Is the 5% down Home Mortgage dead? (loan, interest rate, credit score, mortgage companies)

[intelligent_discussion]

I was watching CNN and they had a man on who said that to get a mortgage for a home you need at least 20% down regardless of your credit rating FICO score. The Reporter did not challenge him on this statement. I can not believe that this is true. Is the 5% and 10% down mortgage gone. How many first time homeowners can afford a 20% down payment?

[TwiloMike]

They're not dead at all. For optimal interest rates on conventional mortgages yes, you should have 20+% in the deal. Talking heads on CNN... really. I'm glad you know enough to come here and ask.

[Movin2CT]

We just closed last week, with a 5% down mortgage.

[renriq02]

FHA is 2.25% down.....VA no money down

[RogueMom]

If they are going to wait for every perspective homeowner to save up 20% down - well, good luck. They are going to have a long wait. Too hard these days with the cost of everything else. I have great credit and bought my first house with just 3% down. Hopefully, those of us who have been financially responsible, stayed within our means, and been conscientious about paying our bills are not going to be penalized because of the irresponsibility and "keepiing up with the Joneses" mentality of others.

[Badfish740]

It's alive and well in New Jersey. We're financing through Arlington Capital and we were able to lock in at 6.125% with 5% down and a credit score of 690. 20% down on the house we just bought would be nearly $52,000!

[mortgageboss]

I would say the taliking head and his guest didnt know what they were talking about. I can place clients into 100% programs all day long. You just have to qualify now. If you're looking in a rural area(under 50k population), the Rural Development program is probably the best 100% going.

[juiceman]

We just locked in at 5.625% and put 10% down on a 260K Condo. Not sure where this is coming from. We also did the loan through BofA.

[chrisandjeff]

Hello, I have been reading the message boards and from them, I have gotten the names of a couple of mortgage companies who do zero to 5% down payment.

Other names would be great. We have an offer going out and need to secure financing quickly!

Any info you can provide who be appreciated geatly!

Thanks,

Chris

[f_m]

There are definitely less than 20% down loans. However, if you can't afford 20% (even if you choose to pay less than that), then you might want to keep saving (unless the cost of buying is equal or less than the cost of renting).