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Mandatory down payment in Texas

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smaria2405 Joined: 15 Mar 2010 Posts: 1 1.26 Dollars($)	Posted: Mon Mar 15, 2010 1:58 pm    Post subject: Mandatory down payment in Texas Like 0 Dislike 0 is there a new law that would require a A paper to need a down payment? or is the realtor pulling my chain?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Mar 15, 2010 8:14 pm    Post subject: Like 0 Dislike 0 Hi smaria! Welcome to forums! As far as I know, if you want to take a conventional mortgage, you will have to pay a down payment of 20% and for a FHA loan, you will have to pay a down payment of 3.5%. This is similar for all states as per my knowledge. If you're unable to pay the down payment, then you'll have to go for a mortgage insurance. Feel free to ask if you've further queries. Sussane
tfaulhaber1 Community Expert Joined: 17 Dec 2009 Posts: 562 75.68 Dollars($)	Posted: Tue Mar 16, 2010 5:22 am    Post subject: Like 0 Dislike 0 If you're looking to put the least amount of money down on a home in Texas, FHA is the route you should go. Minimum requirement is 3.5% (which can be a gift). The only down fall which isn't that major is FHA will add MIP on top of the loan at closing and you will be required to pay mortgage insurance on a monthly basis. _________________ Theo (Ted) Faulhaber 516-403-9116 516-634-4417 tfaulhaber (at) vanguardfunding.net

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