Do banks let you put only 10% down for mortgages anymore if you have great credit?
mortgages
issue is.. I am purchasing a house that requires a substantial amount of renovations.. So i’m trying to keep a high cash flow to pay for it all out of pocket. So it would make things easier to only put 10% down instead of 20%, but people have recently told me that in this market banks arent doing it anymore.
Tags: Banks, cash flow, Credit, Mortgages, purchasing, renovations
Yes.
You can get up to 97% financing in most markets up to FHA conforming limits. You can get 85% to 90% up to millions of dollars, depending on if you are in a declining or stable market.
Let me know if you need any additional information or help with this. Good luck!
yes they do if you go with an fha aproved lender..there are also fannie mae and freddie mac programs out there that have eased up there guidelines..the downfall is they have there limits with jumbo loans and types of property
Harder and harder to find, but with research, you can find them, when you have great credit. While you’re searching, keep saving up. If you can get a larger down payment and eliminate PMI, it saves you LOTS of money.
Yes you can….
Sure. You will have to pay PMI, but once you have 20% equity, you can have that removed.