0% down with VA financing for active military, reserves and veterans
3% down with Conventional financing until November 16th this year
3.5% down with FHA
5% down with Conventional financing after November 16th
Most buyers will qualify for one of the preceding, which are all full documentation loans intended for buyers of 1-4 family residential property that will be occupied by the owner. There are stated income and no verification of income options for self-employed and/or investors purchasing or refinancing residential, mixed use or commercial property. Those loans usually require a minimum 0f 25% down.
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Best of luck!
You can do 5% Down on a Conventional Mortgage but you would need Very Good to Excellent credit for it to make sense.
With either option you are going to pay monthly mortgage insurance. My advice is to make an appointment with a Mortgage Professional so that he/she can analyze your specific situation.
Speak with your realtor. They will have sever lenders to suggest to you. There are in different loan programs availble.
In general, the better your credit score and the more you put down the better terms on the loan.
I am going to suggest that you call Dominick Sutera of Academy Mortgage. The reason I am recommending him is that he is an adjunct Professor and actually trains loan officers and mortgage brokers in the profession.
He is able to explain all of the available mortgages and what you would need to qualify in a way that is understandable.
You can reach Dominick at (516) 249-4800 or email him DSutera@BankAMC.com.