Are there options other than 20% down?
Hi, I am looking for a loan to help buy a home in Lawton, Oklahoma. We live in Denver right now and we want to move. The problem is we don’t have enough for a 20% down payment and our credit scores are not the best. by attwood938 from Lawton, Oklahoma. Feb 3rd 2022
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
Yes..conventional allows for as little as 3% down...with income restrictions. No restrictions with 5% down. FHA allows for 3.5% down. If you are a veteran you can skip the down payment on a VA loan. Contact the local lender in Lawton and they can guide you. Good luck.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Unless you are buying a home over $600,000ish, standard conventional loans start with down payments as low as just 3%. No sure why the myth that you need 20% down, but that simply isn't true for the vast majority of people. I lend in MN Wi IA SD ND. Find me at JoeMetzler.com, Cambria Mortgage, NMLS 274132
As a local lender in Oklahoma, we can assist you with the relocation. Depending on certain criteria, you may qualify for down payment assistance or a down payment of as little as 3%. The only way to know exactly what you qualify for is to complete an application with an experienced lender. Dharper@stridebank.com
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