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
Sponsored results
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Click. Search. Apply. Free!
Jobs hiring near your local area. Part-time, Full-time, Work at home.
Earn residual on products and services customers uses daily at home.

Other Career Questions

What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
3 answers - Asked By: drop pants not bombs!.♥ - 3/2/2010
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
4 answers - Asked By: bayebd24【ツ】 - 11/21/2007
Hi ok im 19 and about to start college to do an acess course into a university. Ive been browsing through all the courses and im tottaly stuck! I thought politics but im scared ill end up with some r...
1 answers - Asked By: roseparkerly - 1/26/2009

Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.

Popular Articles

Best-Paying Work-from-Home Jobs Article Rating
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook Article Rating
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
For Employers: Post Jobs | Search Resumes | Advertise
About Monster | Work for Monster | Advertise with Us | AdChoices | Partner with Us | Investor Relations | Social Media
Terms of Use | Privacy Center | Accessibility Center | Help | Security | Contact Us | Sitemap | Mobile
©2014 Monster - All Rights Reserved U.S. Patents No. 5,832,497; 7,599,930 B1; 7,827,125 and 7,836,060 MWW - Looking for Monster Cable? - V: 2014.1.40.24-213