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Old 12-25-2010, 02:41 PM
 
Location: Space Coast
263 posts, read 888,336 times
Reputation: 235

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We bought our 1st home through FHA 5 years ago and had to put very little down. We bought our second house 3 years ago and put 5% down.

We have excellent credit and not much debt at all. Will 5% be enough in this market, say late this summer? That's when our rental lease will be up. I know there are probably several factors that play into it.
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Old 12-25-2010, 02:57 PM
 
Location: NJ
17,574 posts, read 46,060,080 times
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What exactly do you mean by "enough"? Enough to qualify for a mortgage?
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Old 12-25-2010, 03:32 PM
 
Location: Tempe, Arizona
4,511 posts, read 13,554,308 times
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FHA requires at least 3.5% down. You need to talk to a lender to determine if you qualify. Having enough downpayment is only one of the requirements.
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Old 12-25-2010, 05:30 PM
 
Location: Space Coast
263 posts, read 888,336 times
Reputation: 235
Yes, enough to qualify.

I don't mean we're trying to qualify for FHA again, we had a conventional mortgage with our second home and intent to seek pre approval for another one. Of course I know I need to speak to a lender , just looking for opinions.
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Old 12-25-2010, 05:59 PM
 
Location: NJ
17,574 posts, read 46,060,080 times
Reputation: 16273
There is a mortgage sub forum that you may want to post in.
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Old 12-26-2010, 01:48 AM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,270,302 times
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To qualify depending on your credit and if the lendors will lend, sure. Will you need more money? Oh yea. Even after the sale I am wishing I had more money. So much more to do to our home and I don't want to spend my reserve fund. My next purchase if their ever is one, I want to have cash on hand and no debt plus 10% for the home. To explain we put in a new water heater, rebuilt our furnace, replaced the carpet, repaired all the interior walls, repainted in colors we liked, and a few other things all before moving in. Then again this was a bank owned take it as it is home. Maybe next time we will buy a new place. LOL. To tell you the truth we both like our home and have no desire to leave this place. LOL
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Old 12-26-2010, 10:43 AM
 
Location: MID ATLANTIC
8,670 posts, read 22,853,798 times
Reputation: 10490
Yes, 5% is enough for a conventional. If you can't find a lender that does a combo (80/15/5), you'll have to pay PMI. Seriously, look around, many don't believe that the combo mortgages still are around, but I assure you, we do exist.
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Old 12-26-2010, 10:46 AM
 
Location: Union County
6,150 posts, read 9,992,918 times
Reputation: 5831
If 5% down wasn't enough, there wouldn't be a housing market.
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Old 12-26-2010, 05:48 PM
 
Location: Space Coast
263 posts, read 888,336 times
Reputation: 235
Thanks!
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Old 12-27-2010, 08:45 AM
 
Location: Athens
470 posts, read 1,497,553 times
Reputation: 262
There are loans available out there from 0% down to 25% down (or more). It all depends upon where you live (USDA 100% loans are only available in "rural" areas). 5% for a down payment may be enough providing everything else falls into place, such as your credit score, etc. Find a good real estate agent/lender combination and they will be your best partners in your new home purchase.
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