Can I obtain a mortgage with less than 20 % down?

Asked by Maevespain, Amesbury, MA Tue Mar 6, 2012

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David Kres’ answer
David Kres, Agent, Haverhill, MA
Tue Mar 6, 2012
Absolutely. Conventional mortgages (insured by Fannie Mae & Freddie Mac) start at 5% down.

FHA mortgages are 3.5% down.

SoftSecond (Mass Housing Partnership) is 3% down.

And MassHousing has a 3% down product with no mortgage insurance or upfront mortgage insurance premium.

Let me know if you need a referral to a mortgage professional that can originate/underwrite these loans!
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Kevin Vitali, Agent, Tewksbury, MA
Tue Mar 6, 2012
A little bit of a loaded question. Depends on the type of property, occupancy and credit profile. But there are programs that allow fr 3-3.5% down and even a few that allow 100% financing.

The best thing to do is call a mortgage officer and find out for sure.
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Lisa Johnson…, Agent, Newburyport, MA
Tue Mar 6, 2012
The only person that can confirm what you need as a down payment is a mortgage person after they have reviewed your credit. I sell homes in the area and would be happy to give you some references for respected local lenders to speak to. If interested feel free to email me.
Good luck!
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David Mahoney, Agent, Somerville, MA
Tue Mar 6, 2012
Yes you can, in most cases. The rate is typcally dependant on what type of property you are buying. For example the % down is slightly higher for a Condo, between 5% and 10%. For a single family, the down payments range between 3% and 3.5%. My mortgage broker actually has a new program for as little as 3% down and no private mortgage insurance. I can certainly help you with a home search, and also direct you to my Mortgage Broker. My contact info is on the web link below. If you click on the Mortgage Calculator Tab, the mortgage brokers info is there. Id be happy to help!
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Scott McCaul…, Other Pro, Portsmouth, NH
Tue Mar 6, 2012
Yes you can!
FHA is 3.5% down, and you can have the home seller contribute up to 6% of the sale price towards closing costs, making for very little out of pocket. Rates are often BETTER than conventional too!

USDA also has a 0% down option. USDA only works for certain towns that are considered rural by their standards.

VA (for Veterans) is 0% down too.

Let me kow if you would like to be pre-qualified at no cost or obligation. My contact info is on my link below.

Scott McCauley
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Mike Elias (…, , Haverhill, MA
Tue Mar 6, 2012
Yes you can purchase a home with less than 20% down payment
1. Conventional mortgage, you can purchase with 5% down
2. FHA mortgage, you can purchase with 3.5% down
3. Mass-housing mortgage, you can purchase with only 3% down WITHOUT mortgage insurance (PMI)

Please email me for more information
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Michael Cons…, Agent, North Andover, MA
Tue Mar 6, 2012
In almost all cases, the answer is yes. Feel free to call or email me separately to talk more about what you are looking to buy and I can help you out.

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