Current mortgage market (sales, credit, loan)

[caroline2]

Has anyone applied for a mortgage recently? Or work in the industry? I'm wondering how large a downpayment lenders are requiring these days, given the tightened lending standards.

We have perfect credit, high incomes, and substantial liquid savings, but for personal reasons would prefer not to put too much of it into a downpayment (probably 5-8% of the range of houses we want to end up in). How will lenders view that these days?

Yes, I know every bank/type of institution is different -- I'm just trying to get a general sense.

[rugerjitsu]

i just was approved for our FHA loan...my score was upper 700's lower 800's.

with an FHA loan, i believe you're required to put down at least 3% of the sales price...i know we put 3% down.

with a conventional loan, you may get a slightly better rate, but you're required to put a little more down...

[Pitt Chick]

My son is closing on his house later this month.
He is putting 5% down.

[windies]

I just want to know

[mckeesport_alum]

I close on the 28th. FHA 5 Year Arm @ 3.5%, 3.5% down. It can be difficult to find a conventional that offers less than 10% down.

[caroline2]

Thanks, folks, for the perspectives.

[Pittgal]

We close this week....5% down..30 year fixed rate at 4.85%.