Financing in San Jose>Question Details

Anna M. H., Home Buyer in San Jose, CA

Are there conventional loans available with only 10% down payment required ?

Asked by Anna M. H., San Jose, CA Mon May 18, 2009

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Yes, there are those loans availible. But that might not be the best way to go. I would say you should speak with a mortgage broker that can shop around for the best loan product for you. If you have any questions I just worked with an great broker Nate Jones. His phone number is 760-481-3173. Give him a call if you have any additiional questions. Good luck with you home loan.
0 votes Thank Flag Link Thu Oct 15, 2009

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0 votes Thank Flag Link Tue Oct 13, 2009
Yes, but why on earth would you want to given the alternatives??
0 votes Thank Flag Link Mon May 18, 2009
Are you not pre-approved? Anyway 10% down payment loans are available.
Web Reference:
0 votes Thank Flag Link Mon May 18, 2009
Check out your state programs. For example, NY has a Sonyma program with only 3% down and 97%financing if you fit the bill. PMI will add to cost but overall less cash out of pocket to start!
I'm not sure what CA offers. Check with a reputable mortg. broker.
0 votes Thank Flag Link Mon May 18, 2009
Conventional financing still allows you to buy a 1-unit, Primary Residence, Single Family home with 5% down. If you are looking to buy a condo the downpayment requirement increases to 10%. With both of these options there is a strict Debt-to-income requirement of 41% or less. Hope this helps
0 votes Thank Flag Link Mon May 18, 2009
The are actually available at only 3% down. The trick is having a PMI company that will insure them. Depending on various factors there are still PMI companies that will insure the loan.

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0 votes Thank Flag Link Mon May 18, 2009
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