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Old 08-26-2008, 06:11 AM
 
Location: OH->FL->NJ
6,932 posts, read 6,926,276 times
Reputation: 2691

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Used to be breathing= loan. Now the press pushes how dire things are. it might be dire, but the press sometimes overstates things.

If you have 750+ credit.
DONT live in CA, FL, AZ or NV.
Can prove you have a real job and its not commission based.
Assume front end/ back end debt looks something along the lines of 30/36.

How much do you need down these days?
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Old 08-26-2008, 08:55 AM
 
Location: Broward County
2,518 posts, read 9,580,406 times
Reputation: 1327
If not FHA, 20% down. Many mortgage brokers are SCRAMBLING to become FHA certified since 75% of the population can only put 3% down via FHA.
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Old 08-26-2008, 09:53 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,036,975 times
Reputation: 952
Quote:
Originally Posted by heydade View Post
If not FHA, 20% down. Many mortgage brokers are SCRAMBLING to become FHA certified since 75% of the population can only put 3% down via FHA.
Not true. 10% down on a conventional with a floor FICO of 640, 15% down on a jumbo with a floor FICO of 660. Owner occupied full doc loans. This is in Vegas, so I'm sure you could find 5% down on the conventional and 10% down on the jumbo (maybe with higher FICO requirements as well) in a non-declining market.
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Old 08-26-2008, 01:11 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,569,077 times
Reputation: 249
3% down for purchases, the states you mentioned is pointless. they restrict lending based on zip codes. commission based income has to be consistent.

last i checked you cant log onto a news website and apply for a loan financed my abc or nbc, etc. not sure why you would assume they have any idea what they are talking about.
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Old 08-26-2008, 02:20 PM
 
4,395 posts, read 11,309,941 times
Reputation: 2751
Quote:
Originally Posted by ottomobeale View Post
Used to be breathing= loan. Now the press pushes how dire things are. it might be dire, but the press sometimes overstates things.

If you have 750+ credit.
DONT live in CA, FL, AZ or NV.
Can prove you have a real job and its not commission based.
Assume front end/ back end debt looks something along the lines of 30/36.

How much do you need down these days?
What size loan amount in what state?
Generally speaking (non-jumbo) 5% for a conventional and 3% for FHA.
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Old 08-26-2008, 04:07 PM
 
Location: Denver, CO
1,302 posts, read 3,781,041 times
Reputation: 742
I did 20% down for conventional and got great rate and minimal closing costs. I'm sure you can qualify with lower down but more fees and/or PMI tacked on.
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Old 08-26-2008, 04:08 PM
 
Location: Broward County
2,518 posts, read 9,580,406 times
Reputation: 1327
I am talking south florida.....major declining market.
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Old 08-26-2008, 05:20 PM
 
Location: Plano, Texas
1,676 posts, read 6,265,211 times
Reputation: 684
Not sure where some of these posters are getting their information, but with the scenario you provided let me provide you 3 options.
1. if military and you qualify for VA, you can do 100%.
2. If FHA, you will need 3% down
3. If conventional you will need 5% down.

And if you do 5% down, you can do what is called a 80/15 mortgage and avoid PMI.

These will change if you are buying a home over the conventional loan limits in your area. I live in Dallas, Tx and our conforming conventional limit is $417,000.
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Old 08-26-2008, 07:10 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,036,975 times
Reputation: 952
Quote:
Originally Posted by VictorBurek View Post
Not sure where some of these posters are getting their information, but with the scenario you provided let me provide you 3 options.
1. if military and you qualify for VA, you can do 100%.
2. If FHA, you will need 3% down
3. If conventional you will need 5% down.

And if you do 5% down, you can do what is called a 80/15 mortgage and avoid PMI.

These will change if you are buying a home over the conventional loan limits in your area. I live in Dallas, Tx and our conforming conventional limit is $417,000.

My information is based on my hugely declining market of Vegas and I mentioned that other markets would likely be different. For example, seconds are extremely difficult to get done out here if not impossible. The joys of living and doing business in a housing quagmire.
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Old 08-26-2008, 07:57 PM
 
Location: Cary, NC
1,036 posts, read 3,593,945 times
Reputation: 503
Dont forget USDA does 100% as well, in "rural" areas. There are income limits as well, but its out there.

In NC we can still do some conforming products with 3% down, jumbo with 5%. Crazy to think banks want to see income, assets and ask for 3-5% down if you are buying a home. Yes FL and CA are hard hit, but I guess the media needs to realize there are 48 other states out there and some are not doing so bad.

Where does the statistic that "75% of the population can only put 3% down via FHA" come from anyways?
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