Home Buying in Long Beach>Question Details

Anthony, Home Buyer in California

Are there still any conventional loan out there that accepts only 5% down? (CA area)

Asked by Anthony, California Thu Jul 31, 2008

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6
as stated FHA is excellent for you... conatct me and I'll make sure you get properly qualified
Web Reference: http://www.centuryside.com
1 vote Thank Flag Link Fri Aug 1, 2008
Your just better off going FHA.
1 vote Thank Flag Link Fri Aug 1, 2008
Oh yes, keep it under 417k and I can get you 95% financing conventionally (NOT FHA). You will have to have credit over 700 and be able to verify your income but it is possible. Call me when you are ready. FHA is good, but very costly (2 points for MI at closing, High high high MI monthly payments) and it also takes about 45-50 days to close the loan. If you've got the credit, income and down payment go conventional.
Web Reference: http://www.skyminor.com
0 votes Thank Flag Link Thu Aug 7, 2008
Anthony
In some areas FHA IS considered conventional. Due to the appreciation over past years and the governments unwillingness to increase the values, in most areas of California no one has been able to do an FHA loan. It is not the end of the world.
0 votes Thank Flag Link Fri Aug 1, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Hi there Anthony , there are some diffeent programs for this. FHA would be the most common type, But I would advise to to talk to a few mortgar brokers to see whcih prohram is best for you.
I work with several who could help review all these progrms with you, If you would like to talk to some real professionals who look out for your best interestes and not a commission let me know

Kind Regards
Michael Barron
Realtor/MBA
First Team Real Estate
michael-barron@sbcglobal.net
(714) 552-6817
0 votes Thank Flag Link Fri Aug 1, 2008
Hello Anthony,

I heard of a program that just started in California called Acorn Mortgage. Here is a link to it:

http://acornhousing.org/TEXT/mortgage1.php

Best,

Monique Carrabba
The Reavis Group
Keller Williams Wilshire
Web Reference: http://www.thereavis.com
0 votes Thank Flag Link Fri Aug 1, 2008
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