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Lender Down Payment Requirements with FICO Scores above 760

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Lender Down Payment Requirements with FICO Scores above 760

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.

 

Message 1 of 5
4 REPLIES 4
New Member

Re: Lender Down Payment Requirements with FICO Scores above 760

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

Message 2 of 5
Valued Contributor

Re: Lender Down Payment Requirements with FICO Scores above 760

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

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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
Message 3 of 5
New Contributor

Re: Lender Down Payment Requirements with FICO Scores above 760

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.

Message 4 of 5
Community Leader
Super Contributor

Re: Lender Down Payment Requirements with FICO Scores above 760

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.
Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
Message 5 of 5
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