Personal Resource Center

How to Afford a Mortgage on Your Budget

How to afford a mortgage
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Did you know? You may qualify for a government-backed loan with little to no down payment required.

About FHA loans

The FHA helps people get a mortgage by requiring less money down than what's usually required with conventional loans. You can get a government-backed FHA loan with only 3.5% of the purchase price of a home as the down payment, compared with 10% or 20% typically required for a conventional loan. This can make the difference between buying a home now and waiting, possibly several years, to save enough cash.

About VA loans

Veterans, active military, and eligible spouses can buy a home with no down payment at all through this home loan sponsored by the government. With a VA loan, you'll need to meet the military service requirement plus maintain a debt-to-income ratio set by the lender.

Help is available

If you can't afford to buy a home now, you might want to meet with a housing counselor.Available at little to no cost through the U.S. Department of Housing and Urban Development (HUD), a housing counselor can help you draw up a plan that puts you on the path to owning a home.

If you think you're ready to be a homeowner now or if you need advice on how to begin the process, contact a Synovus mortgage specialist to talk about your options. We're here to help you achieve your homeownership dream.

Learn more about our mortgage options

Important Disclosure Information

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. Consumer Financial Protection Bureau, "What is a debt-to-income ratio? Why is the 43% debt-to-income ratio important?" https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-why-is-the-43-debt-to-income-ratio-important-en-1791/, accessed August 17, 2018. Back
  2. Consumer Financial Protection Bureau, "Find a housing counselor," https://www.consumerfinance.gov/find-a-housing-counselor/, accessed August 17, 2018. Back

Mortgage Basics ebook

This guide can help answer your questions and even tell you how to get prequalified for a mortgage.