I bought two houses in the past. One house I only need $2000 down and the other was $750. My friend asked how come I didn't put 20% down.
Is it because I received a conventional loan? Or does it depend on the lender? The price of the first house was $68,000 and the second was $43,000.
It is because the lending guidelings have changed. In the past there were ZERO down payment on conventional mortgage but now those are not that easy to find or qualify.
There is a part that a most conventional mortgages require and it is call Mortgage Insurance. Without MI (mortgage insurance) most lender will not finance anyone.
http://www.mgic.com/
http://www.rmic.com/Pages/default.aspx
http://www.ugcorp.com/
These are Mortgage Insurance Companies. This companies covers a part of the mortgage to the lender and it is paid by the buyer in a monthly basis.
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