Home Buying in Wake Village>Question Details

Unknown Name, Home Buyer in Texarkana, TX

Is 20% the lowest mortgage companies will take? What kind of financing? Land home or conventional?

Asked by Unknown Name, Texarkana, TX Mon Dec 16, 2013

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There are so many loan programs out there, many that are 100% financed to 3.5% for FHA and more. You should really speak to a mortgage broker or a company that can refer you to a couple of lenders like Lending tree or The Lenders Network.
2 votes Thank Flag Link Mon Dec 16, 2013
no you can get FHA financing and Conventional will finance for less than 20% down payment.
Find good lender , they can advise you the best financing for you.

Good Luck

Linda
1 vote Thank Flag Link Mon Dec 16, 2013
Buying a home using a mortgage is dependent on the property and your financial qualifications. In most cases today you can purchase a home with as little as 3.5% down using an FHA loan. There are even some special programs like VA loans and USDA loans that allow ZERO down if you qualify.

Of course a lot depends on the price of the home and the amount of the mortgage.

I suggest you visit this website to better understand how to buy a home:

http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home

You should also speak with a local mortgage banker or broker to find out if you qualify. If you do not know who to contact as for referral from a friend or family or use that same website to help you find a lender in your area.
1 vote Thank Flag Link Mon Dec 16, 2013
NO. There are some o% loans, 5% loans and 10-15% loans out there. Have you gone and spoken to several lenders? Not online lenders, but face to face meetings with lenders? If not why not?????
1 vote Thank Flag Link Mon Dec 16, 2013
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