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I have heard you now need a 20% down payment to buy, is this true?

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June 21 - Westwood

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Yanni Raz, "yanniraz1"
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Yanni Raz, "yanniraz1"

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It depends what you're trying to purchase.
For investment properties you need 25% to 50% down to qualify for a loan.
For owner occupied properties you need to put 3% minimum as down payment with fha government loan.
If you're doing a stated loan, you will need to put more than 40% down, I'm actualt not sure if banks can still do stated loans because I don't do them anymore.
If you want to avoid mortgage insurance than you will need to put minimum 20% down, maybe that's what you're referring to.

Goodluck
[content removed by moderator for being self-promotional]

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June 23

Walty804
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bob, it may be hard for 1st time home buyers? yeah, it should be. thats why we are in the mess we are in now beacause we made it too easy to buy homes.

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June 22

Michael Russell, "real estate mike"
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You heard wrong, from my understanding the largest percentage of current loans are F.H.A. insured(3.5% down)..

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June 21

NTETS, "Caveat Emptor"
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its actually not a lot to ask, bob. its the way it was always done. the entire concept of credit should be that you pay a little more to get what you want a little sooner. PMI +ARM+30year loan = a big fat scam vs home buyers 0.02

youll end up paying 3 times what you actually borrow and most of it is up in smoke

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June 21

Bob Lowery, "Bob Lowery"
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Walty, that is a lot to ask for with first time home buyers....and that is why we have insurance.

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June 21

Walty804
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no but it should be 20% down to buy with any loan IMHO.

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June 21

Julie Messina, "CNN Mortgage"
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You will need 20% down if you want to avoid paying for mortgage insurance on a Conventional loan. Mortgage insurance protects the lender against loan default.. Mortgage Insurance can be cancelled once the loan reaches 80% loan to value thru normal amortization or property appreciation.

FHA loans can be made to qualifying borrowers wth a 3.5% down payment. The down payment can come from the borrower, a relative, or a HUD approved down payment assistance program.

You should talk to an experience loan officer about the right program for you.

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June 21

Lance Diggs, "Lance Diggs"
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Lance Diggs, "Lance Diggs"

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FHA has programs that help with a downpayment which can be 3.5% but you should start to try get some form of a preapproval letter for a loan.

This will help you save time when you start your search for a home and show the Seller that you are a serious Buyer.

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June 21

Jim Swanson, "jimswanson5"
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Jim Swanson, "jimswanson5"

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0 down in some areas using FDA program, or buying a Fannie Mae house, 3.5% down for FHA loans, some states like WA have a state bond program for 1st timers that makes it almost 0 down. I currently have a client using this, and they need $1000 out of pocket. MOst investment loans are 20% and up to get the best rates.

My advice: Consult a reputable lender and get thos questions answered properly for your area!

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June 21

Roberto Ribas, "azrob"
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FHA will loan with 3.5% down payment.

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June 21

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June 23

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