Home Buying in Los Angeles>Question Details

Emmaj, Home Buyer in Los Angeles, CA

What are other options besides FHA, if i have good credit but less than 20% down for a home?

Asked by Emmaj, Los Angeles, CA Wed May 23, 2012

Help the community by answering this question:



There are conventional loans for as low as 5% down (but only a few companies offer this). It depends on credit, income, job history and some other factors that only a qualified mortgage professional can take you through. Do you have a mortgage company you're working with? Do you want a referral to ones offer 5 and 10% down conventional loans?

Call Jovan at InHouseLender
0 votes Thank Flag Link Sun May 27, 2012
Hello Emmaj,

There are conventional loans with less than 20% down for very well qualified buyers. Keep in mind however if you put less than 20% down you may have tp purchase PMI. (Private Mortagae Insurance)

Best of luck to you!

Kawain Payne, Realtor
0 votes Thank Flag Link Sat May 26, 2012
Hey Emmaj,

Keep in mind that with an FHA Loan you can put down a minimum of 3.5% down and refinance 6 months later to a lower rate. FHA Loans are great loans and i highly recommend you getting an FHA Loan. I can get you pre-approved in less then 2 days, if you are still looking please give me a call when you get a chance.

Jovan Simon
Account Manager
In House Lender
0 votes Thank Flag Link Wed May 23, 2012
Lots of options but compare rate and fees. If you are looking in the SFV my lender and I would be happy to help you.
0 votes Thank Flag Link Wed May 23, 2012
Emmaj: We are now offering a program where you put 10% down and a 10% second is available to you giving you an 80% loan which allows you to avoid mortgage insurance!

You can also obtain a 95% loan with lender paid mortgage insurance (increase the interest rate to cover the mortgage insurance). This is a great loan, as well, as the additional interest is tax deductible.

Should you purchase a FNMA repo property, you may be eligible for the 3% Home Path loan.

There are many good loans available!

If you give me some specifics, I will point you in the proper direction!!
0 votes Thank Flag Link Wed May 23, 2012
Please make sure you ask how much the mortgage insurance rate is and for how long.
If you need a referral to a direct lender please give me a call.
0 votes Thank Flag Link Wed May 23, 2012
other options for you if your ficos are above 700:

5 to 10% down conventional loans with mortgage insurance

3% conventional loan with no mortgage insurance, this one is based on income and property location.

Alberto Pacheco
Keller Williams Granada Hills
818 481 9211
Lic 01200694
0 votes Thank Flag Link Wed May 23, 2012
There is such a thing asa 5% and 10% conventional mortgrate program. If you work with a mortgage broker, I would as about these options. You might also see whether you qualify for a CAL-FHA loan - again, your mortgage broker should be able to tell you that!
0 votes Thank Flag Link Wed May 23, 2012

I am a direct lender, and I have every option that is best suitable for you. From conventional 3% down to FHA. We also have the lowest interest rates along with competitive closing costs. We even have a no cost option.

Please contact me to further discuss your many options.

0 votes Thank Flag Link Wed May 23, 2012
There are numerous programs available for you.
I work with a Loan Broker that has amazing results with buyers like yourself. It is important to have OPTIONS when working with lower down payment products. most banks and direct lenders don't have options-they just have one product they try to get you to buy-often not what is best for you!

Please feel free to contact me so we can discuss loan programs. I managed a Loan offcie for several years and I am very familiar with loan availability today.

Tim Jarnot – Broker
Westline Properties
DRE # 01274482
Direct: (310) 795-7807
0 votes Thank Flag Link Wed May 23, 2012
If it is not FHA, there are other options like Conventional loan, Fannie Mae Home Path program, etc.

Have you been pre-qualified for financing yet?

Call me to find out how I can help you find your dream property.

Douglas Perez
(213) 375-8741
0 votes Thank Flag Link Wed May 23, 2012
Hi Emma;
There are myriad programs available to you. I am happy to give you a list of lenders that specialize in loans such as these. Please feel free to contact me directly.
Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) (310) 800-2954
Accredited Buyer Representative|Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified
I want you to know that I appreciate any referrals from friends and associates who may be in the market to buy or sell real estate. You can count on me giving them the same high-quality service I provide to all of my clients.
0 votes Thank Flag Link Wed May 23, 2012
Hello, Emma,

There are many other options for obtaining a loan other than FHA. My most popular one is the lender paid MI program with only 5% down. You avoid the up front mortgage insurance premium and the monthly mortgage insurance that goes along with FHA.

Please contact me to further discuss these options. FHA would be your last resort. 322-284-6031.
0 votes Thank Flag Link Wed May 23, 2012
Hello Emmaj,
You can go with a 5% or 10% conventional down payment. Please let me know if you would like for me to put you in contact with the lenders I use.

Best regards,
DJ Bonner
Keller Williams Realty.
0 votes Thank Flag Link Wed May 23, 2012
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