Loan options other than FHA for low down payment

Asked by BrooklyntoIslandFirstTimers, New York Wed Jun 12, 2013

First-time home buyers... My credit scores are Equi 790, Exp 795, Trans 761. MY husband's are low 700's. We want to put 3-3.5% down. We were pre-approved for an FHA loan; however, the high PMI is concerning.
Are there any other options? Fannie Mae Conventional 97? We're looking in Nassau County, NY

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Jun 12, 2013
Yes there are other options. You have SONYMA, My Community and other programs out there which require a much cheaper MI than FHA and same down payment.

I would be happy to assist you if you need someone. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
1 vote
Thank you for your help. I will look into what you suggested.
Flag Wed Jun 12, 2013
Hezrell Vasq…, Agent, Massapequa, NY
Fri Oct 4, 2013
I recommend to contact David Mizrahi from Guarantee Mortgage at 917-793-6120
0 votes
Radames Medi…, Home Buyer, Lynbrook, NY
Wed Sep 25, 2013
can a va loan be used with no down payment or small down payment
0 votes
, ,
Thu Jun 13, 2013
Thank you for including your credit scores as they are the main piece of information I needed to answer your question accurately. While we would definitely need to discuss the property of interest further, I would be able to accommodate your home purchase for a conventional loan with only 3% down. This would definitely make most sense for multiple reasons; you'd have an even lower down payment, and your mortgage insurance would be greatly reduced.

Please contact me at your earliest convenience so we may explore all options and structure your mortgage so it makes absolute sense with an affordable payment.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Consultant
(201) 957-6768
0 votes
Nina Harris, Agent, Williston Park, NY
Wed Jun 12, 2013
sonyma is a good option. pmi is not for the life of a loan as it would be for fha mortgages. I just closed on a home where the buyer went with sonyma loan. The buyer was very pleased.
0 votes
Thomas Brady, Agent, Plainview, NY
Wed Jun 12, 2013
I would advise going to a reputable mortgage broker. Brokers usually have a lot more options to offer you than bankers. You may also want to explore buying using sellers concessions to put more into the down payment and less of your money into closing fees. I've heard good things about Javier below, give him a call and see if he can help you.
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Wed Jun 12, 2013
Shop around for a mortgage broker that can explore all your financing options. Mortgage broker have access to many banks, private lenders and different programs.

All the best,

Maria Cipollone
0 votes
Thank you. We've gotten pre-approvals from 3 different banks. We didn't even think to contact a mortgage broker until now.
Flag Wed Jun 12, 2013
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