FHA is 3.5% down. You can have up to 3% of closing costs paid by seller if you write it in your offer.
If you put 5% down you may have lower closing costs but PMI is probably higher. Check with:
All the best,
Tripoint Mortgage Group, Inc.
Many great answers . . . just know that depending on your particulars, there maybe down payment programs available to you. I also know of a no down payment, no closing costs loan program, please let me know if I can help. Best to you!
Regarding your question about non-FHA financing ... the minimum down payment for conventional loans is 20% in order to avoid mortgage insurance. A higher LTV requires 740+ FICOs and monthly MI. HomePath financing is available in California for Fannie Mae foreclosures and does have a smaller down payment with no MI.
When considering which loan program is best for you, your FICO's will also play a major role along with DTI. Consult with a mortgage advisor and they can evaluate your qualifying factors and offer you a comparison of the programs you qualify for.
To Your Success,
We lend in the Sacramento Market all the time. You have many answers to your question and they are all correct. The primary factor would depend on the loan type you qualify for and how much do you want to put down. The HUD REO program is great with the $100 down but not many are being done in the area. The majority of loans being done the require the least amount down are FHA and VA loans. FHA currently requires only 3.5% down and VA is 100% financing. Feel free to call me or email me any time for additional information.
Looks like you have it covered, 3.5% for FHA and most conventional are 10% if you have a 720 score or higher. Have you found a good Realtor to represent you?
Lyon Real Estate
The program is limited to properties located within the city limits of Roseville and there are income restriction. The home you are buying can also not be tenant occupied. The city gets an equity position which means that they'd share in a portion of any profit you make when you sell. In exchange, you get a 0% loan. Minium down payment requirement under this program is 1%.
Good luck to you.
DRE # 01326917
Broker - Owner
Ferdig Real Estate Solutions
We have a non Fha program with 5.00% down. This program does not have the Up Front Mortgage Insurance premium that Fha carries of approximately 1.75%. So on a 200k loan, you save $3500.00. It works great if you or the property does not qualify for Fha. Good Luck.
Conventional loans require a 10% down payment for owner occupied with a 720 credit score.
FYI... with FHA and the CHF Access program, you do not have to be a first-time home buyer.
There is a down payment assistance program, CHF Access, for low to moderate income borrowers that provides a fixed rate second mortgage up to 3% of the purchase price.
So, on an FHA loan you would only have to come up with half of a percent for the down payment plus closing costs, if you qualify.