Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

General Area in 11235 : Real Estate Advice

  • All97
  • Local Info3
  • Home Buying57
  • Home Selling15
  • Market Conditions1

Activity 1
Fri Jul 20, 2012
answered:
Dear Euro,

For most qualified HomeBuyers, (Non-Veterans,) the program with the lowest down payment requirement currently is the FHA or Federal Housing Administration. The FHA Insures mortgages made by banks and Mortgage Bankers and allows for a down payment of only 3.5%.
http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home

After FHA, Conventional financing through either FannieMae or FreddieMac allows for a minimum down payment of 5%. The Lender will need to obtain approval from a Private Mortgage Insurance company (PMI) to complete the loan approval.

The best way to have your questions about down payment and mortgage qualifications answered is to locate a local Mortgage Banker with at least 15 years experience. Mortgage professionals like myself who work for local Mortgage Bankers are Licensed as opposed to the registered status of sales people at regular banks. Thus you will receive a higher level of service which is just what a First Time HomeBuyer needs in the Bronx.

You can verify the License of any Licensed Mortgage Loan Originator at nmls.consumeraccess.org

Hope this helps!

Trevor Curran
NMLS #40140
... more
0 votes 8 answers Share Flag
Search Advice
Search

Followers

594