Home Buying in 60402>Question Details

Exitos, Home Buyer in 60402

with more peolpe singning the mortgage will this lower the down payment

Asked by Exitos, 60402 Thu Dec 1, 2011

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Suzanne Hamilton’s answer
Not usually. The downpayment is based on the program you have. FHA is always going to be 3.5%. If you are looking at a conventional loan, sometimes the down payment required can be less with a more qualified buyer, but not often. Having a cosigner is one thing, but having several people on the loan may actually look worse to a lender. Contact a lender and get a prequalification. I recommend Wells Fargo and Guaranteed Rate.
0 votes Thank Flag Link Thu Dec 1, 2011
Absolutely not. This has nothing to do with it. The type of programs you're being qualified for does.
FHA requires 3.5% down and can be gifted from family.
There are others that require only 1,000 or 1% of the sales price.

For and financing questions, feel free to contact me.

Alexander Romo
Senior Vice President Mortgage Lending
The Federal Savings Bank


Free pre approval, click below
0 votes Thank Flag Link Fri Sep 20, 2013
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