According to my good friend and mortgage broker John Noyes, it is once again possible to get conventional financing with a 5% down payment. Below are John’s comments:
“It appears that at least some parts of the lending environment are getting a bit better. We are now able to do 95% Financing on conventional loans. . . . The financing is available for owner occupied single family homes, condominiums, and townhomes. It requires a 680 credit score and a maximum 41% Debt to Income ratio.”
Tags: credit score, down payment, financing, Mortgage