Does a 20% down payment guarantee a home loan

No it does not. They will review your credit score, income, and other assets to see if you qualify along with an appraisal and title work.

20% down is a strong down payment, but your complete credit profile and the ability to repay the loan will be looked at as well as title and appraisal. A borrower with 5% down, great credit, solid income and a satisfactory property will get approved all day long by just about any lender, while a borrower with 20% down and poor credit or insufficient income will have a difficult time finding a lender at all.

Putting a large down payment will sweeten the deal, but it's no way a guarantee of obtaining financing.. instead your complete profile is looked at and analyzed.. income, debt, credit history, ratios, etc.. everything is looked at... I hear this a lot from people with bad credit.. if I put 50% down, the bank would be stupid not to finance me.. WRONG... the bank is in the money business, not the real estate business.. When a bank has to foreclose, they will lose money most every time.. and if the home sells for more than what's owed in foreclosure, the law says they have to give that money back to the owner.. they don't get to keep it, so there is no benefit to them taking a chance on someone who has a proven track record of not paying their bills on time.. The lender would benefit the most if you make your minimum payments on time every month.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Not even close. There are so many other factors in play including income, assets, employment and credit. See a licensed loan officer in your state for qualification.

No- You will need to be fully qualified- from you credit, Income , assets, etc...when you work with your lender of choice, they will pre qualify you as to whatyou can afford and guide on the path of home ownership

The short answer is NO. With the mortgage meltdown came new rules regarding qualified home mortgages. A large down payment no longer guarantees you a mortgage. My team and I offer mortgages with zero down and conventional mortgages with only 3% down however one has to have decent credit to qualify and verifiable income that meets guidelines. If credit is challenging contact us today and we can help direct you in ways to improve your credit quickly.

It's a great start, but it isn't necessarily easier to get a loan with 20% down than with 5%. Lots of other factors come into play. A marginal borrower will likely have an easier time with a large downpayment. Sometimes it makes more sense to make a smaller downpayment and pay off other debt - just depends on your overall qualifications and situation.

No it does not. It does however eliminate the need for Mortgage Insurance (MI). And Mortgage Insurance is many times harder to qualify for than an actual Mortgage Loan. The criteria used to evaluate your ability to obtain a loan are still: DTI (how much your monthly debt payments are compared to your Income), Credit Score, additional Credit History review, Job stability and attributes of the property you'll be borrowing against. So basically, the lender will be evaluating your ability to make your Mortgage Loan payments. The advantages of 20% down are: No MI, lower interest rates and relaxed credit requirements. You really need to speak to a Local Lender about your specific situation - you will want to get a referral from friends, family or the Realtor you are working with.

No, you will also need specified income and credit.

NO... not even close. The bigger the down payment the better, but even if you put 90% down, you still need to meet all the other criteria, proof of income, credit scores, debt ratios, etc.

No, it does not. A 20 percent down payment will help but you also need to meet credit score requirements, debt-to-income ratio and more.

If you do not have the credit, call me and I'll get you a private loan with 20 % down guaranteed. (800) 515-0445Sarah MontesSr. Loan OfficerNMLS# 366626

No it does not. They also look at credit scores and DTI ratio.