Home Buying in Warsaw>Question Details

Sarah Pacheco, Other/Just Looking in 46580

do you have to have 20% down on your first home buy?

Asked by Sarah Pacheco, 46580 Thu Jan 24, 2013

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This question was asked from this property: http://www.trulia.com/property/1089752106-1114-S-Ferguson-Rd…

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3
Hi Sarah,

No you do not. In fact, the home you're interested in, http://www.trulia.com/property/1089752106-1114-S-Ferguson-Rd… is in an area that's eligible for the no money down USDA mortgage!

One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.

Here's an example: An FHA mortgage of $155,000 is going to have a monthly mortgage insurance payment of $161.45 but on a USDA mortgage it's only going to add $51.66 to your monthly payment.

The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.

Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
(877)228-9069
2 votes Thank Flag Link Thu Jan 24, 2013
no you don't. depending on where your purchasing (Warsaw) area you might qualify for USDA financing. with a USDA (Rural Housing) Loan you can finance 100% with NO down payment. click on this link to complete an on line application with us. we'll let you know if you qualify: http://www.help.the2mortgageguys.com
0 votes Thank Flag Link Thu Jan 24, 2013
Generally no! There are numerous that allow you to finance with less than 20% down. I'd be happy to put you in touch with a couple of lenders who could help! Feel free to give me a call at 574-244-4045. Mark
0 votes Thank Flag Link Thu Jan 24, 2013
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