Most people believe that you must have a 20% down payment in order to purchase a home. With conventional and FHA, the public is beginning to wake up to the idea that one can buy with 3% or 3.5% down, but above $417k, it can still be a challenge to find a product that allows for less than 20% down. But it does exist. Here's what you're going to need to qualify:
* Strong credit score
* 6 to 12 months reserves in the bank after down payment
* 10% down payment
* Purchase price up to 1.25M
Hope that helps. Feel free to contact me if you have any questions at 949.667.2887 or firstname.lastname@example.org.
- Brian Nguyen is a senior loan consultant (NMLS 659743) who learned more about this stuff than he ever intended to. The opinions expressed here are solely his own.