Bert Carpenter (BertCarpenter)
#3 ranked lender in Arizona - 1,815 contributions
Yes you can! In fact, you do not need 20% down. FHA only requires a down payment of 3.5%, and in many cases the interest rate is as good or better. My best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank. More importantly, they will be able to walk you through the pros and cons of each loan type so you can make a great decision as to which loan type you want.