Jonathan Minsk
Mortgage
404-281-3691
404-281-3691
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Sponsorship
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404-281-3691
3490 Piedmont Road NE
Suite 510
Atlanta, GA 30305
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Development
Katie Schanck
Joined on 03/23/2012
Team
The question I see often is: "how much does a borrower need to put down to obtain a mortgage"? Without saying "it depends" in reality is does depend if the loan amount is Conforming or Jumbo.
For a conforming loan, if the borrower is a first time homebuyer, the minimum down is 3%, and 5% if they have owned ral estate in the last three years. For a Jumo loan, the minimum down payment is 10%, and to get a much lower rate, 20%.
Interest rates are risk based, so there are many factors that go into pricing a loan. As such, when qualifying a potetntial borrower all the fact needs to be known upfront in order to provide an accurate breakdown of the down payment, closing costs, and interest rate.
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