Don't we have to put 20% down?
This post is inspired both by Gene Mundt's post NO MORE RUMORS! Just the facts about downpayment requirements and this very question asked by buyers I work with often. Here is what I know about various downpayment options:
1. Conventional Financing - 5-10% downpayment; even 0% downpayment if you are a doctor, lawyer, CEO or CFO. This is a portfolio loan from a local lender.
Conventional financing for condos or investment properties is 20-30% if the property qualifies for conventional financing.
2. USDA Financing - 0% downpayment; that's right, 100% financing is available in eligible locations throughout the country. Income restrictions apply.
3. FHA - 3.5% downpayment.
4. Fannie Mae HomePath Financing - 3% downpayment.
4. VA - 0% downpayment for military families. A VA Funding Fee is incorporated into the loan.
As you can see, there are many downpayment options and we wanted to share them with you. If you are working with us, we will be sure you speak with experienced loan officers who can explain all the options you have, what credit scores, financial reserves, and debt-to-income ratios are necessary. This is a general list and there may be other downpayment options as well. That is why you really have to speak with a loan officer to find out all the facts.
Please call or text me if I can help you find a house and put you in touch with one of the experienced loan officers we know.
For more info contact:
Phillip Jones, Broker
Your Choice Real Estate, Inc.
151-18 College Drive
Orange Park, FL 32065
Phone: (904) 298-2679 Ext 501
Toll Free: (888) 490-0671 Ext 501
Fax: (866) 923-9990
E-Mail: email me for more info