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)
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
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)
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.