Home Buying in Downers Grove>Question Details

Joe, Home Buyer in Humboldt Park, Chicago...

whats the lowest amount i hv to put down for a conv. loan for a 200k s/f hm?

Asked by Joe, Humboldt Park, Chicago, IL Mon Sep 30, 2013

Help the community by answering this question:


You now can buy with as little as 3% down. It's a new program that just rolled out! I can recommend a lender that can help. It's an awesome time to buy!
0 votes Thank Flag Link Thu Jan 29, 2015

Riccardo Wardlow

Cross Country Mortgage
Specializing in Illinois and California

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 600 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 640 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
0 votes Thank Flag Link Thu Oct 23, 2014
Conventional is 5% down and FHA is 3.5% down. If you get a seller credit, that amount could be reduced.

For mortgage help, call (855) 893-1177 or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states and you can apply online at http://www.myccmortgagebn.com. We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 893-1177.

Brad Neumann
Branch Manager
Crosscountry Mortgage Inc.
Phone: (855) 893-1177
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Mon Oct 13, 2014
The lowest down payment I have been able to give out a conventional loan for was at 5% down. It will difficult to find a conventional loan with a down payment lower than that, unless you're looking at an FHA loan which only require 3.5% down. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Wed Feb 19, 2014
That actually depends on a few things. If your household income is considered more on the moderate side then you could qualify for a Conventional My Community Mortgage which only requires 3% down. It depends on the area of the home and how many people are in your household. This product also has a much lower monthly PMI factor.
0 votes Thank Flag Link Tue Oct 8, 2013
We have our office in Downers Grove and with seller concessions you may be able to come to the closing with no money down. However, for a conventional we will need to prove that you do have 5% of the purchase price in verifiable assets. This doesn't mean you need to use all 5% though. We have an advantage over most lender as we deal directly with Fannie Mae and Ginnie Mae and fund the loans in our name. We aren't waiting around on the big banks to approve the deal. We staff our own underwriting department and get things done quickly. You can call me at (630) 639-1081 and I can give you a preapproval the same day and help you find a quality realtor in the area.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (630) 639-1081.

Brad Neumann
Sr. Loan Officer
Mobile Phone: (630) 639-1081
Email: bneumann@myccmortgage.com
3130 Finley Rd. Suite 510C
Downers Grove, IL 60515
0 votes Thank Flag Link Tue Oct 8, 2013
There are bank portfolio conventional products still today that allow 0% down with a minimum of $500.00 you have to pay towards closing costs.

There are still 3% down conv.

Keep in mind they are harder to qualify for which is why so many are stating the lowest is 5%, but there are lower down payment options available.
0 votes Thank Flag Link Tue Oct 1, 2013
The hompath program is a conventional program which allows you to put only 3% down with no mortgage insurance. The loan amount lenders are willing to give you depends on your income, credit score etc but for $200,000 the lowest down payment would be $6,000. I am a loan officer who works with over 40 lenders, so there are a variety of loan options I could present you with. Please contact me if you have any questions or if you're interested in pursuing this loan.

Ashley Pimentel
Senior Loan Originator
Market Place Mortgage
246 E Janata Blvd. Suite 220
Lombard, IL 60148

Cell: (630) 217-7013
Direct Line: (630) 396-7787
0 votes Thank Flag Link Tue Oct 1, 2013
This a great questions Joe. Currently there is a program that will allow you to purchase with as little as 3% down payment. However, as of Nov., 16th it will go away. So act fast or be prepared to put down 5% with a credit qualifying score and income. Also note that the seller can assist you with closing costs of up to 3% on conventional loan. Hope this helps.

Cecelia Marlow
The Federal Savings Bank
Vice President
0 votes Thank Flag Link Mon Sep 30, 2013
5 % plus you would have other expenses for closing such as attorney's fees, home owners insurance, inspections, title insurance. You will be looking about 5K over the 5% you will be putting down.
0 votes Thank Flag Link Mon Sep 30, 2013
Depending on the home and your finances it could be as low as 3%. Not every lender offers this program though so shop around. Don't be scared to find the best deal for yourself.

Darrell R. Hess, (404)-421-0568
Realtor® & Top Real Estate Consultant for
Atlanta Communities Real Estate Brokerage
0 votes Thank Flag Link Mon Sep 30, 2013
Joe, for a standard CONVentional mortgage loan, the minimum down payment is 5% toward your purchase of a SFR near $200K, ASSUMING the subject property will be your primary residence. If your earned income does not exceed median county income limits, you maybe eligible for a CONVentional loan solution that only requires 3% down payment funds.
0 votes Thank Flag Link Mon Sep 30, 2013
Mr. Chu, thank you for your quick and detailed reply. I can always count on you to be one of the first to answear any and all my questions, your advice is greatly appreciated.
Flag Mon Sep 30, 2013
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