Posted on: 18th Apr, 2010 10:25 am
I am currently seperated but will be filing for divorce in the near future. I want to buy a home for myself and two girls. We already own a home which we are leasing. I have worked part time for the duration of our marriage to raise our children. How much do I have to put down on a $250,000 to be able to qualify for a loan?
Welcome Guest,
If you want to go for a conventional loan, then you'll have to give 20% down payment and if you're planning for a FHA loan, then you would require a down payment of 3.5% to 5%. Apart from the down payment part, the lender will check your credit scores and employment history before approving a loan.
If you want to go for a conventional loan, then you'll have to give 20% down payment and if you're planning for a FHA loan, then you would require a down payment of 3.5% to 5%. Apart from the down payment part, the lender will check your credit scores and employment history before approving a loan.