Down payment requirements on conventional loans are dependent on several factors: Loan Amount, Property Type, FICO score and qualifying ratio. The FICO score and qualifying ratio come into play primarily when you have less than 20% down and because we have to layer Mortgage Insurance company rules with normal lender rules. 20% down will get you the better interest rate, and it will also eliminate the need for Private Mortgage Insurance.
SFR: Single Family Residence (standing on its own; not a part of a development)
PUD: Planned Unit Development (generally known as a townhouse). It is rare to find a detached PUD, but do speak to your real estate agent about this.
DOWN PAYMENT REQUIREMENTS IN CALIFORNIA:
Up to $417k Loan Amount (Conforming Loan):
SFR/Detached PUD: 10% down minimum
Attached PUD/Condo: 15% down minimum
$417k – $729,750 Loan Amount (High-Balance Loan):
SFR/Detached PUD: 10% down payment
Attached PUD/Condo: 15% down payment
Above $729,750 (Jumbo Loan):
Please call me for this scenario. The down payment requirement in the Jumbo Loan range tends to fluctuate; in addition, few lenders are participating in this loan level, so it depends on investor involvement and their portfolio at the time.
Irene,
We are both in the same business and I have to say yours is the ONLY site I have EVER signed up for the blog.I found your page on Google search, I was browsing for info on a purchase ($1.875m)for one of my borrowers. I really like your site and style.In this industry there is always more to learn.I look forward to reading your up and comming blogs.
Ronda 🙂
RondaHale.com
Ronda, thank you! What an encouraging comment. I’ve been a little remiss in updating my blog with new posts, but will get on that soon. Thank you so much for the compliments; and yes, I agree we always have something to learn. If you ever need a resource or have a scenario and want to know if I know of any lenders that can do it, feel free to email me at irene@loansbyirene.com
Good luck!
Irene