I used to work in the mortgage industry (before things took a crap)...and I know alot has changed in the last few years. Soooo does anyone know if putting 3-5% down is still feasible?? Or are banks requiring more now?
TIA!
RaeloveMeg
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Re: House-buying related question
I know it also depends if your buying a condo,co-op, or house- But i just bought a condo and they required 20%. I think with the the rules they are requiring more, I just heard on the news this morning credit card companys are not allowed to issue cc's to people under 21 unless they can prove they have a stable job or a parent can co-sign!
Lil OC
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We bought a co-op in Aug and had to put 20% down
FallBride2010
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Not sure. I bought my house in May 2008. I didnt put more than that down...but things got much worse and more strict since then
GiannisWifey
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20%
chicky724
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If you get an FHA loan you can put as little as 3.5% down (or something close to that.) DH and I just bought our first house with the FHA loan… we’re putting more down than the 3.5%, but it’s not required.
KN2011
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We just bought a house without a FHA loan, using a conventional mortgage loan and put down 13%.
AngnShaun
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a lot of place ive been looking at have been saying 3-5%...
AgaBride062610
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I would say 20%
MayBride2010
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Posted by chicky724
If you get an FHA loan you can put as little as 3.5% down (or something close to that.) DH and I just bought our first house with the FHA loan… we’re putting more down than the 3.5%, but it’s not required.
Agreed. But, the mortgage rules are changing in the spring/summer and I think the amount you have to put down might be going up (could be wrong though). There was an article in Newsday about it around 2 weeks ago.
FutureMrsSoltan
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every place we have looked required 20% i guess its all different
JenBill61210
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i think you can put down as little as 3.5% with an FHA loan, but if you put down anything less than 20% you will have to pay PMI (private mortgage insurance)
