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FHA high balance loan requirements

My wife and I are looking to find a mortgage for a home price of $475,000. We have enough money for a 7-8% down payment. Our credit scores are over 810. Is a 10% down payment required for an FHA high balance mortgage? by usr293745605 from Bronx, New York. Apr 28th 2017 Reply


Michael Lettre (MortgageMike)
#96 ranked lender in New York - 3 contributions

Hi,The minimum down payment on an FHA loan is 3.5%, subject to maximum loan limits.Hope this helps.Michael LettreSales Manager - NMLS# 6388AnnieMac Home Mortgage2016 Five Star Professional Cell: 845-494-4238 Fx: 866-896-1497MLettre@Annie-Mac.comhttps://michaellettre.annie-mac.com"Real People, Real Stories, Real Solutions"

Apr 28th 2017
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3.5 percent down..credit score like that. Rates at 3.5 percent no fees..call larry president southfork funding..631 389 2250 ext 20!

Apr 28th 2017
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Larry Gray (lgray_312_247)
#556 ranked lender in California - 1,126 contributions

3.5% is the minimum required down payment on the FHA high balance loan, butwith a 5% down payment you can pay slightly less mortgage insurance each month.With your credit scores who could have a very good alternative in a conventional loan with a 10% down payment, but if you need to stay at a 7% or so maximum down payment to go along with closing costs then the FHA high balance loan may be a good loan for you. When qualifying, my past FHA high balance borrowers, almost to a tee have gone for the 3.5% down payment to maintain that much more in reserves.

Apr 28th 2017
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I can do this loan for you using conventional financing with a 5% downpayment. 1st mtg of $424,100, 2nd mtg of $27,150 & your 5% dp $23,750Closing cost are much better than with FHA & the pmi will fall off. I can also do this loan with no pmi doing 80% 1st mtg & 15% 2nd mtg.jcost@boemortgage.com 513-403-6260

Apr 29th 2017
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Ed Groussman (Egroussman)
#52 ranked lender in New York - 14 contributions

3.5% for an FHA3% for a SONYMA Contact me if you would like to discuss your options.ThanksEd GroussmanNMLS 146696Freedom Mortgage CorporationEd.Groussman@FreedomMortgage.com

Jun 17th 2017
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