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Are there lenders that still allow 10% down?

I am thinking about selling my condo and upgrading to a house. I am concerned about coming up with a 20% down payment. Are lenders still allowing 10% down? I really haven't looked into it much yet. Figured I'd throw it out there!Thanks by iantbl_725_417 from Hoboken, New Jersey. Jan 31st 2013 Reply


Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

There is a lot to talk about. If you want to talk, I'm still working here in MA. We can chat by phone or offline via email or IM if you'd like. Let me know!

Jan 31st 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

There are dozens of lenders that will allow as little as 5% down on conventional financing. Work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jan 31st 2013
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Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

Absolutely, there are 10% down programs! Most lenders even have 5% down. Depending on your situation, you can either go with a Conventional loan or an FHA. Anytime you have less than 20% down, there will be mortgage insurance of one form or another - some programs less costly than others. I would recommend that you look into getting Pre-Approved soon since rates may be on the rise later this year. Also, if your situation calls for obtaining an FHA loan, you need to be aware that the mortgage insurance premiums will be increasing on 4-1-13.

Jan 31st 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Your basic loan: A good credit customer buying a home to live in only requires 5% down on a conventional loan, and just 3.5% down with an FHA loan. www.Minneapolis-Mortgage.net

Feb 1st 2013
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Manuel Gonzalez (mmortgage1)
#90 ranked lender in New Jersey - 90 contributions

There are plenty of mortgage available with 10% down. Depending on your income and the equity on your departing residence. You can put down as little as 5%. Keep in mind your going to have mortgage insurance if you put less than 20% down, with rates this low it almost make sense to borrower the money these days.I'm licensed in NJ I grew up on Willow in Hoboken, know the area very well.If there is anyway I can help, please feel free to email or call me.my personal email is ManuelMortage@Gmail.com my cell phone is 201-726-2662Thank you.

Jan 31st 2013
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Sharon Duffy (sduffy)
#70 ranked lender in Pennsylvania - 595 contributions

7th Level Mortgage is a local New Jersey Broker. There are loan products available with different lenders. There are several products to fit your financial needs. Please give me a call to analyze your individual needs.SharonNMLS 246530732 606 6264

Feb 1st 2013
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Ron Wohlfarth (RonWohlfarth)
#34 ranked lender in New Jersey - 65 contributions

Good Morning iantbl...You may be interested in a FHA Mortgage...With a down-payment of just 3.5%...Please contact us at 856-853-1234 or e/m Money@RonWohlfarth.comThank you Ron

Feb 1st 2013
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions

You can go as high as 97% with the single paid mi financed with conventional and 98.25 on FHA with the UMIP financed if you qualify.

Feb 1st 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes. 3.5% down for FHA, 5% down for Conventional, 3% down for Homepath. 0% down for USDA and VA.

Feb 1st 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

If your scores are good and your income qualifies you you can but as little as 3 % down on a Conventional loan and 3.5% down on an FHA loan. If you are a veteran or qualify for a VA loan, or if your property is deemed to be in a rural area and you qualify for a USDA loan you can put 0 down! Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Feb 1st 2013
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Steve Azarch (sazarch)
#18 ranked lender in Tennessee - 93 contributions

YesConventional - 5% downFHA - 3.5% downVA - 100% loanUSDA-Rd 100% loan

Feb 1st 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

Yes. You can go up to 95% on a convnetional loan put you will have to pay the associated PMI

Feb 1st 2013
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