Yes, there are situations in which 20% down would be required on a conventional loan. Conventional loans are mortgages sold to Fannie Mae or Freddie Mac without a Federal insurance guarantee such as FHA, VA, or USRDA.
When applying for a mortgage, you must satisfy as many as three separate entities. First, you must meet Fanne Mae's or Freddie Mac's guidelines unless your lender will hold the loan in its portfolio. Second, you must meet the lender's own guidelines which may be more restictive than those issued by Fannie or Freddie. Finally, if you are putting down less than 20%, you must meet the guidelines on the private mortgage insurance company since Fannie and Freddie require PMI on all loans with less than 20% down.
Now here are a few situations in which 20% down would be required on a Conventional mortgage REGARDLESS of credit score or history:
1.) You are purchasing a condo, townhouse, or attached housing in Florida ro a similar "distressed market" and your lender uses Genworth for private mortgage insurance
2.) You originated your mortgage loan with a broker and the lender requires you to use PMI Group for private mortgage insurance
3.) You are buying attached housing in a distressed market and your lender requires use of MGIC for private mortgage insurance.
4.) You are buying a manufactured home in a distressed market.
There's also other products that can finance more or less depending on your situation. As a loan officer for National City, I might be able to help you. Feel free to give me a call 561-573-2955
I am a mortgage broker. If I can be of service, please let me know!
877-238-6324 Ext 704
you can still get to 90% as long as you're buying a house - not a condo...
you will have to have excellent credit - and also you MUST provide taxes and bank statements.
Boca Executive Realty & Mortgage
American Pacific Mortgage
â€¢ Job Stability
â€¢ Continuity of Employment
These are a few of the criteria a lender will use to make a decision. 20% is rather normal these days- 10-15% is a real possibility.
If you are buying a primary residence and you have a good,stable income without a lot of debt then you should have no problems getting a conforming loan with 10% or 15% down or an FHA loan with as little as 3.5% down.
If you're trying to buy a condo or an investment property then you may need a larger down payment.
Speak with a reputable, local lender who can try and lay out your options for you
Best of luck,