Are banks approving loans with down payments of 3% - 10% for first time home buyers with solid balance sheets?

Asked by M, Atlanta, GA Tue Mar 24, 2009

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Brenda.Miller’s answer
Brenda.Miller, , Duluth, GA
Wed Nov 6, 2013
As stated by several responses FHA does offer 3.5% down. However if you make application right away. We are still offering 97% conventional financing up to $417,000. until mid month. This product would require a minimum credit score of 680 and would need to be completed by 11/16 to work. I would be happy to provide you a comparison with this program and FHA if you would like. You will see that the conventional PMI will be sugnificantly less than FHA MIP on a monthly basis.

Unfortunantly we have been informed that we would need full underwriting approval by 11/16. As FNMA will discontinue the 97% product after that date. There are several optons availalbe upto the 10% down as well.
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Solomon Gree…, Agent, Duluth, GA
Wed Mar 25, 2009

As you've already read, FHA does require 3.5% down. Why not get that 3.5% and more from the manny down payment assistance programs offered in Georgia and invest your own money somewhere else? Check out the blog below for several down payment assistance programs available in Georgia. Check back again later this week for the detail on programs in the City of Atlanta too.

Happy Shopping and please call if I can be of assistance.

Solomon Greene
REALTOR® / Consultant - Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes
James Dudley, Agent, Suwanee, GA
Tue Mar 24, 2009

The answer to your question is yes!

If a low down payment and a good deal on a home are what you are looking for don't rule out HUD! HUD offers a $100 down program when you purchase a HUD home!

There are some great properties available! Give me a call if you need some assistance.

James Dudley
ERA Sunrise Realty
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Lisa Crowder, Agent, Atlanta, GA
Tue Mar 24, 2009
As the others have mentioned, FHA is generally the loan program with the lowest down payment still available (3.5% along with seller contributions of up to 6%). Most conventional programs now require at least 10% but there are a few out there that might do less, depending on the size of the loan and your financial position. Every bank has different programs so just check them out.

You need to contact a reputable mortgage professional (or several in order to get a broader view of what's available). I recommend you go with someone local (preferably someone who actually can do the underwriting locally too -- a lot of the big banks have their mortgages processed out of state). Suntrust has really good rates on conventional mortgages and they do their processing locally. They also have a wide range of loan products available. Talk to your agent as well as friends and family about referrals to good mortgage lenders/brokers. If you need a referral, I'd be happy to provide you with contact info for several excellent intown lenders.

Best of luck! This is an amazing time to buy! :D
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Rick Payne As…, Agent, Norcross, GA
Tue Mar 24, 2009
Good Afternoon Home Buyer,

FHA has the best down payment program at 3.5% for first time home buyers. There are very good conventional programs between 5%-10%. I would be very happy to sit down with you and go over all the pluses and minuses of home ownership and down payment programs. I specialize in residential homes in Metro Atlanta and surrounding areas. I would very much appreciate the opportunity to find you that perfect home. To learn more about me visit my website at Especially, review "About Me" and the other information on my website. My contact information is 678-427-5512 (cell) and email

I look forward to hearing back from you in the near future.

Best Regards,

Rick Payne
Keller Williams Realty
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Carol Wilson, Agent, MARIETTA, GA
Tue Mar 24, 2009
The tax credit for 1st time homebuyers is $8000! That's incredible!!! BUY NOW!!

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Stacy Carter, , Roswell, GA
Tue Mar 24, 2009
And don't forget the government incentives/credits for first time homebuyers!!!

Stacy Carter
Roswell, GA
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Bill Piper, , Atlanta, GA
Tue Mar 24, 2009
FHa starts at 3 1/2 %. Conventional loans are available at 5-10%
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Chris Lyon, Agent, Venice, FL
Tue Mar 24, 2009

You can get an FHA loan with only 3.5% down and the sellers can pay up to 6% toward closing costs. The new FHA limit goes to $729,000.

Good Luck
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