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is there lenders out there will approve only few thousand dollars down morgage?

by smartprincess38770 from , Virginia. Aug 19th 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,726 contributions

mortgage lending is based on LTV (Loan to Value). With really good credit, you can get conventional financing with just 3% down payment, and they will finance 97%.... so on a $100K home, you would need $3000 down payment.. however if your looking at a $300K home, you would need $9000 down.. If you have VA benefits available to you, you can purchase a home with ZERO down payment.. also, if the home your looking to purchase is in a USDA defined area, you can purchase that home for zero down.. There also might be some local Down Payment Assistance programs which can help... the best advice I can give you is to contact a local mortgage broker, and apply with them.. they should have knowledge of any local programs designed to assist you with the required down payment.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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

Aug 19th 2013
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Byron Pike (Byron_Pike)
#59 ranked lender in North Carolina - 16 contributions

Yes, there are and I would be one of those lenders, I am licensed in Virginia and would love to have a conversation with you to discuss options. Give me a call 980-265-8011

Aug 19th 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,023 contributions

The only true zero down loans nation wide are a VA loan, or a USDA rural housing loan. The next best is 3.50% down FHA. The beauty of the FHA loan is that the down payment can be yours, a gift from a family member, or assistance from a community, state, or city down payment assistance program. Many areas have such programs, so consult a local mortgage broker in the area you with to buy. With good or better credit, Fannie Mae conventional allows for just 3% down, but I just read that is going away. 5% down conventional is also available. www.BestMinneapolisMortgage.com

Aug 19th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

There are some yes.

Aug 20th 2013
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Lynn Bossi Kinsel (LynnKinsel)
#39 ranked lender in Virginia - 61 contributions

As you can see there are a lot of options.. VA (if you are a veteran), FHA, VHDA, USDA. Best advice, find a licensed loan officer in Virginia who can prequalify you and work with you to determine the program that best suits your situation. Happy to answer any questions that you have.... Lynn Bossi-Kinsel NMLS#259819 Mason-McDuffie Mortgage Corp. 804-677-8588. Licensed in Virginia and Maryland.

Aug 20th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Check with your local county or city. Alot of times they offer down payment assistance for 3 or 3.5% that can assist with an FHA mortgage.

Aug 20th 2013
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Jason Vondrak (jvondrak)
#219 ranked lender in California - 1,741 contributions

That depends on the price of the property you are trying to purchase. If you qualify for a VA loan, you can purchase a property with as little as 0 percent down. With an FHA loan, you can purchase a property with as little as 3.5 percent down. With a conventional loan, you have to have a least 10 percent down.

Aug 19th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,317 contributions

FHA is 3.5% down, USDA is zero down (for rural areas).

Aug 19th 2013
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Ernesto Marez (Ernesto)
#68 ranked lender in Maryland - 137 contributions

if your strapped for a down payment, you have 3 options100% loan - VA or USDA96.5% - FHA you might also look into a down payment and closing costs assistance proigram in virginia Homeownership Made Affordable Looking for the VHDA loan that's right for you? We offer a variety of home mortgage loans aimed at meeting the many needs of today's homebuyers. Some of our loans don't require a down payment. VHDA loans also provide high loan-to-value options, flexible underwriting and down payment and closing cost assistance, plus our interest rates are fixed for 30 years. All loans have maximum income and sales price limits and/or loan limits, which vary according to where the home is located.

Aug 19th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

As the others have stated you can do a home purchase with only 3% down but also check with with your local Government offices - both city, county, and state and see if they have any down payment assistance monies available right now. Also, most states have HUD approved 100% purchase programs so check into those as well.

Aug 19th 2013
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

Yes, like most here have mentioned, FHA is 3.5% down, USDA is zero down (for rural areas). If you are a veteran VA loans are available at 100% LTV.

Aug 19th 2013
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

Yes there are. FHA 3.5% down.VA, USDA LOANS 100% financing if you qualify for these types of loans. I am a lender in Virginia. Call me and we can discuss some of the difference scenarios. Jericho Cherry-804-556-0685.

Aug 19th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

Hello Smartprincess. The answer to your question is yes.

Aug 20th 2013
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