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down payment assistance for conventional loan

my down payment will only get me fha ive been advised, but conventional programs have lower rates? is there down payment assistance available in florida to bump me to the conventional minimum? at best right now ive got 4% by carl03norris623374 from Inverness, Florida. Sep 25th 2014 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,439 contributions

FHA loans these days are have much lower interest rates than conventional loans, but for most people, they also have much higher mortgage insurance costs. FHA requires at least 3.50% down payment, which conventional usually is a minimum of 5%. Most states have HFA downpayment assistance programs for those who qualify. Here in MN, I can offer a conventional loan with just 3% down payment - AND, you can possibly also get downpayment assistance too. Contact a loan officer in you area for most assistance - or ask your existing loan officer about these options. In MN, visit www.MNHomesAndLoans.com

Sep 26th 2014
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Toni Taylor (taylor_448_126)
#187 ranked lender in Florida - 5 contributions

Carl,Actually rates on FHA are typically lower.. The bigger differences will be regarding the mortgage insurance.. There are often times i'm able to absorb some of your cost thru the loan.. If you would like to explore feel free to give me a call at 561-373-0371Toni Taylor GibsonInlet Mortgage Corp

Sep 25th 2014
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Kim Bennett (KimBennett)
#196 ranked lender in Florida - 6 contributions

Good Morning,Yes, there are programs that offer lower down payments and we have programs that allow for gift funds for the full down payment. We can explore the different programs to include costs of mortgage insurance and how to take advantage of the lowest pricing to include MI. I can do the comparison with you discussing the many options available and email to you in order to better understand the differences while we review together. I do appreciate the opportunity to earn your business and look forward to speaking with you. Please do not hesitate to contact me anytime, my email address is kimb@ezz.com or phone 239-603-8127. Enjoy your day,Kim Bennett

Sep 26th 2014
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