Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The last time I bought a house was in 2005 before the "crash" and lending fiasco broke. At that time, it was not uncommon to put 5% or less down. What is the current lowest down payment I can expect to put down and still get approved for a loan? I am looking at houses in the $150-200K range but only want to put $10-15K down (5-10%, preferably 5%). I have decent credit and good income.
Sadly (or fortunately in your situation) we are back to low to no downpayment options.
A standard FHA loan requires 3% down. I've heard there are still 0% down and low doc options available, although they're not nearly as easy to get or as widespread as they were a few years back.
Alternatively, the less you put down, the higher you can expect your rate to be as well as the more you'll have to pay in PMI. This may make the loan easier to acquire but more expensive to service.
It depends. Coops will not look at you unless you have 10%. Many will not give you a loan unless you have 20%. A condo I visited wanted at least 10%. Why are so many people taking out FHA loans? That is not a desirable loan. Aren't there additional fees associated with this loan? Why not a Sonyma? It is a better loan.
FHA is not an undesirable loan.
It is not a difficult process, certainly not the tarpit many seem to recall.
One marketable benefit is that the loan is assumable, and if the hyper-inflation that many predict comes to visit, the assumable FHA loan, fixed at today's rate, will make an attractive selling point.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.