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Is 10% the minimum down payment that is currently accepted to get a mortgage loan?

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loansbytracy
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Absolutely not - 3.5% is the downpayment for an FHA loan, which is the best route to go in our current market. Interest rates are as low as 5.25% on a 30 year fixed rate. Hope this helps!

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Preston Ware, "Preston Ware"
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Preston Ware, "Preston Ware"

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You can get away with 3.5% with FHA or even 0% with USDA.

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Michelle Rottach, "REMAX Agent in MO"
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Michelle Rottach, "REMAX Agent in MO"

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Is the property a foreclosure? Missouri has a neighborhood stablization program that gives 20% of the sale price up to $14,999. Both repeat and first time home buyers may qualify for this program.

MHDC also has a program for First time home buyers that allows them to borrow 6% of the sale price up to $6750. The buyers repay that loan when they receive their federal tax credit. This federal tax credit is 10% of the sale price up to $8000 for first time home buyers that meet the qualifications.

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tde123
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I got mine with 5% and best rate through credit union but the Debt to Income had to be below 31%

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wetdawgs
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If you and the property qualify, an FHA loan requires 3.5% down. Or, VA loans (for military and exmilitary) allow 0% down. USDA loans for qualifying rural properties also can allow 0% down.

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Is 10% the minimum down payment that is currently accepted to get a mortgage loan?

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Related Questions

Question My agent left all the amenities off the original contract abd blaming me for not asking her why?

Question If the listing states home protection plan and appliances included, what do I need to do?

Question If a first time home buyer obtains an FHA loan and puts 3.5% down on a house, does the PMI apply?

Question How do I find properties that I can wholesale to investors?

Question CONTRACT FOR DEED/OWNER FINANCING/RENT TO OWN

Related Articles about Home Buying

Guide Real Estate Buyer's Closing Costs

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