Posted on: 13th Mar, 2013 12:32 am
Considering the new FHA rules going in effect on June 1st and me getting ready to apply right after that I don't know which is the right way to go? I can do 5% down and my middle score is 728. Is it possible to go conventional with that kind of down payment or it’s just a month?
Hi Guest,
As you have a credit score of 728, you may be able to qualify for a conventional loan. But for conventional loans, you need to put 20% down payment. Unless you have this down payment, you will have to go for a private mortgage insurance.
Take care
As you have a credit score of 728, you may be able to qualify for a conventional loan. But for conventional loans, you need to put 20% down payment. Unless you have this down payment, you will have to go for a private mortgage insurance.
Take care
Hi Guest!
Welcome to the forums!
It is true that with a 5% down payment you won't be able to qualify for a conventional loan. However, it is possible to get a FHA loan. You should contact the local FHA lenders and they will help you further in getting the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
It is true that with a 5% down payment you won't be able to qualify for a conventional loan. However, it is possible to get a FHA loan. You should contact the local FHA lenders and they will help you further in getting the loan.
Feel free to ask if you've further queries.
Sussane
You can qualify for a conventional loan with 5% down. Most lenders go down to a 680 middle score for conventional. If you put less than 20% down on either FHA or conventional you are required to carry mortgage insurance, either PMI or MIP. However, some lenders offer the ability to buyout the mortgage insurance on a conventional loan. If you would like to discuss further please feel free to contact us.