Qualifying for a Low Down Payment Loan 
To be considered for a low down payment loan, you generally need to have: 

• Sufficient income to support the monthly mortgage payment 
• Enough cash to cover the down payment 
• Sufficient cash to cover normal closing costs and related expenses
• A good credit background that indicates your payment history or "willingness to pay" 
• Sufficient appraisal value, which shows the house is at least equal to the purchase price 
• In some instances, a cash reserve equivalent to two monthly mortgage payments 

   
Mendocino Mortgage offers you 3 calculators to help you answer important financing questions. There are a number of ways to approach an affordability analysis, and these calculators allow you to assess the effects of different variables when buying a home.


• Rent Vs. Buy Calculator allows you to compare the costs of renting a residence and buying a home.

• Mortgage Qualification Calculator shows you how much income you need to buy a home, based on your income and other factors.

• Mortgage Payment Calculator displays your mortgage payment for the term of your loan.

• Mortgage Amortization Schedule  will amortize your mortgage over the loan period based on your input.