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Swati, Home Buyer in Mar Vista, Los Angeles...

Conventional loan down payment for townhomes in CA

Asked by Swati, Mar Vista, Los Angeles, CA Wed Jan 13, 2010

I understand that minimum down payment for a house in CA for a conventional loan is 10% and that for a condo is 20%. How are townhomes classifiedwith respect to down payment for a conventional loan ins CA ?

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Dear Swati,
It will be the same as the condo at 20%.
0 votes Thank Flag Link Tue Feb 9, 2010
House: 10% for conventional but will have mortgage insurance. FICO needs to be 740 and debt-to-income cannot exceed 41%. If you do not meet these criteria then in order to do a conventional loan you have to put down 20%.

Condo/Townhouse: 15% for conventional but will have mortgage insurance. FICO needs to be 740 and debt-to-income cannot exceed 41%. If you do not meet these criteria then in order to do a conventional loan you have to put down 20%. Also, the condo will have to meet certain conditions.
0 votes Thank Flag Link Thu Jan 14, 2010
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