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Down Payments and COVID

720 Views | 4 Replies | Last: 17 days ago by Red Pear Realty
hijakeroo123
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AG
My fiance and I are currently looking into whether to buy a house in the Dallas area around when we get married early next year, or to wait a year before buying. One of the factors in the discussion is the down payment amount. At the start of COVID, it seems that many lenders tightened their standards to strictly require 20% down for conventional loans. Has this loosened at all since? For context, both of us have excellent credit if that affects anything down payment-wise.
jopatura
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We only put 10% down on a conventional loan without selling our old house (so we were pushing the debt ratios). Everything closed just fine. Excellent credit as well.

From what I was hearing the troubles start more with bad credit.
jja79
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If the loan amount is below $510,400 20% isn't required.
SteveBott
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You can put as little as 3% with very good credit. 5% is better
Red Pear Realty
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AG
Two solid lenders on this thread that can help you get a loan with less than 20% down. If you were speaking with the big banks like Chase or WFC about a loan, their standards have changed to require 20% down, but those guys are terrible to begin with (you are literally just a number to them) so probably best to steer clear.

FWIW I got a loan from Chase while technically an employee of them, and it was an awful experience.
Sponsor Message: Up to 2% Buyers Commission Rebates / $1,200 Full Service For Sale Listings / $500 For Lease Listings with Red Pear Realty. Also, contributor at Houstoning.
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