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Mortgage options for non-veteran with strong credit/income but little available for down payment?

I have excellent credit (800), $10k+ steady gross monthly income, zero consumer debt, existing mortgage on rental property, and very little available for down payment. Is FHA my only option for mortgage on new primary residence property? by Northsider from Mesa, Arizona. Apr 30th 2011 Reply


James Sharp (james.sharp)
#37 ranked lender in Colorado - 7 contributions

You have a couple things working against you. The fact that you already own a home most first-time homebuyer programs or USDA would not be an option. Your income will also pose a problem because most of the down payment programs have income restrictions. FHA would be the next best thing with a down payment of 3.5%.

May 1st 2011
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Matt Baker NMLS#190779 (MattBaker)
#31 ranked lender in Arizona - 75 contributions

Your best bet is the FHA program with 3.5% down. Or if you buy specifically a Fannie Mae Homepath home, they will allow as little as 3% if you are using the house as your primary residence. I am licensed in AZ, and could help you get pre-approved. Thanks

May 6th 2011
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