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Old 03-15-2011, 05:49 AM
 
Location: Richmond, VA
2,306 posts, read 1,355,109 times
Reputation: 949

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They are harder to come by, but you should consult a mortgage person as every place is different. Just and FYI on FHA: as of April 18th any FHA loan will have an additional .25 added to their loan amount. So (and I am just using this number as it is what I recently had calculated) a $163K purchase will be an additional $33 a month. A lot of loans are FHA and many don't know this will be taking effect. Again, consult a mortgage professional. If you don't have one, I see some on here or your real estate agent can give you the names of a few to call and see what is available.

Good luck! Oh, as for how people get downnpayments...in my personal situation my hubby and I bought a small condo back in 2000 for $115K. We sold it two years later for closer to $200K. So, we made money and used that to move up into a bigger home and then again made money on the sale of that home. Parents "gifting" is more and more popular with parents helping them out to get into their home. (there are rules on how much can be given but we had a small gift from my hubby's mom who wanted to see us enjoy the money now as oppossed to her being dead and not seeing it, lol!) And others save and save and save to buy their first place with a large deposit.
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Old 03-15-2011, 05:52 AM
 
5,121 posts, read 5,531,985 times
Reputation: 5800
For what it's worth, I've been pre-approved for an FHA loan (which is 3.5% down). My lender also said there are other options for me in the 30-year fixed rate category (I am looking to put up to 10% down). But I should point out I have excellent credit and am not looking for a Jumbo mortgage. I've been told I am pre-approved up to $425k, but I am looking in the $300-$350k range.

Hope that helps

EDIT: I didn't know about what Twinmma mentioned. Interesting... maybe I will look into those "other options" my mortgage broker mentioned when I finally find the house I want.
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Old 03-15-2011, 08:23 AM
 
Location: Richmond, VA
2,306 posts, read 1,355,109 times
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Jillabean - speak with your lender about it as I don't know all the ins and outs of the new increase, but the lender we use here in Richmond made us aware recently.
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Old 03-15-2011, 01:13 PM
 
Location: Richmond, VA
2,306 posts, read 1,355,109 times
Reputation: 949
Oh, and to Clarify - that is not interest rate I am speaking of...it is mortgage insurance premium increase.
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Old 03-16-2011, 08:17 PM
 
29 posts, read 63,850 times
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Default down payment

I am a mortgage loan originator and yes you can get conventional loans with 5% down. In most areas of VA you can still get 80/10/10 loans with no MI as well. FHA loans are 3.50% down but that may be increasing soon. FHA has been approved to increase their minimum down payment to 6.5%. That doesn't mean that they will raise it that high immediately but they have been approved to raise the minimum down payment and will be raising to some degree soon. You can direct message me if you want more specific information.
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Old 03-16-2011, 09:34 PM
 
Location: Fairfax, VA
1,449 posts, read 2,801,499 times
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Quote:
Originally Posted by DMB22 View Post
I am a mortgage loan originator and yes you can get conventional loans with 5% down. In most areas of VA you can still get 80/10/10 loans with no MI as well. FHA loans are 3.50% down but that may be increasing soon. FHA has been approved to increase their minimum down payment to 6.5%. That doesn't mean that they will raise it that high immediately but they have been approved to raise the minimum down payment and will be raising to some degree soon. You can direct message me if you want more specific information.
this is good to hear. I know 20% is ideal, but we may NOT have that depending on what house we buy (if we do) and how much we get from the sale of our current TH. I'd rather not drain ALL our cash savings to purchase and just use our sale profit, whatever that may be.
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Old 03-16-2011, 09:47 PM
 
262 posts, read 757,935 times
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Old 03-17-2011, 05:17 AM
 
Location: Northern Virginia
5,082 posts, read 5,346,651 times
Reputation: 12576
Quote:
Originally Posted by DMB22 View Post
I am a mortgage loan originator and yes you can get conventional loans with 5% down. In most areas of VA you can still get 80/10/10 loans with no MI as well. FHA loans are 3.50% down but that may be increasing soon. FHA has been approved to increase their minimum down payment to 6.5%. That doesn't mean that they will raise it that high immediately but they have been approved to raise the minimum down payment and will be raising to some degree soon. You can direct message me if you want more specific information.
At this point, you have a total of four posts. All four posts are in regards to real estate questions and each post says to contact you via DM if someone wants more information or assistance...

Methinks you are using C-D to get leads.
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Old 03-17-2011, 10:33 AM
 
1,646 posts, read 2,108,912 times
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Quote:
Originally Posted by CAVA1990 View Post
I think you can still get FHA loans with 3.5% down.
yes you can
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Old 06-11-2011, 09:11 PM
 
23 posts, read 60,063 times
Reputation: 15
I am buying a new home in Alex and it will not be complete until end of Oct. Qualifying is not an issue but up front cash is. I was going to use FHA 3.5% while I rent out my present home since it is upside down . The FHA loan needs to close by end of Sept or the max loan rate drops so I am screwed! This is a Jumbo Loan 725,000 so if I want the house I now need to come up with 90,000+ big difference from 35,000!! Any suggestions??

We can't sell, we can't count rental income because we do not have 30% equity and now the government is decreasing the max loan limit on FHA. So only option seems to be 10% down conventional which I qualify for but which I do not have the cash for!!

Any options other than cancel my new home and run out and but a resale before max loan limit drops and makes single family homes in many Virginia areas out of reach.
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