- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Down payment on a house.
Posted on 8/1/11 at 2:18 pm
Posted on 8/1/11 at 2:18 pm
I will be a first time home buyer. I have good credit. I heard banks are not allowing anything lower than 20%. Is this true? Is it possible to only have 15%?
6
Posted on 8/1/11 at 2:22 pm to diddydirtyAubie
Homepath is 3% down and FHA is 3.5% down
Posted on 8/1/11 at 2:31 pm to diddydirtyAubie
Like the pervious poster said, you can get an FHA loan with 3.5% down. However, you will have to pay mortgage insurance until you have 20% equity in the home. This anywhere from .25% to several % depending on home much you put down at first.
Posted on 8/1/11 at 2:40 pm to diddydirtyAubie
quote:
I will be a first time home buyer. I have good credit. I heard banks are not allowing anything lower than 20%. Is this true? Is it possible to only have 15%?
If you have good credit and can put at least 5% down, best to go conventional. FYI, FHA PMI has doubled in the past year. Whoever you heard that from about the 20% down is an idiot. There are plenty of options available. Rates are at lowest point since October 2010.
Posted on 8/1/11 at 4:22 pm to diddydirtyAubie
quote:
I heard banks are not allowing anything lower than 20%. Is this true?
That is for sure not true. I am closing in two weeks on a $225,000 loan at 4.375% for 30 years and only putting 10% down. PMI is $75 a month until loan to value is less than 80% (for me approx 3.5 years).
Posted on 8/2/11 at 10:00 am to diddydirtyAubie
What kind of downpayment are banks currently requiring on jumbos? Is it still stuck at 80% LTV?
Posted on 8/2/11 at 12:41 pm to diddydirtyAubie
quote:
I heard banks are not allowing anything lower than 20%. Is this true?
I bought a house in December, closed the week before Christmas. I put nothing down. It was a "Rural Development" loan, which I understood it as long as the home appraised for 15% more than was offered, I didnt need anything down.
Granted, this is in Bunkie.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News