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To obtain a 5 down mortgage, you typically need a good credit score, stable income, and the ability to afford the monthly payments. Lenders may also require proof of employment, a low debt-to-income ratio, and a down payment of at least 5 of the home's purchase price.

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5mo ago

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What are the requirements for obtaining a mortgage with only 5 down payment?

To obtain a mortgage with only a 5 down payment, you typically need a good credit score, stable income, and a low debt-to-income ratio. Lenders may also require private mortgage insurance to protect against default.


What is the minimum down payment required for a mortgage with 5 down?

The minimum down payment required for a mortgage with 5 down is 5 of the total purchase price of the home.


What is the average rate of a 5 year mortgage?

The average rate of a 5 year mortgage in Canada seems to be just over 3%. The rate can go up or down depending on if the mortgage is closed or variable.


What would be the best house mortgage rates after college?

Home mortgage rates continue to be the lowest rates in recent history. Depending on the type of mortgage and the amount you put down on the home, rates can range from 3% to 5%.


Mortgages with only 5% down payment?

a mortgage is a loan on what you have paid in on your house. it all depends how many payments you have made.


How does paying off your mortgage affect the cost of obtaining homeowners insurance?

Depending on the insurance company they may give you a discount, usually 5- 10%. In essence when you have a mortgage on a property the insurance company notes it on your homeowners policy and sends a letter to the mortgage holder providing proof that you have protected their (your house) asset by insuring it. Discounts that may be available: Mortgage Free, Monitored Alarm Discount, Multi Policy, Claims Free, Senior.


How have the mortgage rate trends changed over the last 5 years?

Mortgage rates have gone down a lot in the past 3 years. You can get a 30 year fixed loan for about 4% APR nowadays.


Can you get a 5-year mortgage for a new home purchase?

Yes, you can get a 5-year mortgage for a new home purchase.


How does a repossession affect a mortgage?

If your house is repossessed in the UK you will be entered on to The Council of Mortgage Lenders "Repossession Register" Future mortgage companies check this register as part of their usual credit checks. If there is an entry in yours (or your partners name in joint mortgage applications) then this will have an adverse effect on your application and may result in your mortgage application being turned down by high street lenders. This does not mean it wouuld not be possible to get a mortgage as some companies specialise in obtaining mortgages for people who have previously been repossessed. These companies do however charge more! If you refer to an existing mortgage, on another property, then any previous repossessions will not have an effect on this mortgage, if however you need to remortgage at any time in the future you will be subject to the same problems as outlined above. This would be of particular concern if your current mortgage deal will revert of a lenders Standard Variable Rate (SVR) which is much higher than what your current deal charges. Most deals last 2 or 5 years.


What does an 80-15-5 mortgage plan work?

The best way to explain how an 80-15-5 mortgage plan works is by using actual numbers. With that in mind say you have a $200,000 price with 5% down you would receive $160,000 (80%) on your first loan and than $30,000 (15%) on your second loan.


How do consumers rate GMAC Mortgage as a mortgage provider?

According to the Consumer Affairs website, GMAC Mortgage does not rate well with consumers. It scored a 1.2 out of 5 stars. Credit Karma shows a rating of 2.1 out of 5 stars.


Is the Massachusetts mortgage rate currently higher or lower than average?

The national mortgage rate is currently at 4.02%. The Massachusetts mortgage rate is currently lower than the national mortgage rate by 5 basis points.