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Home › Forums › Housing › Conventional Loan – Down Payment requirements

  • This topic has 130 replies, 13 voices, and was last updated 14 years ago by HLS.
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  • February 23, 2010 at 8:58 PM #518146
    scaredyclassic
    Participant

    the year of living dangerously.

    it’s never a good time to have kids, but people keep doing it!

    April 28, 2010 at 3:35 PM #544588
    HLS
    Participant

    April 2010..
    5% down up to 417,000 and 10% down over $417,000
    is possible again for conventional Fannie/Freddie loans in CA.

    You do need a good middle credit score, I think it is at least 720 for 10% down and 760 for 5% down.
    Mortgage insurance is extra.
    ***********
    For FHA loans the up front funding fee has been increased to 2.25% of the loan amount. On a $400K loan this is $9000.00 (wasted)

    If credit score does not qualify for Fannie/Freddie then FHA is the only option with a low down payment.

    April 28, 2010 at 3:35 PM #544703
    HLS
    Participant

    April 2010..
    5% down up to 417,000 and 10% down over $417,000
    is possible again for conventional Fannie/Freddie loans in CA.

    You do need a good middle credit score, I think it is at least 720 for 10% down and 760 for 5% down.
    Mortgage insurance is extra.
    ***********
    For FHA loans the up front funding fee has been increased to 2.25% of the loan amount. On a $400K loan this is $9000.00 (wasted)

    If credit score does not qualify for Fannie/Freddie then FHA is the only option with a low down payment.

    April 28, 2010 at 3:35 PM #545181
    HLS
    Participant

    April 2010..
    5% down up to 417,000 and 10% down over $417,000
    is possible again for conventional Fannie/Freddie loans in CA.

    You do need a good middle credit score, I think it is at least 720 for 10% down and 760 for 5% down.
    Mortgage insurance is extra.
    ***********
    For FHA loans the up front funding fee has been increased to 2.25% of the loan amount. On a $400K loan this is $9000.00 (wasted)

    If credit score does not qualify for Fannie/Freddie then FHA is the only option with a low down payment.

    April 28, 2010 at 3:35 PM #545278
    HLS
    Participant

    April 2010..
    5% down up to 417,000 and 10% down over $417,000
    is possible again for conventional Fannie/Freddie loans in CA.

    You do need a good middle credit score, I think it is at least 720 for 10% down and 760 for 5% down.
    Mortgage insurance is extra.
    ***********
    For FHA loans the up front funding fee has been increased to 2.25% of the loan amount. On a $400K loan this is $9000.00 (wasted)

    If credit score does not qualify for Fannie/Freddie then FHA is the only option with a low down payment.

    April 28, 2010 at 3:35 PM #545550
    HLS
    Participant

    April 2010..
    5% down up to 417,000 and 10% down over $417,000
    is possible again for conventional Fannie/Freddie loans in CA.

    You do need a good middle credit score, I think it is at least 720 for 10% down and 760 for 5% down.
    Mortgage insurance is extra.
    ***********
    For FHA loans the up front funding fee has been increased to 2.25% of the loan amount. On a $400K loan this is $9000.00 (wasted)

    If credit score does not qualify for Fannie/Freddie then FHA is the only option with a low down payment.

    April 28, 2010 at 4:39 PM #544633
    SD Transplant
    Participant

    many thanks HLS for keeping us updated.

    April 28, 2010 at 4:39 PM #544748
    SD Transplant
    Participant

    many thanks HLS for keeping us updated.

    April 28, 2010 at 4:39 PM #545226
    SD Transplant
    Participant

    many thanks HLS for keeping us updated.

    April 28, 2010 at 4:39 PM #545323
    SD Transplant
    Participant

    many thanks HLS for keeping us updated.

    April 28, 2010 at 4:39 PM #545595
    SD Transplant
    Participant

    many thanks HLS for keeping us updated.

    April 29, 2010 at 1:50 AM #544744
    CA renter
    Participant

    [quote=HLS]April 2010..
    5% down up to 417,000 and 10% down over $417,000
    is possible again for conventional Fannie/Freddie loans in CA.

    You do need a good middle credit score, I think it is at least 720 for 10% down and 760 for 5% down.
    Mortgage insurance is extra.
    ***********
    For FHA loans the up front funding fee has been increased to 2.25% of the loan amount. On a $400K loan this is $9000.00 (wasted)

    If credit score does not qualify for Fannie/Freddie then FHA is the only option with a low down payment.[/quote]

    Yes, many thanks, HLS. Your input is always appreciated.

    So they’re lowering standards again? Was the 5% down available last month?

    April 29, 2010 at 1:50 AM #544858
    CA renter
    Participant

    [quote=HLS]April 2010..
    5% down up to 417,000 and 10% down over $417,000
    is possible again for conventional Fannie/Freddie loans in CA.

    You do need a good middle credit score, I think it is at least 720 for 10% down and 760 for 5% down.
    Mortgage insurance is extra.
    ***********
    For FHA loans the up front funding fee has been increased to 2.25% of the loan amount. On a $400K loan this is $9000.00 (wasted)

    If credit score does not qualify for Fannie/Freddie then FHA is the only option with a low down payment.[/quote]

    Yes, many thanks, HLS. Your input is always appreciated.

    So they’re lowering standards again? Was the 5% down available last month?

    April 29, 2010 at 1:50 AM #545336
    CA renter
    Participant

    [quote=HLS]April 2010..
    5% down up to 417,000 and 10% down over $417,000
    is possible again for conventional Fannie/Freddie loans in CA.

    You do need a good middle credit score, I think it is at least 720 for 10% down and 760 for 5% down.
    Mortgage insurance is extra.
    ***********
    For FHA loans the up front funding fee has been increased to 2.25% of the loan amount. On a $400K loan this is $9000.00 (wasted)

    If credit score does not qualify for Fannie/Freddie then FHA is the only option with a low down payment.[/quote]

    Yes, many thanks, HLS. Your input is always appreciated.

    So they’re lowering standards again? Was the 5% down available last month?

    April 29, 2010 at 1:50 AM #545433
    CA renter
    Participant

    [quote=HLS]April 2010..
    5% down up to 417,000 and 10% down over $417,000
    is possible again for conventional Fannie/Freddie loans in CA.

    You do need a good middle credit score, I think it is at least 720 for 10% down and 760 for 5% down.
    Mortgage insurance is extra.
    ***********
    For FHA loans the up front funding fee has been increased to 2.25% of the loan amount. On a $400K loan this is $9000.00 (wasted)

    If credit score does not qualify for Fannie/Freddie then FHA is the only option with a low down payment.[/quote]

    Yes, many thanks, HLS. Your input is always appreciated.

    So they’re lowering standards again? Was the 5% down available last month?

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