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KS13
Life is good.
Member since 6/10 1203 total posts
Name:
K
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Down Payment and Mortgage Rate
So I have been reading some things online and have been noticing that some sites state that if you do not have at least 10% there is no way to get a good mortgage rate.
Is this true?
We're only going to have 5% down..
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Posted 3/4/11 2:31 PM  |
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Lori11514
LIF Infant
Member since 11/10 229 total posts
Name:
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Re: Down Payment and Mortgage Rate
We put 5% down and are paying 5.25% and that's with a 203 rehab which has higher rates than the normal FHA. With our lender, the FHA is at 4.75, with 3.5% down. FM me if you want his contact info!
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| Posted 3/4/11 2:34 PM |
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KS13
Life is good.
Member since 6/10 1203 total posts
Name:
K
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Re: Down Payment and Mortgage Rate
Posted by Lori11514
We put 5% down and are paying 5.25% and that's with a 203 rehab which has higher rates than the normal FHA. With our lender, the FHA is at 4.75, with 3.5% down. FM me if you want his contact info!
Thanks!!
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| Posted 3/4/11 2:36 PM |
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MarsB
LIF Adult
Member since 11/10 1456 total posts
Name:
Martha
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Re: Down Payment and Mortgage Rate
We put 3.5% down and got a 4.5% rate on an FHA loan in November 2010. And DH did not have good credit.
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| Posted 3/4/11 2:46 PM |
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CupcakeLady
LIF Toddler
Member since 10/10 423 total posts
Name:
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Re: Down Payment and Mortgage Rate
Not true. Explore all of the options. There are some great programs that will help you if you have a low down payment, and if you have great credit that helps, too. FHA, SONYMA, etc...
We put down 5% and got a great rate using FHA- can't remember exactly, but it was low.
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| Posted 3/4/11 5:41 PM |
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missfabulous
#mommyneedswine
Member since 6/09 10031 total posts
Name:
Colleen
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Re: Down Payment and Mortgage Rate
We're putting 3.5% down and we're getting a rate of 4.75% so its def. not true.
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| Posted 3/4/11 5:55 PM |
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Re: Down Payment and Mortgage Rate
we put down 0, and got 4.75%
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| Posted 3/4/11 7:09 PM |
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KS13
Life is good.
Member since 6/10 1203 total posts
Name:
K
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Re: Down Payment and Mortgage Rate
Thanks everyone. This is good news! 
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| Posted 3/4/11 8:52 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Down Payment and Mortgage Rate
I think it could be true, we put down 20% , the bank contacted our mort broker bc we were putting 20 % we got a 30 fixed rate of 3.875 with zero points
this was in November 2010
Message edited 3/5/2011 10:20:39 AM.
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| Posted 3/5/11 10:19 AM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: Down Payment and Mortgage Rate
We are putting gown 10% and getting 4.5% rate...but if we wanted to, we could ave put down less and still gotten the same rate.
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| Posted 3/5/11 12:39 PM |
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ThePs1023
LIF Toddler
Member since 8/10 377 total posts
Name:
Rachel
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Re: Down Payment and Mortgage Rate
i believe you have to pay PMI if you do not put 20% down, but I could be mistaken
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| Posted 3/6/11 6:15 PM |
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KS13
Life is good.
Member since 6/10 1203 total posts
Name:
K
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Re: Down Payment and Mortgage Rate
Posted by ThePs1023
i believe you have to pay PMI if you do not put 20% down, but I could be mistaken
Yes. We know that we will definitely have to pay PMI.
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| Posted 3/6/11 6:27 PM |
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