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Is it possible to put more than 3.5 on fha loan??

Looking to purchase a home for around 70k , n have 25% saved my credit score is 651, however I been told I am missing 9 points to qualify for conventional and to just go with fha n put only 3.5 down n save the rest of my money since only 3.5 is required , wouldn't it be better to put down 25% regardless??
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April 17 - Ridgecrest
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It sounds like your current lender is advising you to go with a worse loan product so that they do not lose your loan due to their own company overlays. You should shop to another lender.  Most lenders can go down to a 620 mid score. I can go down to a 600 mid score on a Conventional Loan. To answer your question, you can put more than 3.5% down, you can put the 25% down on an FHA Loan. However, you will still be paying monthly mortgage insurance and up front mortgage insurance that you actually qualify to not pay with a Conventional Loan. Feel free to reach out with other questions.
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April 17
You should definitely qualify for a Conventional Loan with a 651 Fico score! Our Conventional products require only a 620. You should not be forced to go with FHA and pay the mortgage insurance costs when you have the funds to put down. There are a lot of Mortgage Professionals that won't want to help you because your transaction is small, which is not ethical in my opinion. You need to contact a Mortgage Professional that wants to help you accomplish your goal in the most financially beneficial way that meets your needs. If you have any additional questions or need further help, my contact information is on my Profile. All the best to you!
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April 17
There are other lenders out there can work with your score for conventional. Lenders like myself can go as low as 620 for conventional loans and 580 for FHA loans. It's just that different lenders can have different requirements, so try to find one that can accept your credit score for a conventional loan so you can get out of the mortgage insurance that can come with an FHA loan. So the best thing for you to do is to speak with another knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
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April 17
YOu should look for another lending option, there are conventional programs out there for you ......i have seen them get done with as little as 620....and 580 on a rare occassion......that fha option is very expensive given your down payment capabilities...

good luck to you 
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April 17

Hello there,

It is absolutely possible to put more than 3.5% down on an FHA loan.

It's definitely unfortunate that your lender tells you that you can't qualify for a conventional loan based on a 651 credit score (I assume your lender is a big bank), so I would suggest that you obtain a pre-approval with a smaller lender. I currently work with a specialized mortgage company, and we qualify borrowers for conventional loans at 620.  

If you have any questions, feel free to reach out!

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April 17
Agree change lenders that will work with your credit score and look at all the different options that you have with 20% down. 
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April 17
You need to change Lenders. Put down 20% on a Conforming 15 Year Fixed ( 620 score ), the payment will be slightly cheaper than a 30 year FHA with 3.5% down.  
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April 17
 
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Is it possible to put more than 3.5 on fha loan??
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April 17 | 7 answers
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