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Little downpayment, good credit

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Baharandbaran Joined: 21 Apr 2011 Posts: 1 1.33 Dollars($)	Posted: Thu Apr 21, 2011 8:25 pm    Post subject: Little downpayment, good credit Like 0 Dislike 0 Do zero down loans still exist. I make $100k and have credit of 770. Does anyone know what I could qualify for, with very tiny down payment? Thanks.
jimgilly Community Expert Joined: 28 Jan 2010 Posts: 145 Location: USA 36.21 Dollars($)	Posted: Thu Apr 21, 2011 11:52 pm    Post subject: Like 0 Dislike 0 The USDA has Rural Development loans available with zero down as does the VA if you qualify and served in the military. FHA has 3.5% down payment requirements - with conventional loans (sold to Fannie Mae/Freddie Mac) generallty requiring 10% down. You can also do a search on Google by first typing in the state you live and then adding either "housing finance authority" or "housing finance agency". Many states have special programs especially for first-time home owners with low down payments, rates and fees.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Fri Apr 22, 2011 12:05 am    Post subject: Like 0 Dislike 0 Welcome Baharandbaran, Most lenders have stopped giving zero down loans after the real estate crisis hit the market. FHA loans require a down payment of 3.5% - 5% whereas conventional loans require a down payment of 20%. If you're unable to pay the required down payment, you'll have to go for private mortgage insurance. _________________ Procrastination is the enemy of your financial success
jimgilly Community Expert Joined: 28 Jan 2010 Posts: 145 Location: USA 36.21 Dollars($)	Posted: Fri Apr 22, 2011 12:23 am    Post subject: Like 0 Dislike 0 Conventional loans DO NOT require a 20% down payment. What do you think private mortgage insurance is for?
sunil87020 Joined: 04 May 2009 Posts: 339 26.96 Dollars($)	Posted: Fri Apr 22, 2011 2:38 am    Post subject: Like 0 Dislike 0 I will say Zero down may exist. But generally mortgage company's not allow for zero down. As you know FHA requires only 3.5% Down and VA Loans requires 0 Down. In general marginal credit will qualify for low ffixed mortgage rate program.

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