Posted on: 12th Dec, 2009 10:05 am
Can you put down a minimum of 3.5% on a conventional loan?
No, the minimum allowable down payment of 3.5% is stricly for FHA mortgages. If you are considering putting down anything less than 20%, FHA is typically the best route considering Mortgage Insurance is cheaper via FHA compared to Conventional. I hope this helps...
not only that, but obtaining mortgage insurance on conventional loans has become increasingly difficult for those with lower down payments. you can count on needing not less than 10% down on a conventional loan, if you have very good credit, if you wish to qualify for mi. with lesser credit, you're better off putting 20% down, because mi companies will sneer at you.
