Mortgage Question

[marshman]

I know there's been alot of changes in various types of mortgages especially since OBama been in office, but was wondering what mortgages are out there that don't require a huge down payment? I know the VA doesn't require any but are there any others?

[Ttechhunter]

FHA loan.

[rferg84]

I know there's been alot of changes in various types of mortgages especially since OBama been in office, but was wondering what mortgages are out there that don't require a huge down payment? I know the VA doesn't require any but are there any others?

What's huge? I do mortgages and the minimums I see outside of FHA, USDA, VA ect is 5%.

[tigerscowboy]

Seems odd.

Why get into a mortgage upside down with less down?

Isn't the goal about paying on the principle and lowering the interest?

[rferg84]

Seems odd.

Why get into a mortgage upside down with less down?

Isn't the goal about paying on the principle and lowering the interest?

I'm ok with clients doing 5% but I reccamend in general a 15 or 20 year note vs 30.

Money is cheap right now.

[LukeDuke]

There is also a USDA loan program for homes that allows no down payment.

It is not available in heavily populated areas. Your lender will be able to tell you if your target area qualifies.

[billyblanks]

Like folks previously mentioned, FHA, VA, or USDA are all favorable options if you qualify. Otherwise you can do an 80-10-10, but you'd be paying PMI. Depending on your credit a 30 year would probably be in the 4% range. You can get lower rates if you go with a shorter duration loan, but you'll have a much higher monthly payment. With interest rates so low, you can always take a 30 year note and make larger monthly payments without penalty.

[SmTx]

Seems odd.

Why get into a mortgage upside down with less down?

Isn't the goal about paying on the principle and lowering the interest?

Gotta live somewhere. Pay rent to save a down payment or start working to build equity instead of paying someone else's bills.

[Stan R]

Been in the business for 25 years.

FHA 3.5% minimum investment

VA 0% down can be ZERO Move in

USDA Zero Down

If you are a first responder ( I'll get the complete list later) there are programs that you can get a grant for up to 5% of the sale price.

Send me a PM if you would like more info.

Stan #45163

[bow4my2]

been in the business for 25 years.

Fha 3.5% minimum investment

va 0% down can be zero move in

usda zero down

if you are a first responder ( i'll get the complete list later) there are programs that you can get a grant for up to 5% of the sale price.

Send me a pm if you would like more info.

Stan #45163

bingo, just did my qualifying the other day

[Mike D]

I did the FHA route on my last loan. Won't do it on my next one.

[NewTexian]

I close on my home 2/29. Went with a conventional loan at 3.87% with only 5% down. 5% was the minimum I had to put down. Was another 5% for closing cost.

[hooligan]

We did a conventional at 5% and are at 3.85%

[tigerscowboy]

Gotta live somewhere. Pay rent to save a down payment or start working to build equity instead of paying someone else's bills.

If a buyer lacks the ability to get a mortgage without PMI, they are almost alway spending/wasting more money than renting.

It's always easier if purchases are viewed as investments vs a need that is impacted by emotion. The problem we see most people have is that they don't like the answer.

[SCREAMINREELS]

If a buyer lacks the ability to get a mortgage without PMI, they are almost alway spending/wasting more money than renting.

It's always easier if purchases are viewed as investments vs a need that is impacted by emotion. The problem we see most people have is that they don't like the answer.

When I bought mine I was young 22, couldn't afford enough down payment to get rid of pmi. But I did a 30 year mortgage and got the house at a great deal by buying it from a relative. Also this was during the time Obama was giving the big rebate checks to first time buyers. I think it was 7 or 8k? I put it right back into the house. My bote was about the dame as my rent anyway 4 years later after pinching pennies and doing extra payment I was able to refinance at 3.2? Maybe 3.3 will have to double check on a 15 year note and lose the pmi. My houde value has also increased 70k from purchase cost about 8 years ago.My monthly payment didn't change much...can be great for the right deal in my opinion.

Worked out great for me