- Find a Real Estate Professional
- Alabama Realtors®
- Alabama Mortgage Lenders
- Alabama Home Improvement Pros
- Alabama Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- More
Answers (6)
- Kelly Lacey, "kellylacey"
- Contributions:797
Actually, not enough information has been provided to determine a yes or no answer. At this point we do not know if you are looking to purchase a primary residence, 2nd home, vacation property etc. Different guidelines for different situations. If you can provide the following info you can get a correct answer:
1.) What type of property (single-family, condo, manufactured) 2.) Will this be your primary residence? 3.) What is your estimated middle credit score? 4.) What range of purchase price are you considering?
- Short Sale & Foreclosure Experts, "Notice of Default"
- Contributions:68
You only need 10% down for conventional and in some case I have seen lenders go as low as 5% with higher PMI. FHA loans are 3.5% and VA is 0 down but for active military members only.
MY MISSION: "Help Over 360 Distressed Home Owners Avoid Foreclosure!" - [link removed by moderator]
Patrick A. Hale, CDPE, RSD
Certified Distressed Property Expert I REO Listing Specialist
BROKER/REALTOR
"The Best Way To Predict Your Future Is To Create It!"
CALIFORNIA REAL ESTATE & MORTGAGE, LLC. I [link removed by moderator]
A Division of Real Estate Professionals of America I [link removed by moderator]
[contact info removed by moderator]
MY MISSION: "Help Over 360 Distressed Home Owners Avoid Foreclosure!" - [link removed by moderator]
Patrick A. Hale, CDPE, RSD
Certified Distressed Property Expert I REO Listing Specialist
BROKER/REALTOR
"The Best Way To Predict Your Future Is To Create It!"
CALIFORNIA REAL ESTATE & MORTGAGE, LLC. I [link removed by moderator]
A Division of Real Estate Professionals of America I [link removed by moderator]
[contact info removed by moderator]
- Silver Mortgage Co.
- Contributions:35
If you can afford to put down 20% you'll avoid the PMI costs and of course you'll have a lower monthly payment on your loan. In addition you can waive escrows if you want so that you can pay insurance and taxes yourself.
But if you prefer a down payment less than 20%, there are still plenty of programs available at 5% down or 3.5% down (FHA) or even 0 down with VA or USDA.
But if you prefer a down payment less than 20%, there are still plenty of programs available at 5% down or 3.5% down (FHA) or even 0 down with VA or USDA.
- Nathan Wolf, "natewolf"
- Contributions:1825
NO. With good credit you can get up to 100-percent financing.
A client closed last week on a $630,000 loan with 100-percent financing. They paid MIP up front, no serious fees or other requirements and one of the smallest loan packages I've ever seen. About 30 pages total.
A client closed last week on a $630,000 loan with 100-percent financing. They paid MIP up front, no serious fees or other requirements and one of the smallest loan packages I've ever seen. About 30 pages total.
- wetdawgs
- Contributions:26854
There are conventional loans for less than 20% down, but, you will have to pay PMI (which can seem hefty)
- Naima Sumner, "Dallas Ft. Worth PRO"
- Contributions:2848
No you don't. If your score is at least 620 you can do an FHA and the minimum is only 3.5% with 680 you can do conventional with 5%. You need to speak to a lender directly who can evaluate your personal situation and advise you on the best fit fo you.
Naima
Naima
with good credit do you still need 20 percent down?
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.