what is the lowest percentage you need down to purchase a thirty year convenential mortgage/?

Asked by Susan, Poughkeepsie, NY Sat Apr 9, 2011

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13
Ruth and Per…, Agent, Los Gatos, CA
Sun Apr 10, 2011
Hi Susan

The lowest percentage will range from zero to twenty percent.

If you are not a Vet. Or the area does not qualify for a USDA loan then you are looking at
3.5%.

Good luck.
Perry
Web Reference:  http://www.ruthandperry.com
0 votes
Judi Monday,…, Agent, Green Valley, AZ
Sun Apr 10, 2011
Hi Susan,

Typically in today's lending environment it will be 20% for a conventional loan. HOWEVER, there are many lending packages out there so it does pay to shop around for one that works for your financial situation.

Best Of Luck,
Judi
0 votes
George Batch…, , Dutchess County, NY
Sun Apr 10, 2011
Hi Susan,

Yhe answer to your question does vary depending on the loan package you select and your credit rating. It would be best to consult with a trusted bank or Mortgage Professional what package would best suit your needs. Generally though, 3.5% FHA or lower if you qualify for SONYMA or VA
0 votes
Justin Ruzic…, Agent, Greenville, SC
Sun Apr 10, 2011
Susan:

A conventional Mortgage is from a Bank, not the Federal Government, which is called an FHA mortgage. FHA, Fannie Mae, the quasi government lending institution has low levels of down payment requirements, as state by others that is 3.5%, with that low down payment comes a higher level of risk for default, i am not suggesting you are ever going to consider such an option, but statistically low down payment, higher risk of default, you have less to loss. OK, you know all that. To get a conventional loan you are likely to pay 20% down. Some banks will give a loan with as little as 10% down, but because you are not vested in the home with 20% equity, you will be required to pay Mortgage Insurance, which is maybe $50-$100 a month for a $150K mortgage amount with 10% down. NOW, FHA given the same scenario, lets say 10% down, you still forced to pay MI, with an FHA loan that MI is 50% higher...you gotta love the government...offer a product that is risky then charge a 50% premium on MI to cover their risky loan product.
I am very passionate on this subject, i write tons about down payment, affording your home ect...here is one of my blogs.
http://blog.house-guy.com/2011/01/buying-house-costs-more-th…

best of luck,
OH yeah, real estate prices are going anywhere for a long time, so don't be i a rush!
ps, if you have found this to be a helpful answer please mark it as BEST...Thank you kindly.
0 votes
Hezrell Vasq…, Agent, Massapequa, NY
Sun Apr 10, 2011
20% down of the amount of the property. for futher question you could contact me (516)593-4141
0 votes
Karen McAnney, , Poughkeepsie, NY
Sun Apr 10, 2011
The answers that you have received are very accurate. FHA requires 3.5% at time of signing contracts. If you need help finding the perfect home feel free to contact me. I would love to help you.
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Apr 9, 2011
3.5% - or + however each applicant can vary speak direct 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
Gregorio Den…, , San Diego, CA
Sat Apr 9, 2011
Homepath is a Fannie product and thus a conventional mortgage. With a Homepath mortgage you only need 3% down. If the home does not qualify for Homepath, the least down on a conventional mortgage is 5%. For non-conventional (FHA) that would be 3.5%. For non-conventional (VA), it would be zero.
Web Reference:  http://TripointMortgage.Net
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Apr 9, 2011
Consider visiting with any qualified loan officer, after reviewing your overall financials and credit, a determination on qualification can be made, the type of loan, how much, how much down, etc.; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes
Jennifer Fiv…, Agent, Red Hook, NY
Sat Apr 9, 2011
Susan as you can see from the previous comments, the amount varies depending on the program. My suggestion to you would be to meet with a mortgage professional to see what program will work best for you.

If you are a first time buyer there are programs locally that you could benefit from based on your income level.
0 votes
Jim & Cas Wh…, , Dutchess County, NY
Sat Apr 9, 2011
Everything already posted is correct, but there are 5% and up "conventional" mortgages also available.
Web Reference:  http://DutchessRE.com
0 votes
Gregory Schr…, Agent, Beacon, NY
Sat Apr 9, 2011
0% for USDA and VA
3% for SONYMA in NY
3.5% for FHA
10% to 20% for Fannie/Freddie depending on your credit and the PMI company involved
0 votes
Don Tepper, Agent, Burke, VA
Sat Apr 9, 2011
Zero if you qualify for VA.

3.5% if you qualify for FHA.

20%, pretty much, if you're looking for a 30-year conventional mortgage.

A mortgage broker or lender can provide more specifics.
0 votes
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