5% Down Conventional Mortgage - Cleveland, OH

[Chandler Hall]

Hi all!

I am currently looking for a few different mortgage loan options around Cleveland, OH. I have already been pre-approved by 3 different places for FHA. My problem right now, is that I can't do an FHA loan on a property I made an offer on (property is a duplex and falls under the 90 day flipping rule for FHA). My income also exceeds the city income limits, so I am unable to do those loans as well. Anyone in Cleveland know of any banks/lenders who would be able to do a 5% down loan that rivals FHA?

Thanks!

Chandler

[Chris Mason]

Originally posted by @Chandler Hall:

Hi all!

I am currently looking for a few different mortgage loan options around Cleveland, OH. I have already been pre-approved by 3 different places for FHA. My problem right now, is that I can't do an FHA loan on a property I made an offer on (property is a duplex and falls under the 90 day flipping rule for FHA). My income also exceeds the city income limits, so I am unable to do those loans as well. Anyone in Cleveland know of any banks/lenders who would be able to do a 5% down loan that rivals FHA?

Thanks!

Chandler

 You have 3 phone numbers, what did they say? 

[Chandler Hall]

@Chris Mason Thanks for the response, Chris - The 3 places I was pre-approved for were only for an FHA loan. They told me the lowest they can do is 15% down conventional for a duplex which I can't do, so I've been calling around trying to find a place that will go lower but so far no luck.

[Chris Mason]

Originally posted by @Chandler Hall:

@Chris Mason Thanks for the response, Chris - The 3 places I was pre-approved for were only for an FHA loan. They told me the lowest they can do is 15% down conventional for a duplex which I can't do, so I've been calling around trying to find a place that will go lower but so far no luck.

Oooh, duplex, missed that part. Here in the Bay Area at our price points it would be a waste of time to check, but are you under the income limits for Home Possible @ 95% LTV in that census tract?

https://sf.freddiemac.com/working-with-us/affordable-lending/home-possible-eligibility-map

[Chandler Hall]

I am over the income limit so unfortunately I can't use Home Possible either!

[Andrew Postell]

@Chandler Hall yeah, sounds like all the options have been explored here.  Either wait that 90 days or go find another property.  15% down is the minimum for conventional (Fannie/Freddie) on a primary home duplex.