Is if true that the min down payment now is 5% instead of 3.5

An FHA insured loan remains at 3.5% minimum down payment as long as youhave a mid fico credit score of 580 or higher with certain lenders and 640 with mostlenders. If your mid fico credit score is high enough, you may qualify for 5% down ona conventional loan of $417000 or less in CA. You might qualify for our Community loanwith 3% down, for which rates are surprisingly close to the conventional loan as ismortgage insurance. FHA rates tend to be a little lower, while conventional loanshave significantly lower mortgage insurance.

3.5% Down is for an FHA loan and that amount remains as mentioned previously it is credit score dependant. The 3% conventional programs from Fannie Mae and Freddie Mac however have had their guidelines recently changed to have a minimum down payment of 5%. The Fannie Mae HomePath (limited to foreclosed properties owned by Fannie) program does still have the no PMI requirement though.

On Fannie and Freddie conforming mortgages, yes.

Just for conventional/conforming Fannie Mae/Freddie Mac mortgages. FHA is still 3.5%, VA and USDA loans are 0 downpayment

Yes, Conventional loans are 5% without some sort of community or other special program. FHA is 3.5%. (can be more if your credit score is below 600) I also have a construction loan with 3.5% down payment which can come from equity in the land being built on if the client already owns it. I am always happy to assist so if you need more information, a pre-qualification, or a competing rate quote you can go to my web page and use my live support button to discuss anything at all with me in an easier format. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Standard conventional loans (Under $417,000) from Fannie and Freddie need 5% down at a minimum. FHA loans only need 3.5% down. But you can actually still do 3% down on some conventional loans if they in conjunction with state agency loans. www.MnHomesAndLoans.com

Albert, that is not a true statement. (1) VA guarantee loans (for veterans) is zero down payment. (2) A FHA insured loan requires 3.5% minimum down payment as long as your mid fico credit score of 580 or higher. I highly recommend you have a 640 mid FICO score as you have better rates and better conditions. FHA rates tend to be a little lower.(3) If your mid fico credit score is over 700, you may qualify for 5% down on a conventional loan of $417000 or less in CA. Conventional loans have significantly lower mortgage insurance or you may qualify for a single pay PMI.(4) Depending on your qualifications and history you may be able to qualify for one of the community loan programs a minimum of 3% down, for which the rates very reasonable. I am a Mortgage Banker in metro Phoenix, AZ. I lend in both Arizona and California where I will be pleased to help you. If you or someone you know is looking for financing options, please feel free to contact me or pass along my information. 623-340-0934 Korene Clopine-Seaman NMLS # 218520 KLCSLoanTeam.com We are Direct Lenders, WE CLOSE LOANS!

The rules are constantly changing, so to answer your question. .. Fannie Mae and Freddie Mac have increased the minimum down payment from 3% to 5%. However all government products still allow for the lower down payments.. FHA still only requires 3.5%, and you can still do a VA loan with no down payment at all (assuming you have VA eligibility). I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

What is a FHA Loan?In 1934, the Federal Housing Administration (FHA) was established to improve housing standards and to provide an adequate home financing system with mortgage insurance. Now families that may have otherwise been excluded from the housing market could finally buy their dream home.FHA does not make home loans, it insures a loan; should a home buyer default, the lender is paid from the insurance fund.-Buy a house with as little as 3.5% down.-Ideal for the first-time home buyers unable to make larger down payments.-The right mortgage solution for those who may not qualify for a conventional loan.-Down payment assistance programs can be added to a FHA Loan for additional down payment and/or closing cost savings.http://www.uwlending.com/Inner.php?acctid=101581&Category=FHALoans&page=static