Lender Down Payment Requirements with FICO Scores above 760

[tdr]

Anybody have any experience with how much of a down payment is being required by most lenders with FICO scores above 760? (other than the usual 20% to eliminate PMI)

Thanks.

[Anonymous]

hi tdr,

I was pre-approved by BOA with the score of 812, and in the process of applying for a mortgage loan with only 10% down with BOA.  I've locked in the rate and they're processing my paper work, it's not finalized yet, but apparently they are interested to take a look.

From my own experience, if you also have a steady employeement and a long working history, that'll help quite a bit.

hope that helps

[BrianB_The_Loan_Professor]

Credit is only one part of the equasion - there is income - job history - assetts....

But to answer you rquestion FHA is 3.5% down

Conventional is 5% down (in a declining market they may need more)

Of course the more you have to put down the better it is (for the bank)

Brian

[Anonymous]

Based on your post it sounds like you expect to put down at least 20% and are asking if banks are requiring more than this.  If I'm reading your post correctly, by putting down 20% and having a 760 credit score, assuming you have stable employment and your debt to income ratio won't be outrageous with this new loan I think you'll have lenders lining up to give you a loan.

[ShanetheMortgageMan]

Depends on loan amount & where you are buying.  $417k, you'll be fine for 20% down... For $5,000,000, you'll need much more than 20% down.