Conventional Loan (Getting around down payment)

comingbackstrong · ‎08-18-2008

My scores are (no lates bk in 2004)

660

645

622

In the area that I would like to purchase a condo, they are only taking conventional loans. I have been preapproved for 200k but I don't have 10k to put down. Is there any way in this world to get passed this?

Thanks

"The difference between a dream and a goal is a timeline and a realistic action plan."

Dr. Phil

BrianB_The_Loan_Professor · ‎08-18-2008

No there are no 100% conforming products left

You ucan look to family for a gift? But no down payment assistance allowed (seller)

Good Luck

They are cutting their own throat by not allowing FHA.

Brian

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly

comingbackstrong · ‎08-18-2008

Thanks for such a quick response. I think they are trying to keep certain people out of the area. I have to figure start saving since that seems to be my only option. Thanks again!!!

"The difference between a dream and a goal is a timeline and a realistic action plan."

Dr. Phil

Anonymous · ‎08-18-2008

depending upon your area and income there might be some government programs. I am getting a 95% conventional loan through CALHFA with a 2% and 3% down gifts from the state so it is 0 down from me (minus about 2K for earnest, appraisal, and home inspection)

Just look into the local programs.

comingbackstrong · ‎08-19-2008

I live in Illinois with an income of 70k net. I will ask my mortgage guy to look into these programs. What state r u in?

Thanks

"The difference between a dream and a goal is a timeline and a realistic action plan."

Dr. Phil

Anonymous · ‎08-19-2008

Ask you lender if he is aware of any, but DO NOT trust him to find all the answer. There may well be programsn he is not qualified to do and he will be unlikely to let you know about them. In alot of these programs, you have to go through a list of selected brokers. Check the webpages for the state, county, and city where you are buying. Typically the programs show up on either the housing or economic developement part of the site.

Some also have area restrictions, income restrictions, and max price restrictions. In ca, 70K per year is good with alot of the programs. In Illinoise I am not sure as the standard of living is alot lower.