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Are there any options out there that require less down?

As the market is falling all around us, and we have to lower the price of our home to try to sell it, that means that the cash that we get to put towards a new home is going to be less. What options are there that require a low down payment? We are being told that the lowest is 15%. That is a lot of money for a purchase price above 500k. by farton_905_881 from San Diego, California. Aug 30th 2011 Reply


Dan Paladin (dpaladin)
#1 ranked lender in California - 599 contributions

Hi...well actually loans within the conforming loan limits which is about to be lowered to $625K...FHA requires just 3.5% and Conventional can be just 3% down. Feel free to contact me to discuss your specific needs and options.Toll free: 877-369-4319Dan "the loanman"...Paladin

Aug 30th 2011
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Deborah Garvin (loanmonarch)
#492 ranked lender in California - 53 contributions

What you are being told is absurd! There are lots of options available to you: FHA, VA, USDA (yes, much of east county is available), 5%, 10%...lots of options. I am local, give me a call to discuss your many options. 619.878.8212

Aug 30th 2011
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Brian Dawson (brian.dawson)
#40 ranked lender in Ohio - 104 contributions

USDA loans do not require any down payment at all. They are available at 100% financing plus allowable seller concessions. You can actually finance 103% of the purchase price for minor repairs and upgrades. There are a few things you must research before you begin your property search if you plan on trying to apply for a USDA loan. You will need to look up county income and property availability through the USDA website. Please feel free to contact me and I can provide you a free consultation. Brian Dawson866-790-4489 EXT 4207

Aug 30th 2011
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Chasity Graff (Chasity)
#9 ranked lender in Louisiana - 29 contributions

I always tell sellers to get prequalified for their upcoming mortgage while their still attempting to sell their home. Make sure you choose a broker who has all options available to them - FHA, Conventional and USDA (also known as Rural Development). As Brian mentioned Rural Development can be a great option because it still allows for 100% financing -- but you have to meet income restrictions and the new property has to be in a rural development approved area. A broker can also explain the closing cost in detail and give you options for reducing the cost if you don't net the proceeds you're expecting in your sale. Good luck!

Aug 31st 2011
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Chasity Graff (Chasity)
#9 ranked lender in Louisiana - 29 contributions

And if either you or your spouse happens to be a veteran, currently serving in the military or the national guard/reserves - VA offers 100% loans and is the best type of loan if you're eligible.

Aug 31st 2011
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