Financing in Chicago>Question Details

Albert, Other/Just Looking in Chicago, IL

FHA answers have been great so far- thanks Trulia. Now, how big of a down payment do I need with an FHA loan?

Asked by Albert, Chicago, IL Fri Mar 8, 2013

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These are all minimums, you will get a better rate, terms and less PMI cost with a higher payment. the building you buy will determine what is the best possible amount to put down.
You really should be working with a lender and a Realtor who know the program.
0 votes Thank Flag Link Fri Mar 8, 2013
Hello:

If you have a 620 or more score, downpayment is 3.5%. We do work with lenders that allow for 580 plus scores as long as you have 5% down. Please visit my website http://www.smartmortageinc.com to get prequalified or email me.

I look foward to working with you.

Best regards,

Patty Harrison
Smart Mortgage Center
1 vote Thank Flag Link Fri Mar 8, 2013
3.5% for a single family and a 2 unit
5% for a 3 unit or 4 unit

Sam Sharp
Senior VP of Mortgage Lending
Guarnateed Rate
1 vote Thank Flag Link Fri Mar 8, 2013
You can put down a minimum of 3.5% depending on your credit and size of loan.

Chris
0 votes Thank Flag Link Sun Mar 17, 2013
You can get away with 3.5% down on FHA.
0 votes Thank Flag Link Fri Mar 8, 2013
As you can see below - depending on your credit score the minimum down payment will be 3.5%-5%,

Work with a Lender and get yourself preapproved.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Fri Mar 8, 2013
3.5% for the down payment
0 votes Thank Flag Link Fri Mar 8, 2013
3.5% down although you can possibly end up using less if you have enough seller credits to pay your closing costs.
0 votes Thank Flag Link Fri Mar 8, 2013
3.5% is the downpayment requirement for FHA..
0 votes Thank Flag Link Fri Mar 8, 2013
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