First time Buyers, how much do you need for a down payment?
Yes, it has become more difficult to qualify for a residential mortgage (home loan). But if you want to take advantage of today’s depressed prices and low interest rates start saving. Minimal down payments are still available:
3.5% (FHA financing) for loan amounts to $729,750
5% down (FNMA) for loan amounts to $417,000
10% down (FNMA) for loan amounts to $729,750
The drawback for FHA financing is that most home sellers prefer buyers with conventional financing. Why? FHA appraisers often condition the appraisal on fix ups (removing peeling paint is a biggie). So, FHA buyers in a competitive market where multiple offers are common are at a disadvantage.
Have questions? Call your Realtor (hopefully me!) or a qualified loan professional, such as Floyd to get them answered.
3.5% (FHA financing) for loan amounts to $729,750
5% down (FNMA) for loan amounts to $417,000
10% down (FNMA) for loan amounts to $729,750
The drawback for FHA financing is that most home sellers prefer buyers with conventional financing. Why? FHA appraisers often condition the appraisal on fix ups (removing peeling paint is a biggie). So, FHA buyers in a competitive market where multiple offers are common are at a disadvantage.
Have questions? Call your Realtor (hopefully me!) or a qualified loan professional, such as Floyd to get them answered.
Posted by Phyllis Harb at 11/17/2010 3:23 AM 
Categories: All about Money, A Buyer's Perspective
Tags: down payment requirements
Categories: All about Money, A Buyer's Perspective
Tags: down payment requirements
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