Is it possible for a primary dwelling that you can easily find programs that permit 3.5%...

Is it possible for a primary dwelling that you can easily find programs that permit 3.5% down payment? And investments,can you may find 10% for one or two investments but eventually will it level out to 25% for single family homes and 30% for large multi's or other commercial properties?

Expert Solution

(A)

According to the FHA Loan mortgage, the down payment ranges from 3.5% to 20% of the purchase price of the house. Qualification for an FHA loan, you need a credit score of 500. Designed for middle-income buyers with a little down payment, this FHA loan provides a low down payment option, However, this minimum down payment of 3.5% comes with a catch that you need to have a credit score of at least 580.

To conclude, you can find programs that permit 3.5% down payment.

(B)

Investments for single family homes and 30% for large multiple commercial properties. Generally, when you have more mortgages, any lender would shy away from lending you more. However, there is a program by Mae (Fannie Mae) which provides that allows multiple mortgages.

The program enlists to make a six-month payment in the liquid reserve at settlement time. Further, it requires 25% downpayment for single family homes and 30% down for 3-4 unit properties.

jeff jeffy answered 1 year ago

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