Home Buying in 92352>Question Details

Dee26891, Home Buyer in Wilmington, CA

I have a FICA score of 706, I don't hav much to put down ( 22,000) I am really interested in possibly purchasing a home on sunset lake arrowhead.

Asked by Dee26891, Wilmington, CA Sat Dec 15, 2012

Is it possible for the bank to take less than 20 percent?

Help the community by answering this question:


multiple opportunities as we would have FHA 3.5 % down owner occupied, conventional 5% down and our RURAL USDA program NO money down. 2nd home minimum 10% down.
0 votes Thank Flag Link Mon Jan 21, 2013
Good morning:

Yes, it is possible to secure a loan with less than 20% down. There are several loan programs available for you and I can assist in locating a property and finding a new loan.

You are welcome to visit our website: http://www.arrowheadresortrealty.com which has a search engine for all available properties in the Lake Arrowhead area. Or you can contact me directly for assistance.

I look forward to hearing from you.
0 votes Thank Flag Link Sun Dec 16, 2012
Hi there Dee,

You certainly can purchase with your credit score of 706. You could do an FHA loan. Let me know and I can put you in touch with several agents that I know are excellent in Lake Arrowhead. And, I can also put you in touch with great lenders that I have worked with in the past. There are many loan programs that they can put you in touch with.

There are even conventional loans that you only have to put 5% down.

I hope this helps!

Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
0 votes Thank Flag Link Sun Dec 16, 2012
Hi Dee, yes it is possible to purchase with less than 20%. If you are buying this as a vacation home then a minimum 10% down is needed. If you are buying this as a primary residence, then FHA financing requires a minimum 3.5% down, and conventional financing requires a minimum of 3% down (706 score is high enough for just 3% down), however 5% down gets better interest rates along with cheaper mortgage insurance. Further, FHA isn't just for first time homebuyers, that is a myth. FHA is just for primary residences though. If you'd like, I'd be happy to review your situation and help you compare your mortgage options. Lon & Kat, I'd be happy to go over the guidelines to purchase using conventional financing with less than 20% down as well.

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes Thank Flag Link Sun Dec 16, 2012
Thanks, Shane! I do a lot of business, work with some great lenders, but I'm always open to hear more options/opportunities for my clients.
Flag Sun Dec 16, 2012
Hi Dee,

As was mentioned, you can get an FHA loan for first time buyers for 3.5% down. I'd be happyu to refer you to one of my trusted lenders. Contact me at Lon@OrangehillRealty.com or (909) 307-1008.

Happy Holidays,

Lon Mapes
0 votes Thank Flag Link Sat Dec 15, 2012
Hi Dee:

Nowadays, you will likely have to come in with at least 20%, unless you're a first tie buyer, then it may be possible to get a FHA with as low as 3.5% down. Is this your first home?

Please email me at lakearrowheadkat@hotmail.com or call 909-273-4542 and we'll discuss this further.

Best wishes,

Kathy "Kat" DeLong Realtor #01235311
0 votes Thank Flag Link Sat Dec 15, 2012
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