http://www.trulia.com/voices/Financing/Luck_getting_mortgage_with_less_than_down_-18233What kind of luck are people having in being approved for a mortgage if you put less than 20% down? I have very good credit, and can afford the monthly payments (plus taxes, insurance, and PMI if need be) on a house in the price range I'm considering, but I'm looking to only put 10-15% down.en-ushttp://www.trulia.com/voices/profile/Real_Estate_Pro-60603-67967/http://www.trulia.com/voices/profile/Real_Estate_Pro-60603-67967/Stacey thanks a bunch for your input !! Always good to hear from Consumers on here!Mon, 20 Jul 2009 16:04:12 -0700http://www.trulia.com/voices/profile/Home_Buyer-Blue_Island_IL-612412/http://www.trulia.com/voices/profile/Home_Buyer-Blue_Island_IL-612412/I'm getting a loan from Northern Trust with only 2% down. My credit score is pretty good (730). Im not sure if purchase price plays a factor, but my home is 125K. Try them out. Also FHA is between 3 and 4 %. I believe Wells Fargo and Fifth Third dont require that much either.Wed, 08 Jul 2009 18:28:55 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-60603-67967/http://www.trulia.com/voices/profile/Real_Estate_Pro-60603-67967/Hi William, How about Seller financing? I am getting asked more and more about what other available options there may be for new homebuyers that do not have the 3.5% downpayment. Can you elaborate for these homebuyers thier options if they do not have the 3.5% downpayment including many state and local government and nonprofit lenders?Tue, 30 Jun 2009 12:43:51 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Chicago_IL-680262/http://www.trulia.com/voices/profile/Real_Estate_Pro-Chicago_IL-680262/Moving2Chicago, it seems that you should not encounter any obstacles to be approved for a mortgage with less than 20% down if an experience mortgage broker/lender has preapproved you based on your (1) credit, (2) income, (3) current liabilities and (4) any compensating factors, if required. You may have to decide on the whether conventional or FHA mortgage financing is the right solution for you. Have fun deciding on the right home among the supply of for sale homes.Tue, 30 Jun 2009 06:15:16 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-60603-67967/http://www.trulia.com/voices/profile/Real_Estate_Pro-60603-67967/UPDATE: FHA now requires 3.5% down. Also, can be borrowed from family. We are still waiting on answer on the $8K Homebuyer Credit to be allowed as downpayment in Illinois. Other states have already rolled it out, we are still waiting! Also, VA Loans require "no downpayment" for a Single Family up to 4 unit home.Mon, 29 Jun 2009 13:52:23 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-60603-67967/http://www.trulia.com/voices/profile/Real_Estate_Pro-60603-67967/BTW - Your web site is excellent! Very Informative and a great tool for consumers!Thu, 17 Jan 2008 13:57:43 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Illinois-100610/http://www.trulia.com/voices/profile/Real_Estate_Pro-Illinois-100610/Christine is correct that FHA is a great program for those who qualify. The most important issues are probably being able to well document your income and purchaing withing the maximum lending limits set by the FHA by county. Please visit my blog for more information http://localism.com/article/114283/FHA-Loans-back-in-style-forThu, 17 Jan 2008 12:11:40 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-60603-67967/http://www.trulia.com/voices/profile/Real_Estate_Pro-60603-67967/Consumers need to research more and not believe what random loan brokers tell them. FHA is out there and has been out there. Takes a little longer and more stringent, but you can have a 3% downpayment (that can also be given to you as a gift from a family member or relative!), but you have to use an FHA approved bank. Here is more info all about FHA loans: http://www.consumeraffairs.com/news04/2007/12/fha_senate.html http://www.fha.gov/buyer/index.cfm The best consumer is an "educated" consumer.Thu, 17 Jan 2008 11:23:37 -0800http://www.trulia.com/voices/profile/Home_Buyer-Chicago_IL-132007/http://www.trulia.com/voices/profile/Home_Buyer-Chicago_IL-132007/Thanks all. I'm looking and have found listings matching what I'm looking for between $200-300k. I suspect my Fico score is around 750. I'm not sure of my wife's though.Sat, 12 Jan 2008 05:55:55 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Illinois-100610/http://www.trulia.com/voices/profile/Real_Estate_Pro-Illinois-100610/Like Elvis said, the definition of "good credit" is becoming more difficult. With the collaps of subprime, most lenders underwrite loans the approve to conform with Fannie Mae or Freddie Mac guidelines so they will purchase your "conforming" loan after close. No matter who you originate your loan with, it's likely to be bought by them and re-sold as part of larger mortgage backed securities to off shore investors or pension funds. Fannie/Freddie & FHA are effectively the true underwiters of your mortgage loan. With credit above 680 you are likely to find high LTV financing for an y Owner Occupied property with as little as 10% down. Do you know what your Fico Midscore is? If you don't know what that means consider visiting my blog on this subject. http://activerain.com/blogsview/113249/FICO-credit-scoring-vs Greg ZaccagniFri, 11 Jan 2008 19:23:49 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Denver_CO-122103/http://www.trulia.com/voices/profile/Real_Estate_Pro-Denver_CO-122103/Moving2Chicago - I suspect the answer depends on what the purchase price is - on Monday of this week, I had a Buyer get pre-approved with 2 lenders for 100% financing for just over $300,000 purchase - both lenders were including mortage insurance but the rates were 5.875% for one and 6.125% on the other - Buyers have good credit scores and good income - I hope that helps.Thu, 10 Jan 2008 16:19:16 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Downers_Grove_IL-118309/http://www.trulia.com/voices/profile/Real_Estate_Pro-Downers_Grove_IL-118309/With 10 to 15% down and good credit you should have no problem getting a loan. The guidelines have tightened, and it is more expensive to get a conventional loan, especially if you have a low down payment and marginal credit. But it is not nearly as hard as some are making it out to be. With a 10-15% down payment you will also have the option of using a second mortgage to avoid the mortgage insurance, which in some cases can save you money. There are a lot of programs available, depending on your situation. The best thing you can do is talk with a loan officer and get pre-approved before you start looking. Best of luck, I hope this helped.Thu, 10 Jan 2008 09:17:36 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Chicago_IL-103773/http://www.trulia.com/voices/profile/Real_Estate_Pro-Chicago_IL-103773/I agree.. with good credit and at least 10% down- you should be able to easily find a loan. My favorite broker is Professional Mortgage Partners- email Jon at jond@promortgagepartners.com. Also ask about the city programs (depending on your income level and where you are buying).Thu, 10 Jan 2008 08:05:43 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Chicago_IL-80452/http://www.trulia.com/voices/profile/Real_Estate_Pro-Chicago_IL-80452/You should not have a problem getting a mortgage if you can put 10-15% down and you have the means to make the payments. Additional factors that influence the down payment required by a lender are if you own additional property or are self employed. Before making any decision to buy I always recommend my clients contact a mortgage broker/lender who can answer your specific questions and pre-approve you based on the financial details you provide. That way you'll know all your options before you make a decision to buy and will show sellers that you have the ability to close on the purchase subject to receiving a loan commitment from the lender. Best of luck. Ken.Thu, 10 Jan 2008 08:02:08 -0800