Financing in 32801>Question Details

Ryan.mcmahan…, Renter in Van Buren, AR

How can you get around the 20% down payment?

Asked by Ryan.mcmahan21, Van Buren, AR Sun Aug 18, 2013

0 votes Share Flag Financing in 32801

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There are tons of loans that don't need 20 down.

FHA loans - This is the most popular loan being used today. These are government backed loans which require as little at 3.5% down. All home buyers are the prime candidates for these loans with the low down payment requirements. FHA is also more forgiving with past credit history and will not penalize you as harshly for lower credit scores.

VA Loans - These are also government backed loans, but require NO DOWN PAYMENT. To be eligible for these loans you have to have served in the U.S. Armed Services and in certain cases the spouses of deceased veterans as well. The requirements of these loans do vary due to the type of discharge from the service (honorable or dishonorable) as well as the number of years served. VA Loans have no monthly PMI whatsoever, and have similar underwriting criteria as FHA.

Fannie Mae/Freddie Mac

Both of these enterprises guarantee a conventional loan program with 5% down with NO PMI options. They are a little stricter on their requirements of FICO scores and income, but for a consumer with great credit these are fantastic options for you.
203K and Streamline K Loans

These are also FHA /Government backed loans and have the 3.5 % down payment requirement. These loans are great for those buyers that find a home with potential and do not have the cash flow of their own to put into the improvements. The loan allows for the homeowner to lump the amount of funds for the rehab into the actual loan itself. The requirements for this loan is for the home owner to pull together estimates from contractors to perform the work, however there are stipulations on these contractors:

The contractor has to be licensed
CANNOT be a blood relative
In the Full 203K there has to be a General Contractor on the job

Other regulations on these loans are the work has to start within 30 days of closing on the loan and the work needs to be completed within 6 months of closing.
1 vote Thank Flag Link Mon Nov 18, 2013
How to avoid a 20% down payment depends on what you are trying to accomplish, how much you can put down, your short and long terms goals, etc. Give me more info and I will give you some ideas.
1 vote Thank Flag Link Fri Nov 1, 2013
Hi Ryan, you have come to the right place. There are several options out there to the 20% down payment such as FHA (3.5%); Homepath (3%), 5% conventional, and in some cases there are legitimate loans which require no money down. All depends on your needs and qualifications.
I would be happy to discuss these options with you and to work with you to help get you qualified.
Feel free to call, text or email me for a private, no cost/no obligation consultation. Would love to hear from you.
Sylvia Paul
Realty Center
(407) 864-3134
1 vote Thank Flag Link Mon Aug 19, 2013
Hi Ryan

Pls call me and I will go over the different programs with you, 407 924 2759.

I am a Mortgage Loan Specialist. You do NOT have to put 20% down , depending on the type of occupancy and property

I have13 yrs of experience and know all the best programs

Tom Bawany | Mortgage Loan Originator | NMLS #519971
Real Estate Mortgage Network, Inc.
500 Winderley Place, Suite 112
Maitland, FL 32751
F: 866.552.6351 | C: 407.924.2759
E: |
0 votes Thank Flag Link Tue Aug 27, 2013
If you are purchasing an investment property you will need to pay 20% down. However, if you are buying your primary residence you have the option to go FHA with 3.5% or VA with 0% down, if you qualify for these loan types.

Marion Thacker
Engel & Voelkers
0 votes Thank Flag Link Mon Aug 19, 2013
Well if you put that 20% down on a conventional you can get around PMI which adds on to the monthly bill.... so if you can put that 20% down, more power to you. If you do FHA loan you only have to put down 3.5%, but your monthly payments will be higher considering you have less in.
0 votes Thank Flag Link Mon Aug 19, 2013
Are you an investor or owner occupant? There are different down payment requirements depending on the intended use for the property.
0 votes Thank Flag Link Mon Aug 19, 2013

There are FHA 3.5% down, VA loans if you qualify no money down, 5% down conventional, and other legitimate loan options. Depends on your current credit and financial situation.

Search on MLS here:…

Highest and best regards.

Vincent Paige |REALTOR® | RE/MAX Showcase
Certified Broker Price Opinion Registered Agent (BPOR)
Florida Military Specialist (FMS)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
Search for homes here:
0 votes Thank Flag Link Mon Aug 19, 2013
There are also 3% and 5% down payment options as well.
0 votes Thank Flag Link Sun Aug 18, 2013
There are many different outlets. FHA loans, down payment assistance, NACA & also just to name a few
0 votes Thank Flag Link Sun Aug 18, 2013
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