Is it hard to get a home loan now?

[KCHAR]

Guy at work said you gotta bring 20% down these days to get approved now- any truth to that?

[Sgt Beavis]

Depends on a lot of factors. A VA loan doesnt require any money down. You should contact SVT Lurch and see what your options are..

[red95gts]

Depends on credit history, income to debt ratio, and approximately a billion other factors.

I bought a house last year with 5% down and was approved for both Conventional and VA Financing, so it is possible to buy without 20% down. In most cases you will have to pay PMI tho.

[Binky]

depends on your financial situation.

Yo dont need 20% to get the loan, but you do need it to avoid PMI. For me, PMI was negigible so i didnt worry about it.

[krazy kris]

I just got a home loan with a 640 middle credit score going USDA you need nothing down and you don't have to pay mortgage insurance because the loan is 100% guaranteed. The only draw back is that USDA is only offered in rural areas.

[Roscoe]

I just got a home loan with a 640 middle credit score going USDA you need nothing down and you don't have to pay mortgage insurance because the loan is 100% guaranteed. The only draw back is that USDA is only offered in rural areas.

and has certain income requirements..

[2011GT]

I did a FHA loan just last week. 3.5% down and 3.25% interest rate. It's not hard to get the loan it's just a long process. They want to know everything!

[TrueStreetMotorSports.com]

Ask about a USDA loan, 100% finacing, low closing cost. But there are some restrictions

[Lone Sailor]

PM SVTLurch, he's the guru on home loans, he'll hook you up with all the answers you need.

[TrueStreetMotorSports.com]

PM SVTLurch, he's the guru on home loans, he'll hook you up with all the answers you need.

Agreed

[white trash wagon]

Just got approved for a 3.45% conventional loan of $238,000 with 5% down. It was not difficult.

[ceyko]

Did a VA 6 months ago, it takes a tad longer and they do seem to ask a lot more questions. IMHO, it's more hoops to jump through to eliminate people that should have been eliminated for loans 10-15 years ago.

In other words, if you can afford the loan - you'll get it.

[KCHAR]

Is there a legit place we can go online to submit an app to see what we could get pre-approved for?

[dcs13]

Just got approved for a 3.45% conventional loan of $238,000 with 5% down. It was not difficult.

Conventional are 20% down right now, how did you swing that ? We just did an investment property on a conventional and it was 25% down . It was easy to qualify, but It was a huge PITA to get the paperwork done, and I have an 800 credit score...
I took a couple grand out of savings to take to the Pate swap meet while this was going on. Took it out on friday, didn't buy anything at the meet and put most of it back on the following monday. I had to write an affidavit where that money came from.. It was crazy

[Vertnut]

Conventional are 20% down right now, how did you swing that ? We just did an investment property on a conventional and it was 25% down . It was a huge PITA to get the mortgage done, and I have an 800 credit score...

You've gotten some bad info/advice. PM SVTLurch (Trey) and he will help you out. He's a great guy and is knows his stuff.