What is typically required in terms of a down payment on a house or condo?
I'm a first time home buyer with excellent credit history and a steady, well-paying job. I know lenders are more wary of extending credit in today's market; will I be able to buy something putting down only 10% or less?
Asked By: fleepflawp - 2/27/2008
Best Answer - Chosen by Asker
You should be able to put 10% down and still be approved for a loan. If you go through Bank of America, they have a loan program called No Fee Mortgage Plus Program for first time home buyers. They waive closing costs and lender fees, and also waive the PMI. This is a 30-year loan.
Answered By: Karin - 2/27/2008
Additional Answers (2)
Look into a FHA loan they only require 3% down. Also, although 100% financing is hard to come by the fact that you have great credit will allow you to put down much less than someone with good credit now, so you should be fine as long as you have the income to support the purchase.
Answered By: lepr0kan - 2/27/2008
yes, because you have (as you say) excellent credit... but you will be hit with PMI because you are putting up less than 20% of the cost of the home...
Answered By: Sharon F - 2/27/2008
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