K.M. Minemier & Associates is a certified Woman Owned Small Business (WOSB) engaged in full service real estate asset management and marketing.

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You Don't Need 20% Down By Sandra C Brown

July 16, 2019

The present myth is it takes 20% down and a credit score over 700 to secure a home loan.  Lets take a look at several loan programs.  There are the program requirements, some lenders add their own requirements on top of these and they do vary.

FHA the easiest to qualify for usually.

FICO score 500 - 579 10% Down

Fico score 580 and above 3.5% Down

PMI upfront 1.75% of loan Annual Fee .45% -.85% depending on credit and equity factors.   PMI for life of loan. 

 

VA for veterans 

No score or down payment requirement from VA. However a FICO score of 620 is common from lenders. Must have DD214 with Honorble Discharge  

Fannie Mae  refered to as Conventional or Conforming

Credit score of 620

5% down for fixed 10% down for ARM

Must pay PMI until 20% equity.   

 

Fannie Mae and FHA both have rehab loan programs as well 

 


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