Zillow Advice: Home Buying - Is 10% the minimum down payment that is currently accepted to get a mortgage loan?

Absolutely not - 3.5% is ...

Thu, 02 Jul 2009 17:51:00 GMT

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!

You can get away with 3.5% ...

Thu, 02 Jul 2009 14:33:00 GMT

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

Is the property a foreclosure? ...

Thu, 02 Jul 2009 14:26:00 GMT

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.

I got mine with 5% and best ...

Thu, 02 Jul 2009 04:32:00 GMT

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

If you and the property qualify, ...

Thu, 02 Jul 2009 03:44:00 GMT

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.