Home Buying in Stillwater>Question Details

Amy.wiger, Real Estate Pro in Woodbury, MN

Mortgage calculator

Asked by Amy.wiger, Woodbury, MN Wed Nov 28, 2012

When I enter 3-5% for a downpayment, no mortgage company's come up. Surely, not many people can find a 20% payment?!

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Hey Amy if you want I have pasted a link below for a company you can look at. FHA is pretty much 3.5% and where the majority of first time buyers go. However, 95 conventional (5% down) is very popular for people with excellent credit. The fees are less than FHA and so is the PMI. If you qualify there are also programs with NO PMI where your monthly payment is lower, and I don't mind that product at all for my buyers.

If your loan is over 100k I have found the company below to be very competitive, and usually beat, other companies. The best way is always to compare 3 companies if you go solo, or else use your realtor's referral as an addition.

You have been on here for quite a-while Amy, so I will just stress that no matter your time horizon for purchasing you should speak to a loan officer within 12 months of purchasing a home. This is to ensure your credit is where it needs to be (because if it is not the timeline can TAKE as long as 12 months), and for you to budget for monthly payments/DP/etc.... You are not obligated to stick with that person just because you filled out an online application.

The website below actually does have a lot of educational info you may enjoy reading as well.

~Chris
0 votes Thank Flag Link Thu Nov 29, 2012
Hi Amy,

If you're looking for a mortgage calculator for an FHA mortgage, I have one on my website, click the link below, that includes the current rate, the FHA monthly mortgage insurance as well as estimated taxes and insurance.

You can find it on the right side towards the top:
0 votes Thank Flag Link Thu Nov 29, 2012
Amy, contact your favorite real estate; he or she will put you in touch with a lender who will work with you to find your best means of financing and provide with a pre=approval letter so that you can confidently begin your house hunting. If you are a first-time buyer, you will find some very good options including some grants, some special funding etc. Since each of these may be pertinent to certain areas, you will need the cooperation of both a real estate agent and a trustworthy, knowledgeable lender. Good luck! Liz, 612-986-4105

PS I am a real estate professional and have owned my own mortgage company. You will be able to buy with the right advice, subject, of course, to your own personal creditworthiness.
0 votes Thank Flag Link Wed Nov 28, 2012
Amy, just about any mortage company can do an FHA 3.5% downpayment, or 5% conventional. There might even be a 3% conventional however the mortgage insurance on that can be high. It would be best to compare both (with and with out buying out the mortgage insurance upfront on the conventional side)

Also depending on where you are looking to buy there might be downpayment assistance or grant programs available that pay for you downpayment. If you let me know where you are looking I can send you a list of all the available programs. Thanks!

Ryan
0 votes Thank Flag Link Wed Nov 28, 2012
If you are looking for a mortgage company that will give you a home loan for less than 20% down there are many choices. The thing you need to ask these mortgage companies are what types of home loans they do. An FHA loan will allow you to purchase with only 3.5% down and some lenders have their own programs that could require less of a down payment. If you buy a property owned by Fannie mae you may be able to get a loan for only 3% down. If you are active duty military or a veteran you may be able to get a loan with 0% down and depending on where the home is located you may be able to get a USDA loan which is also 0% down. I would call some mortgage companies and ask them about these loans. Good luck!
0 votes Thank Flag Link Wed Nov 28, 2012
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