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Trulia Atlan…, Home Buyer in Atlanta, GA

How can one acquire a home with as little as 5% down?

Asked by Trulia Atlanta, Atlanta, GA Thu Feb 28, 2013

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Kim Jones Home Loans’ answer
There are several ways to buy a home with as little as 5% down;

FHA
VA
USDA
HomePath

And even conventional loans are available as long as you qualify with an eligible credit score and debt to income ratio. Let me know if I can help you!

Warm regards,
Kim Jones
Senior Mortgage Banker
Fidelity Bank
3490 Piedmont Road, Suite 750
Atlanta, GA 30305
CELL/TEXT: 678.468.4046
eFAX: 678-829-0612
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EMAIL: kim.jones@lionbank.com
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1 vote Thank Flag Link Sun Mar 17, 2013
BEST ANSWER
5% down conventional loans are an excellent alternative to FHA loans that you should be looking at today. The main advantage over FHA is that you are going to have lower mortgage insurance on 5% down conventional vs. FHA. FHA has an upfront mortgage amount of 1.75% and a monthly rate of 1.25%. And that will increase April 1, 2013. 5% down conventional loans do not have upfront mortgage insurance and the monthly can be as low as .67% if you have a high credit score. This can turn out to be a substantial savings. Another advantage is that FHA loans require you to carry mortgage insurance for five years or more and until the loan balance is paid below 80% of the original purchase price. 5% conventional private mortgage insurance only requires you to carry mortgage insurance for two years and until the loan balance is paid below 80% of the original purchase price. So with a conventional loan if you feel like paying your loan balance down early, you can get rid of your monthly mortgage insurance faster.

So those are two major advantages of 5% conventional financing over FHA. There is also a 3% down conventional option available. This option carries a higher monthly mortgage insurance amount than 5% down, but it still does not have the upfront mortgage insurance required by FHA.

Conventional loan limits allow you to go up to $417,000 in Georgia. FHA is lower....

Please don’t hesitate to give us a call or email if you have any questions about this or any mortgage options, 678.468.4046
Web Reference: http://www.kimdjones.com
1 vote Thank Flag Link Thu Feb 28, 2013
There might be several options for you. For example FHA financing has a minimum 3.5% down payment for owner occupants, Georgia Dream program can pay some of your down payment as well, or on HUD homes you can pay $100 down if owner occupant and using FHA financing.

Please give me a call if you need assistance in the buying process and I will get you connected to the best loan officers in town.

Carmen Gutierrez
Cobb County Real Estate Expert
RE/MAX Greater Atlanta
Cell 770 366 1487
Office 770 973 9700
1 vote Thank Flag Link Fri Mar 1, 2013
Another great option available not yet mentioned below is Homepath. The Homepath program allows you to purchase a home using a conventional loan program with as little as 3% down and has NO Mortgage Insurance. I'd recommend putting 5% down as it does improve the interest rate that you’d qualify for but it is not required. Homepath properties are Fannie Mae owned foreclosures that have been priced below market value and an appraisal is not required. The interest rate on this program is slightly higher than a conventional loan but the absence of MI will give you a lower payment than standard conventional financing. This program is property specific and you can find out more and search for properties at http://www.homepath.com. Only a handful of companies offer this program and I'd be happy to assist you in any way that I can.

Sincerely,

Chris Irvin
Brand Mortgage
NMLS 75615/465546
Ph: 678-251-7889
1 vote Thank Flag Link Fri Mar 1, 2013
Kim and Michael offer superb answers.

Another vacuous, softball question from Trulia Atlanta.
Web Reference: Http://intowninsider.com
1 vote Thank Flag Link Fri Mar 1, 2013
Kim Jones have given an excellent detail answer below covering every aspect of it.. I would love to help you with your home purchase. Give me a call at 404-932-1600.
1 vote Thank Flag Link Thu Feb 28, 2013
That will be wonderful Kim! I hope that happens!!
Flag Wed Mar 6, 2013
Thank you Anita! You find them a home and I can finance it!!!
Flag Thu Feb 28, 2013
FHA only requires 3.5% down. I would love to assist you with your home purchase.

Good luck,

Cheryl Taylor
Solid Source Realty
404-644-8082
Ctaylor_92@yahoo.com
1 vote Thank Flag Link Thu Feb 28, 2013
FHA koans are a great way to buy a house with as little as 3.5% down. Ask relatives for a referral of a good mortgage lender
0 votes Thank Flag Link Fri Mar 1, 2013
There are plenty of loans you can get with only five percent down. Find a mortgage lender in your area that can help you through the process.
0 votes Thank Flag Link Fri Mar 1, 2013
FHA loans are one way of buying homes with as little as 3.5% down. Check here on Trulia for a mortgage pro in your area. Have them explain all your options. Be sure to ask what your closing costs will be and what your interest rate will be
0 votes Thank Flag Link Thu Feb 28, 2013
By qualifying for and borrowing 95% of the Purchase Price.
0 votes Thank Flag Link Thu Feb 28, 2013
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