Down Payment Basics

Here are some down payment basics:

 

Conventional:  

• Minimum is 5% (there are some 3% options), but the basic for everyone with no strings attached is 5% (this goes for condos, manufactured homes, modular and single family homes).
• On a 2-family home, the minium down payment is 15%
• Minimum on a single family investment is 15%
• Minimum on a 2-family investment property is 25%.

 

FHA

• Minimum Down is 3.5%. This is for 1-4 family, condos, manufactured and modulars
• Investment properties are not allowed.

 

VA

• This is NO Money Down. This is for 1-4 family, condos, manufactured and modulars
• Investment properties are not allowed.

 

USDA

• This is NO Money Down. This is for Single Family only (USDA will not lend on 2-family homes), condos, manufactured and modulars

 

In all cases, ALL of the money could be gifted from a family member (non-family members gets a bit tricky, but is doable and too much to type about, so call me and ask me further).

 

I am licensed in Ohio, Florida, Michigan, Illinois, Pennsylvania, Virginia, Georgia, Maine, Oklahoma, Colorado, Texas, Arizona, California and Washington.

 

I specialize in purchases with 5% down or less and work with people who have had prior bankruptcy, foreclosure, unpaid collections and recent job changes. Above everything, my service is second-to-none, I return phone calls like a maniac (call me on Christmas Day at high noon and watch). My phone number is 1-216-780-1103 and you can call or text to that number. Lastly, my company IS the lender, so no shopping around or waiting for answers. I am a loan officer and I also own the company and I am an underwriter (not a bad combination for people who want immediate answers which will not change later).

 

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