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I put down 10%; I could have put down more but did not want to raid my retirement account (which is substantial) so I took the PMI hit instead; I want to have cash free for renovations.
I have a pretty high income (not six figures but darn close), excellent debt/income ratio, and an excellent credit score. I was approved with no problems.
Right now, in our market, you need pretty clean credit with a score of at least 620. But, lending varies from market to market depending if the market is soft or not. Ours is not soft.
The only 100% down option now is either VA or Rural Development. VA, of course, is strictly for veterans or members of the Armed Forces. Rural Development cannot be within a city limits.
FHA requires at least 3.5% and in our market the rates have been very competitive with conventionals. I had an FHA buyer close last month at 4.5% and my conventionals were anywhere from 4.25% to 5%. Of course, rates have sometimes changed 3-4 times a day.
A good lender will weigh all options available to you to help you make the right decision for your circumstances.
Conventionals need at least 5% down but you will pay PMI on anything that is over 80% LTV.
Has anyone seen any lendors willing to finance less than 10% down or less on a jumbo loan?
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