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I need help finding a lender that will accept 10% down on a conventional loan? For retirement purposes, we'd like to purchase our 3rd and final home but can't find a lender that will accept 10% down. Every lender we've tried is asking for 20% down. Our credit scores are 725, 730 & 695. Any help is appreciated.

jameshogg · Posted: Tue Dec 16, 2008 11:20 pm Post subject:

Hi Guest,

You can get a conventional loan with 10% down but lenders will ask for a PMI (Private Mortgage Insurance). PMI is an extra insurance that lenders require from most home-buyers with less than a 20% down payment. Did the lenders give you the option of PMI to get the loan? If you can afford a PMI, I think then the lenders will agree to give you a conventional loan. Why don't you try for a FHA loan? However, in case of a FHA loan, you will have to go for a PMI with 10% down.

You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. Let's hope they will be able to help you.

Thanks

gmakerley · Posted: Wed Dec 17, 2008 8:37 am Post subject:

the issue here, clearly, is the private mortgage insurance. it appears that pmi companies have changed their standards so greatly that obtaining the insurance is now requiring a miracle.

perhaps you're looking at the wrong lenders - there ought to be a pmi company out there willing to insure you, and i say that based strictly on your credit scores.

certainly, fha is an option as well. you may find conforming rates a bit lower than fha at this point, but you can also rest assured that the mortgage insurance required on an fha loan will be a no-brainer, and you'll get your loan and be able to close in a timely fashion.

parmoney · Joined: 05 Dec 2008 Posts: 37 11.32 Dollars($)

Will you be residing in the the new property or is this an investment for the time being until you retire?

gmakerley · Posted: Wed Dec 17, 2008 8:57 am Post subject:

that's not a question that occurred to me, parmoney; but you may have hit on something.

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looking for 10% down conventional loan