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My credit score is 712, down payment minimum for a conventional loan?

My debt to income is also decent at 26%. If I'm to get a fannie loan how much will I likely need to put down in order to get the best interest rate by rolandd230001234 from Dover, Delaware. May 1st 2014 Reply


Jason Kelley (jkelley@equitymortgagelending.com)
#78 ranked lender in Maryland - 19 contributions

A minimum down payment of 5% of the sales price is required. Any down payment under 20% would then require you to pay a monthly mortgage insurance. My name is Jason Kelley and work at Equity Mortgage Lending. We would love to help you with this and also answer any questions or concerns you may have. Please call me at 443_471_4320

May 1st 2014
Call: (443) 471-4320       Send a Message    Website
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,506 contributions

The lowest down payment requirement is 5%, but the best interest rate is for borrowers with a 740 or higher credit score, and 40% or more 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

May 1st 2014
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,239 contributions

To get the absolute best rate, it would be at least 20% maybe more. The minimum required for Fannie Mae or Freddie Mac is 5%. Anything under 20% down and you will be required to pay monthly mortgage insurance as well.

May 1st 2014
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Edward Fallon (edfallon)
#92 ranked lender in Pennsylvania - 143 contributions

To get the theoretically best possible interest rate your credit score would have to be higher and your down payment would have to be higher. However, all other things being equal, your credit score is good and your down payment is sufficient to get a very good rate. Rates are at a great level and I would love to help you with this so please call me anytime at 610-660-4712. We can also take a look at your credit and see if there are any areas that could be updated or corrected in order to improve your credit scores. There is not a lot you can do to all of a sudden come up with 20% more to put down, but it is possible to make changes that can have a dramatic impact on the credit scores. By the way, is 716 just one of your scores, or is it your middle score? A "tri-merge" credit report will be obtained that merges the information from the three major credit bureaus, and so three credit scores are generated. Mortgage lenders will use your middle score as your credit score.

May 1st 2014
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

You will need 5% down, as a minimum; 10% down could reduce your monthly PMI payment, and 20% down removes the need for PMI.

May 1st 2014
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Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

Hi Rowland-That Min Down payment would be hard to surmise as you have not provided enough information- Are you a 1st time homebuyer? If so, your state may have 1st time home buyer programs that do not require mortgage insurance and have down payment and closing cost assistance. They have a reduced interest rate also. Contact your local community bank or lender here on 411.

May 1st 2014
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Avoid MI put 20% down or use a combo loan 80% 1st and 10% 2nd (fixed or HELOC) or even 80% 15% 2nd and 5% down. Any option will benefit and I'm available to answer any question and provide exceptional customer service. I can be reached at 240-750-8315 or ballen@monarchmortgage.com

May 1st 2014
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

You receive pricing advantages from most Lenders all the way down to 35% down. From a practical perspective, your biggest benefit is at 20% down, because you also negate the need for Mortgage Insurance. Talk to a lender know however if you feel you are ready for a house and feel you can afford it. We are at a point where we are seeing home values rise. So what ever you may save in a mild interest rate difference you could likely lose in additional money you'd have to pay for a home.

May 4th 2014
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