Saturday, January 4, 2014

Latest Down Payment Requirements

Here are the latest down payment requirements for various types of loans.

Conventional (non-government) loans:
  • Primary residence = 3% down with a 680 credit score
  • Primary residence = 5% down with a 620 credit score
  • Second home = 10% down with a 620 credit score
  • Investment property = 20% down with a 620 credit score
FHA loans (primary residence only):
  • 3.5% down with a 580 credit score
VA loans (primary residence only):
  • 0% down with a 620 credit score
Does your lender sell directly to Fannie Mae like we do, or do they have lender overlays that prevent loans from being approved? 

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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