- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Replies (14)
- Tim Davison, "Tim.Davison"
- Contributions:31
FHA loans = 3.5% downUSDA loans = 0% down (rural properties)VA loans = 0% down (for veterans)Conventional loans = 10% down for the most part
- Naoma Doriguzzi, "Naoma Doriguzzi"
- Contributions:41
If you are a first time homebuyer in Virginia we have the FHA VHDA Plus program with 101.5% financing 96.5% 1st mortgage and a 5% 2nd mortgage.
There are income and loan qualifications. Are you in the military because that is also your other option with so many military here we do alot of VA loans as well with 0 down.
There are income and loan qualifications. Are you in the military because that is also your other option with so many military here we do alot of VA loans as well with 0 down.
- Thomas Dougherty, "Branchmanager123"
- Contributions:11
3.5% is the minimum down payment on a FHA loan , be aware that with FHA cahrges 1.75% of the loan amount as up front Private mortgage insurance. in your closing costs .
- Thomas Dougherty, "Branchmanager123"
- Contributions:11
depending on your credit and income you can get up to 90-95% financing and you can elimate the upfront PMI
- llk1979
- Contributions:3
I am looking for a seller that will pay closing costs. Is it possible to wrap the 1.75% up front PMI charge into those closing costs?...or the loan?
- Clay Branch, "Georgia Loans"
- Contributions:7836
If you buy a HUD owned home, it is $100 down.
- GHMCVA
- Contributions:9
Are you still in need of a lender to assist you?
- Metro Indy Expert.
- Contributions:197
Your best bet is to speak with several lenders and even a broker. There are a lot of options and some smaller banks even offer their own portfolio products that are very attractive. Do some research, not all banks are created equal.
- Justin Coleman, "UtahLoanProfessional"
- Contributions:72
Use the contact me button and I will send you a total cost analysis of all the programs that are avaialable to you and compare them side by side so that you may make an informed decision on the pro's and con's of each lon program.
- Clay Branch, "Georgia Loans"
- Contributions:7836
Justin, the thread is 15 months old, it was dredged up a week ago and made current again. They may want to refi now though :)
- Justin Coleman, "UtahLoanProfessional"
- Contributions:72
Now that is funny Clay, guess I should have looked at the original date!!!
- Carlos E Lozano, "carloslozano"
- Contributions:17
For FHA yes, 3.5% down payment, but I you don't want to pay mortgage insurance you have to bring at least 20% down to avoid it. But my recomendation, talk to many lenders or mortgage brokers (your bank for instance) , they will have the right answer. Good luck.
- Clay Branch, "Georgia Loans"
- Contributions:7836
Justin, it happens often and easy to miss, like the last post...
Is 3.5% the minimum down payment?
Background: I have good, steady income, an excellent credit score and am looking to purchase in the Virginia Beach, VA area for around $230,000. I am able to save more, however, I just decided to buy and I want to close before Dec. 1 as to get the first time homebuyer tax credit. This limits the amount of time I have to save. I should be able to pull of saving enough in time (barely!), but just wanted to find out what options are out there.
Also, generally what is the minimium % down for a conventional loan? PMI terms on conventional loans seem a little better than FHA...
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.