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Can you put down a minimum of 3.5% on a conventional loan?

JKennedySLG · Posted: Sat Dec 12, 2009 11:54 am Post subject:

No, the minimum allowable down payment of 3.5% is stricly for FHA mortgages. If you are considering putting down anything less than 20%, FHA is typically the best route considering Mortgage Insurance is cheaper via FHA compared to Conventional. I hope this helps...

gmakerley · Posted: Sat Dec 12, 2009 6:55 pm Post subject:

not only that, but obtaining mortgage insurance on conventional loans has become increasingly difficult for those with lower down payments. you can count on needing not less than 10% down on a conventional loan, if you have very good credit, if you wish to qualify for mi. with lesser credit, you're better off putting 20% down, because mi companies will sneer at you.

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