3% minimum down for Fannie Mae My Community (conventional loan)
3% down for FHA
your monthly payment is made up of several different factors, including local and state real estate taxes, school taxes, amount down, Home Owners insurance, Mortgage insurance, and your interest rate.
Please contact me for a mortgage quote, you can find my contact info on my website.
Do you know that if you are a first time home buyer there could be some program available (the programs are called differently at different times, but the principle is the same) to help with the downpayment?
Call me at 703-272-2360 if you are looking for a home in Northern VA, I work with a few lwnders who can help. All the best!
The minimum cash investment for an FHA loan is 3.00%, however that will be increasing to 3.50% with the new FHA Modernization Act, effective January 2009. Please give me a call if you would like to be prequalified for a mortgage loan. I am a direct lender and I am also a HUD underwriter. I have been doing FHA loans since 1989.
United Mortgage Corp