FHA Mortgage (low down payment) for new house

Asked by Alex R, Pennsylvania Thu Mar 24, 2011

Hello - I have excellent credit (750 ) and a high income and I own my home, on which I have a noted underwritten by the Pennsylvania Housing Finance Agency (PHFA). I am looking for my next primary residence, but would like to keep my existing property and put down a low down payment (4-5% of property value) on the new house.

Since I put down only 3% on my 1st property, when I acquire my next primary residence can I still get away with putting down a low down payment (4-5%)

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Answers

3
David Cooper, Agent, Los Angeles, CA
Thu Mar 24, 2011
You can get a 10% down investor loan on a 2nd house thru Fannie Mae Foreclosure wensite called HOMEPATH. That's the best downpay for a 2nd or investor I know of today that has a competitive interest rate.


David Cooper Las Vegas Foreclosure House Investor. Ask for FReee List of Bank Owned with Cash Flow +1-7024997037 davidcooper@lasvegaswinner.org not a real estate agent
0 votes
Dallas Texas, Agent, Dallas, TN
Thu Mar 24, 2011
Your entire file would be required to review in order to render an opinion

Confer with your mortgage broker

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Elizabeth He…, Agent, Agawam, MA
Thu Mar 24, 2011
Check with your mortgage lender and ask them if you qualify for any available mortgage products that offer low down payments.
0 votes
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