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What are other options besides FHA, if i have great credit but may not have the full 20% down?

  • May 23 2012 - Los Angeles
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Answers (5)

Depending on where you buy, there are many options.  USDA offers a 0% down mortgage with very low interest and HUD offers $100 down.  There are many options out there.  Consult with a good loan officer first.   
  • May 27 2012
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Here are some options:
1) If you have more than 660 on your FICO score, you can buy a Homepath property with 3% down.
2) If your credit is at least 720, a 5% conventional loan is a good option. The seller will accept cash offers first, conventional second, FHA and VA at the end ( provided that the offering price is the same on all of them) So you increase your chances of getting your offer accepted by going conventional.

To get the best deal you should calculate the interest and principal, mortgage insurance, taxes, home insurance.

Hope this helps.
  • May 27 2012
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There are 5% down conventional loans available for single family homes, and in some cases condos/townhomes. One of our client is currently is escrow with the same type of loan for a home in San Pedro, Los Angeles. If you need, I can provide you with the name and number of couple of loan officers that have the program available.  
Hope that helps,

Bela
  • May 23 2012
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Conventional financing is another option.  You can put down as little as 3% which is less than FHA's required 3.5%.  Feel free to contact me with any further questions.
  • May 23 2012
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Hire a mortgage broker.  They get paid out of the points on a loan which you will end up paying anyways.  Let them do the work for you and find out your options.  There are many loan options available but they depend on your area and credit score.  A USDA loan is an example.  I also know from a recent deal that there are conventional loans available that only require 5% down.  Consult a professional that can speak to your specific situation.
  • May 23 2012
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