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Archive for November, 2013

FHA Down Payment Rules

November 29th, 2013 by

One commonly asked question is, "How much is needed for a down payment to buy a house?"For FHA loans, it's 3.5%  For conventional, it's 5%.  There are exceptions the rule.  Some being, VA loans, zero down, but you must be a veteran of the military.  There are some houses that are available for $100 down (HUD Homes), but there are very few of these houses and not many buyers succeed at gett... [ Read More ]

Down Payment requirements, Government vs conventional loans

November 24th, 2013 by

A commonly asked question by many that don't have 20% for a down payment is, "How much is needed for a down payment to buy a house and what is better, FHA, VA or a conventional loan?" Before you can just throw out a price quote and say you are going to get a conventional loan, there are many reasons an applicant can be denied financing for a conventional loan or a government product (FHA, USDA or ... [ Read More ]