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In PA - down payment and best loan options?

I live in West Chester, PA. 
*  What is the minimum down payment needed for a conventional loan?
*  Does your down payment amount affect how much you pay in mortgage insurance?

Thanks for your advice.
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July 19 2013 - West Chester
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Answers (6)

Best Answer
With a 720 middle FICO score and a debt ratio below 41% - you should be able to get a conventional loan with as little as 3% down.

The amount of the down payment will certainly affect your mortgage insurance payment - upfront or monthly.  3%, then 5%, then 10%, then 15% all have different mortgage insurance required and the payment goes down at each tier.
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July 19 2013
With great credit you can look at as little as 3% down.  The mortgage insurance is based on both the amount of the down payment and your credit score.  My office is right up the street in Chester Springs. Contact me through my profile and we can set up a time to sit down and go through your options.
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July 19 2013
All are great answers and yes there are a lot of great deals going on right now as far as loan products in our area.

Depending on the loan product, the down payment varies and so does how it effects the PMI. The loan amount would also have some effect as well.

Best wishes!
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July 19 2013
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Thanks eric1
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July 19 2013
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Thank you Annette.
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July 19 2013
There are many lenders in our local area who are offering some great financing options, with very low down payments. The down payment can affect how much you pay in pmi depending on the type and structure of your loan.  The best advice would be to contact a few local agents in your market and ask them to refer you to a local lender who can help you with your particular situation. Many agents have great relationships with lenders who are ready and able to provide you with options that will best fit your needs. Good luck!
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July 19 2013
 
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