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20% down or no house in golden valley, az?

Profile picture for spelldine
we have been trying to buy a home in golden valley az.  on our last visit, two different realtors told us we could not buy if we did not have 20% down.  our credit is excellent but we wanted to go fha or other low down payment option.  we have a cross country move and need to save back for those expenses.  we are looking at both manufactured homes and site built.  we cannot find a mortgage person in the golden valley area who will answer this question.  any help is appreciated!  thanks.
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April 18 2011 - Golden Valley
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Profile picture for jnowak1027
I would agree on the manufactured housing issue in that the lender that do offer them are very limited on the LTV.  you may be able to use a USDA loan if it is rural enough, an FHA loan if the property meets the requirements or conventional since 90% in that area is still workable.  Just depends on how much you can actually put down.
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April 20 2011
Profile picture for Jerry Cecil PLLC
Manufactured homes are very difficult to get a loan for these days .  If a finance company will loan on a MH they will usually ask for more money down and possibly a higher rate.  A Single Family Residence (SFR) is usually the way to go.  Mortgage companies normally ask for 10% down on SFR's. 
FYI, Realtors are not finance experts.  You should seek the advice of a mortgage broker for specific questions on loans.  A mortgage broker will normally offer a free consultation and pre-qualification.  Good luck to you.
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April 19 2011
Profile picture for josh120411
Manufactured homes are very difficult to finance and often depreciate.... I would narrow the search to stick built homes only.

Now, many counties in AZ are still considered "Declining Markets" and you cannot get PMI in some of these.  Try a FHA loan.
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April 18 2011
 

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Question20% down or no house in golden valley, az?
  • Latest answer by Jason Nowak
  • April 20 2011
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