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Brenda W. Stroud
"Let me help You find your way Home!"
- 15 Answers
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Watson Realty Corp Realtors
direct line # 352-473-6208 ... show more
direct line # 352-473-6208 ... show more
Brenda W. Stroud answered:
Baker,
The request of 20% down is on a conventional mortgage, many lenders will allow less of a down payment on a conventional mortgage; However, then you are required to buy mortgage insurance. And yes this is the way it is now, due to all of the no money down loans and stated income loans that turned bad. The lenders have gone back to the original ways of lending. You could check on some other types of loans or just bite the bullet and pay for the mortgage insurance.
Being an ex-credit manager, I believe that inquires from the same type of institutions within a certain time period, are considered to be one; due to the "shopping around" factor. Same if your pricing car insurance.
You can't qualify for the 1st time home buyers tax credit if you have a home in your name already, or have had a home in your name within the last 3 years. Beware of those advising to trick Uncle Sam.
http://www.BrendaWStroud.com
The request of 20% down is on a conventional mortgage, many lenders will allow less of a down payment on a conventional mortgage; However, then you are required to buy mortgage insurance. And yes this is the way it is now, due to all of the no money down loans and stated income loans that turned bad. The lenders have gone back to the original ways of lending. You could check on some other types of loans or just bite the bullet and pay for the mortgage insurance.
Being an ex-credit manager, I believe that inquires from the same type of institutions within a certain time period, are considered to be one; due to the "shopping around" factor. Same if your pricing car insurance.
You can't qualify for the 1st time home buyers tax credit if you have a home in your name already, or have had a home in your name within the last 3 years. Beware of those advising to trick Uncle Sam.
http://www.BrendaWStroud.com
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