a quote or a commitment to lend.
Open the full calculator
Before you call
Tick off what you have. You can start without all of it.
“Helped me get my first house! … Couldn’t recommend them more!”
William Loveland
Common questions
Still wondering about something? Call (517) 580‑5050 and we’ll walk through it with you.
Let’s compare FHA and conventional loans.
We’ll look at the payment, mortgage insurance and money needed at closing so you can decide what works for your budget.
Talk to us
What to expect when you call
Your questions answered by a local loan officer
Options compared using your own numbers
A clear next step, with no obligation to apply
(517) 580-5050
114 W Main St, DeWitt
Loan approval is subject to credit, property and underwriting requirements. Some loan products may not be available in all states. Terms, rates and fees are subject to change. This website is not a commitment to lend.
Important mortgage disclosures
Payment estimates
Calculators are educational tools. Results use your inputs and assumptions and are not a rate quote, Loan Estimate, preapproval or guarantee. Actual payments and costs may differ. Include taxes, insurance, mortgage insurance and association dues where applicable.
Refinancing and home equity
Refinancing can involve closing costs and may increase total interest or extend repayment. A lower monthly payment does not necessarily mean a lower total cost. Compare the proposed terms with your existing loan. Borrowing against your home puts your home at risk if you cannot repay.
Application and account access
Apply now and Sign in lead to ShayMak’s existing external application portal. Review that portal’s privacy policy and terms before submitting personal or financial information. An application does not guarantee approval or a specific rate.
Company and licensing
ShayMak Mortgage, LLC. NMLS #1989312. Equal Housing Opportunity. Review current company and individual licensing information through NMLS Consumer Access. Program eligibility and availability depend on your situation and location.