Where are these people getting 5% down conventional loans?

[Swapmeet]

I am having a hard time locating a mortgage that will allow such a low down payment that is not FHA. So, is there a particular bank that people are going through or what?

[StartingOver10]

They are all over the place. Call a local mortgage banker in your area. If you want a referrral pm me.

Conventional loans have a slightly higher interest rate with only 5% down. The MI is less expensive than FHA generally, however, it can be nearly that much depending upon your scores.

[Murph7]

We went through a broker. Our rate was a little high, 3.75 with a small lender credit. The pmi was less than FHA, but still high, I think .9 or something, but if our credit was above. 720 it would have been .74 I think. His middle score was 695, high score 750. Such a difference with just one tiny 100.00 collection from 6 years ago. That is literally the only bad thing on the report. One tiny mistake is going to cost us thousands over the life of the loan.

[Swapmeet]

I have spoken to a couple brokers, but I don't really have much faith in either of them... I want a broker that is anxious to get deals done, and not one who drags their feet.

[203bravo]

I got a conventional about 18 months ago with 3% down and interest rate was spot on with the going rate at the time.  I went through a broker but it was Wells Fargo that picked it up.

[webhopper]

I got a conventional with 5% down in feb 2012

[frugalQ]

There's a relatively new conventional product out there that's 3% down with min score of 680. But the MI is pretty steep.

Webhopper, I hope u and you family are ok in OK.

[bobvette]

We are going through Sun Trust with 5% down.  Had a rate of 3.625% locked a few weeks ago and have decided to go with lender paid PMI so we are at 4.25%. Did the math and I would have to stay in the house 15 or more years to lose out on the higher rate.

[webhopper]

Thank you for your kind thoughts! We are just fine, the storms missed us and went south of my house, and one was north of us... But we were clear!

[Lac2509]

We went with wells fargo.  We got 5% down with at 3.5 interest rate.  Our mid scores were about 690.