When purchasing a home, a Champion loan is usually the right choice. This is especially true if any of the following are true:
- You are putting less than 20% down
- You are buying a 1-4 unit property
- You have less than stellar credit
- You need a cosigner
- You want a low, stable rate
- You want especially “no bank closing costs”
When you are looking for a home loan to purchase a home, the Champion fixed rate loans are the most popular programs for Champion financing. Unlike an adjustable rate mortgage, your payment will stay the same for the duration of the loan. And remember, since Champion loans require only a 3.5% minimum down payment, and allow the seller to pay up to 6% of the purchase price towards the closing costs, you can often buy a home with very little of your own money. Please also note that adjustable and interest only loans are further available to bring down ones mortgage payment to the lowest amount possible. Those loans would require a minimum of 5% down payment.