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Mortgage question about downpayments
Posted on 4/20/10 at 5:15 pm
Posted on 4/20/10 at 5:15 pm
Has the 20% down requirement been relaxes at all for conforming paper? Do you guys know of any programs that allow you to put down less, but with good credit still get a good rate?
2
Posted on 4/20/10 at 7:14 pm to Tiger JJ
Sorry, got no idea over here.
Posted on 4/20/10 at 7:47 pm to kfizzle85
I recently got an rural development loan. No money down, no PMI. 5.25% interest rate
Posted on 4/20/10 at 8:40 pm to lsuguru
How did you get that? Can you be more specific as to how you qualified for it?
Posted on 4/20/10 at 8:53 pm to oilmanNO
I went through a mortgage company and they recommended it for me. The house must be in a qualified rural development area, plus there is an income limit. That is the two main qualifications. This website should help you get more info:
LINK /
LINK /
This post was edited on 4/20/10 at 8:55 pm
Posted on 4/21/10 at 5:37 am to lsuguru
quote:
I recently got an rural development loan. No money down, no PMI. 5.25% interest rate
I got the same thing at 5%. You basically pay a fee that gets rolled into your mortgage instead of PMI. Our fee was $2700 and I'm not sure if it's a flat fee or based on the price of the house.
Posted on 4/21/10 at 11:23 am to seawolf06
Who did y'all go through to get this loan??
Posted on 4/21/10 at 1:57 pm to Tiger JJ
You can put as little as 5% down with conforming and still get a good rate....if you are 740+. Your rate will start taking hits if you fall below 740 though.
Posted on 4/21/10 at 2:25 pm to ds1tiger
I should clarify - I am "jumbo" conforming, which in King County is up to $575K. FICO above 740. How much higher will the rate be?
Posted on 4/21/10 at 3:01 pm to Tiger JJ
You should be able to finance up to 90% LTV (unless you are in a declining market). The rates are going to run maybe .25% higher that standard conforming.
Posted on 4/21/10 at 3:37 pm to bbarbera
Any bank should be able to apply to USDA for the loan.
Posted on 4/21/10 at 7:43 pm to seawolf06
I think the RD fee is 2% of the purchase price. I just paid it outright with the closing cost. Any bank or mortgage company should be able to help you apply for the loan.
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