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Originally Posted by gamebird98
We are looking at $250,000-$300,000 homes. Would prefer to put down 10% rather than 20%...just wondered how "concrete" the 20% was I kept seeing.
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Depends on many different factors! If you have good credit (above 760) you could probably get a conventional loan with 3, 5 or 10% down. For FHA it's 3.5%. Also depends on your income and debt ratio. Find a loan officer and see what you qualify for and ask them how much would be required down. Many programs out there that do not require 20% down!
Some lenders also offer "Lender paid mortgage insurance or LPMI" for under 20% down; however, this is for the life of the loan. You usually will pay a quarter percent higher as well.