Given that this is being posted in Piedmont it seems really obvious that it won't qualify for an FHA loan. There's absolutely nothing in Piedmont with a low enough ticket price for that. What's the limit, like $750k??

Is it an investment property you are looking at? if not, 3% down is easy for a FHA home loan if you can document your income and the property is a primary residence.

Rob Chomentowski
Sr. Loan Officer
rob@affinity-financial.com
858-922-7899

Hi Alfio,

There are options for less than 25% down.... FHA financing actually allows you to put only 3% down and there are a few programs that will also provide down payment assistance which essentially means that you can come to the table with closing costs.

Finding a great lender who is familiar with these different programs will be paramount. There are specific guidelines for the various programs, so you will need to spend some time with a lender to review your situation to see what is the best fit for you.

I work with a lender who I can highly recommend. He is very familiar with the different programs I mentioned and I am currently working with 4 separate buyers who are utilizing FHA financing. His name is Chris Hudson and is a consummate professional who is extremely knowledgeable, patient and honest. His contact information is below:

Chris Hudson
Direct: 925-429-5226
Cell: 510-593-6454
Fax: 925-226-4031
chris@myhomeloanplan.com
http://www.myhomeloanplan.com

If you have any other questions, please do not hesitate to contact me.

Take care,

Lisa Cartolano
Alain Pinel Realtors

Hi Alfio,

The answer to your question is "absolutely". FHA loans are still at 3% down at least until the end of the year. Then they require 3.5%. This money can be gifted (for example by a family member). Also, sellers can contribute to closing costs. I helped a buyer recently get into a townhome with just $6,400 out of their pocket. Their TOTAL monthly payment including taxes and insurance will be $1,483 for the next 30 years if they choose to stay there that long.

Happy house hunting. Let me know if I can help......................................Bonnie

It all depends on your own, personal circumstances and what you qualify for. There are FHA loans that only require 5% down, if you qualify, and a whole range of products in between. Why don't you call Brad Stoddard 510.868.1439.
He is a pretty smart loan guy who I use, and he is located here in Berkeley. See if he can get you a better package.

Good Luck

Try another mortgage broker discuss the circumstance provide a copy of your credit report with scores if new broker pulls your credit it will lower your scores. If your scores, debt ratio also governs % down home purchasing. If all is true then perhaps search for a home in a better market close to where this property is located. SORRY the hear about this. Lenders have tighten restrictions.
http://www.lynn911.com http://www.homes-for-sale-dallas.com