conventional financing with 5 down: I thought I couldn't get a conventional loan.. I don't have 20% down
- 01/04/11 06:34 AM
I get asked, or told, quite often that a buyer has been informed by another lender, Realtor, mother, brother or just the air, that they have to go with an FHA loan because they don't have 20% to put down. FHA may be the best option for these people, but let's explore there situation real quick. *First.. What do you have to put down?? currently with as little as 5% down a buyer can get a conventional loan with one time upfront mortgage insurance (This will save you the monthly MI payment and allow you to buy more home.) *Second... What is your Credit score? 680 plus - GREAT- a 680 … (2 comments)
I get asked, or told, quite often that a buyer has been informed by another lender, Realtor, mother, brother or just the air, that they have to go with an FHA loan because they don't have 20% to put down.
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