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LInMI
LIF Adult
Member since 7/10 1802 total posts
Name:
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Conventional Mortgage
Hi,
Can you please recommend where you got your conventional mortgage with less than 20% down? TIA.
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Posted 5/29/13 10:29 AM  |
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Prudential Douglas Elliman Real Estate
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blustar214
So in love with my little girl
Member since 1/10 2471 total posts
Name:
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Re: Conventional Mortgage
Bethpage offers conventional mortgages with as little as 5% down.
Message edited 5/29/2013 10:30:44 AM.
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| Posted 5/29/13 10:30 AM |
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blonde667
LIF Toddler
Member since 5/06 426 total posts
Name:
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Re: Conventional Mortgage
I just did Wells Fargo with 10% down. I know they do 5% also
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| Posted 5/29/13 10:38 AM |
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Re: Conventional Mortgage
I don't know of any lenders that require 20% down for a conventional loan. The 20% down is just to avoid paying pmi.
I've had people do as little as 5% down, although most conventional buyers have at least 10%.
However, the qualification requirements are more strict for a conventional loan, and get stricter the less money the buyer is putting down. So if someone wants to go conventional with less than 10% down, they really need stellar credit and a great debt to income ratio. For that reason, many buyers with a smaller down payment need to go the FHA route.
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| Posted 5/29/13 12:19 PM |
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