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If I only have 5% to put down can I get an FHA loan?

by kevinbritton775548 from , Washington. Mar 21st 2014 Reply


Michael Patterson (MichaelPatterson)
#52 ranked lender in Washington - 73 contributions

FHA loans only require 3.5% minimum down payment. The entire down payment can also come from Gift Funds from a family member, or even an employer. There are also Down Payment Assistance Programs available that will give you up to 5% funds that can be used to pay your down payment and / or closing costs. (Insert disclaimer here... Some restrictions apply...;) Conventional Fannie Mae / Freddie Mac loans typically require 5% down, which is what you might have heard previously. We are a direct lender located in WA State if you'd like an opinion on your options. Check out my profile and shoot me an email... I will send you the details. Michael 206.423.4000 NMLS 69386

Mar 21st 2014
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Dana Anghel (dana@utloanofficer.com)
#87 ranked lender in Utah - 50 contributions

I have one lender that will approve FHA loans with credit scores as low as 580 (generally it's 620 minimum) - but they do require a 10% downpayment. Perhaps this is what you are referring to.Otherwise, the minimum FHA downpayment is 3.5%. If you do have 5% available, and a decent credit score and history, I suggest you get a comparison between the two loan programs. The FHA mortgage insurance can be quite expensive.

Mar 21st 2014
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Yes you can!

Mar 21st 2014
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David Drakeford (david_drakeford)
#0 ranked lender in California - 63 contributions

Absolutely, give us a call as we'd' love to help 800-446-9043 ext 801

Mar 21st 2014
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John Moran (TheHomeMortgagePro)
#8 ranked lender in Arizona - 663 contributions

You would be able to obtain both an FHA and a conventional loan with 5% down (assuming you are otherwise qualified). Conventional loans require 5% down and FHA loans require 3.5% down for minimums.

Mar 22nd 2014
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Equitus Mortgage (EquitusMortgage)
#65 ranked lender in Washington - 39 contributions

Yes you can get an FHA loan with 5% down and a 580 credit score

Mar 21st 2014
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Andy Harris, CRMS (AndyHarris)
#13 ranked lender in Oregon - 25 contributions

FHA only requires 3.5% down which can be in the form of own funds or family gift funds. Conventional, the more preferred program, requires 5% down of own funds.Where did you hear 10% down is needed for FHA or am I missing some details?

Mar 21st 2014
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No you will need to put 10% down for FHA.

Mar 21st 2014
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