Home Buying in Mishawaka>Question Details

Kevkelgeo, Home Buyer in Mishawaka, IN

Is 20% the minimum when buying a home?

Asked by Kevkelgeo, Mishawaka, IN Wed Sep 26, 2012

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5
No, 3% down with good credit is available at Notre Dame Federal Credit Union.
0 votes Thank Flag Link Thu Feb 28, 2013
Hello and you have all ready recieved very good info from other agents that have posted. I just wanted to add that the VA home loan is another zero down loan program.

In terms of the USDA loan program, well as stated you have to check to see if the property falls into the USDA map area. You can do this by going to:

Eligibility.sc.egov.usda.gov

In addition to that USDA loans are at approx 60 days to process so please factor that into your home buying process.

Lastly you may want to talk to your lender about Indiana housing, it is a grant program for first time home buyers and the kicker of it is this. You don't really have to be a first time home buyer, meaning if you have not owned a home in "x" amount of years you may be eligible again. I believe it's three years.

Hope this helps and good luck!
0 votes Thank Flag Link Wed Sep 26, 2012
Not at all. FHA requires a minimum of 3.5 percent down, while there are USDA loans that do not require any downpayment, although the locaiton of the house has to be in qualified rural areas, and there are some income parameters. Even with conventional mortgages, you can put down as little as 5 percent. Your best bet is to talk to a lender - either a bank or mortgage broker, who can help you determine the best option for your situtation. I always suggest people talk to a lender you can meet with personally, rather than someone online.

Good luck.
0 votes Thank Flag Link Wed Sep 26, 2012
There are still several low down payment options available to home buyers. USDA is a 0% down low, however it is only available in certain geographic areas. FHA is 3.5% down. And insured conventional loans start with as little as 5% down.

Depending on your situation a professional can advise you on your best options.

If you would like to discuss your goals and receive recommendations of local lenders, please feel free to contact me.

Visit http://www.IndianasBestHomes.com
0 votes Thank Flag Link Wed Sep 26, 2012
There are still low down payment options such as:

USDA Loans at 0% down
FHA Loans at 3.5% down,
Conventional Loans at 5%

...and sometimes additional state programs. Here in Wisconsin we have WHEDA as well. In any case, you'll qualify for the best rates and no PMI with a 20% down payment, but other options are out there.
Web Reference: http://keithandkinsey.com
0 votes Thank Flag Link Wed Sep 26, 2012
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