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First time home buyer Looking to get a home loan with 10% down, is that possible?

by guzzy467 from Raymond, Idaho. 18 days ago Reply


Chase Altig (chase.altig@homestreet.com)
#97 ranked lender in Washington - 2 contributions

Absolutely! Being that you are a first time buyer there is the potential to put as little as 3% down. Needing to have 10 or even 20% down is a myth!

18 days ago
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Kerry Greenwald (kerry@creeksidem.com)
#99 ranked lender in Washington - 18 contributions

Yes that is possible, call 800.920.540 and we can look at different down payment options and programs, what part of Idaho are you looking in?

18 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,000 contributions

More info needed, but in general.. yes.. so long as you meet all other eligibility requirements.. you can purchase using USDA and zero down, VA with zero down (*must have VA eligibility).. Conventional requires 3% down, and FHA requires 3.5% down. There also might be some local grant programs available which will gift you the down payment.. As far as whether or not you will need to pay monthly mortgage insurance, it will depend on the loan product you select and/or qualify for as well as your total down payment including all grants.. The best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

18 days ago
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Julie Hart (julie.hart@pmrloans.com)
#38 ranked lender in Idaho - 1 contribution

Yes, that is possible! The minimum down payment required could be as little as $0 or as much as 5% of the purchase price - unless of course you would like to put more down. You're always welcome to do that as well. It just depends upon which program works best for you!

18 days ago
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Yes that is possible. And there are downpayment assistance loans available. Call me at 714 6550486 and we can discuss options. Gloria Connelly

18 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,553 contributions

While everyone is screaming yes... A better answer is probably. It depends on many variables, none of which anyone here knows. Generally speaking, the most common loans are available with as little as 3%, 3.50%, or 5% down for most home buyers, first time or not. If you meet certain criteria, you may be able to do as little as zero down payment. On the other hand, certain other criteria may require a bigger down payment. For example, if you were buying a duplex with a conventional loan, or looking at a jumbo loan with weaker credit. I suggest contacting a local mortgage broker in your area to discuss your personal situation... But in the vast majority of case, 10% down is more than enough. For this situation in MN, WI, and SD, visit me at www.JoeMetzler.com

17 days ago
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