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Are there a lot of lenders who will only let you put 5% down on a house?

by shane.holtzman562 from Vero Beach, Florida. Sep 8th 2014 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Yes... Just about everyone lets you do 5% down. Your standard bread and butter conventional loans only require a minimum of 5% down payment. FHA only requires 3.50%, and there are many down payment assistance loans too. Contact a local mortgage broker in your area for more assistance. Lending in MN, WI, and SD - www.MNHomesAndLoans.com

Sep 9th 2014
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Mark Asaad (m.asaad)
#38 ranked lender in Florida - 16 contributions

Yes. There are many lenders that will allow 5% down for a purhase of home depending on your credit score. If you decide to obtain a FHA loan, you could put down as little as 3.5%. Also, if the property is in a USDA zone, you can get a USDA loan at 100% financing which is zero down. We can offer all of these options to you and will be happy to explain the benefits of each. Call me if you would like to discuss them. Hope this helps!Home 1st Lending407-221-9531

Sep 8th 2014
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Paula Bonnafant (pbonnafant)
#181 ranked lender in Florida - 8 contributions

Hi Shane,I will be happy to assist you with this!Paula BonnafantMortgage BankerNMLS ID #858645P-239-689-1331f- 239-689-8896AnnieMac Home MortgageNMLS#412564

Sep 8th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

I'd be more surprised if a lender would NOT allow you to put as little as 3.5-5% down on a FHA or conventional/conforming loan! FHA loans require 3.5% minimum downpayment (unless you are buying a "HUD" house) while conventional is 5% - as long as it is your primary residence and it will not be a "jumbo" loan. The downpayment can even be a gift.

Sep 8th 2014
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Barclay Butler (Barclay)
#85 ranked lender in Illinois - 66 contributions

Conventional loans allow 5% down can be all gifted. FHA loans allow 3.5% down can be all gifted. VA and USDA loans allow 0% down. Barclay Butler - Barclay Butler Financial Inc. 224-420-9990. www.barclaybutlerfinancial.com

Sep 8th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

Absolutely.. FHA requires 3.5% down, conventional requires 5% down. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Sep 8th 2014
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Yes.

Sep 8th 2014
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byron webb (ByronWebb)
#107 ranked lender in Florida - 9 contributions

Yes, 5% is standard for a Fannie Mae loan and 3.5% on an FHA loan.

Sep 8th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

Yes, but it will depend on the particular loan you are pre-qualified for. If it's a 2nd home, investment property or multi-unit you may need to put down a higher down payment.

Sep 9th 2014
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