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As a first time buyer will i need to put a certain amount into my down payment?

if i can go with the minimum please let me know - i have a 700ish credit score and some car loan debt but it will be paid off by the end of this year. i've been saving money but do not want to pour all of my savings into a down payment. what is the minimum i could do? i want to buy around Dearborn
By janet3summers9723619 from MI Jun 9th 2014
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You should really allow a lender to just do the credit check on you so they can tell you exactly where you are at, what you could be approved for. It is free and only takes about 5 minutes. Call me today or email me. Steffnie@peoplesbankusa.com

Jun 9th 2014

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Depending on the lending program you go with will determine the minimum down payment requirements.. FHA requires 3.5% down, and they allow the down payment to be gifted, but the monthly mortgage insurance is expensive.. Conventional financing requires 5% down, but the MI is very inexpensive.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres 480-287-5714 WilliamAcres.com

Jun 9th 2014

the least amount down would be on a VA or USDA loan which is 0 but you have to qualify. FHA requires 3.5% down and Conventional requires 5% down.

Jun 9th 2014


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