im a young doctor just graduating medical school and moving down to Memphis this summer. Im looking to buy my first home as I will be down there for residency for 4 yrs. I will be earning $70,00/yr but have no nest egg as I have been in school. I wondering what my lowest down payment option is with regards to HFA loans. I looking at houses costing aprox $200,000 - $210,000. I have excellent credit and am wondering my chances of qualifying for the HFA.

StevenThe minimum down payment for non-military is 3.5% right now with an FHA loan. If you are a veteran, there are 0% down options.Brett BoykeWintrust Mortgage

StevenIt sounds like your in good shape for FHA's requirements. I will need to pull your credit to ensure you have a 630 FICO credit score or greater. My pre-approval amount will be based on your debt-to-income. As i do not have your informaiton on file please call or email me so i can over over a quick pre-qualificaiton.Colby Neal Tel: 866.996.8953 Ext 6104 Fax: 800.488.6185 cneal@valoanprogram.com

If you have 3.5% to put down, your chances are excellent. The only thing I would add is that SOMETIMES there are programs specifically designed for Doctors (and other professionals) within a given area. Also, you may want to ask the hospital if they have anything to offer as well. You'd be surprised what is available. Congratulations on your graduation.

You could also look at City-assisted Down payment Programs. They offer individuals with certain incomes to qualify. You would be suprised if you do qualify, it's a simple check with the City. Let me know if you want help with this route. Otherwise, FHA is 3.5% down, of which, can be Gifted. You dont even need to have the money in your bank. Last, but not least, you still need 2 years of Tax Returns to qualify, whether you Self-Employed or W2. Hope this helps. RC

3.5% down

Everyone is right FHA is 3.5% down. FHA also allows for 1 year deferred on student loans if you have any which makes it easier to qualify. I think this will probably be the best rate available in today's market landscape. Check with some local banks to see if they do a DR loan, but I still think the rates on that are higher. You definetly want to get officially pre-approved by a Lender, but the numbers you provided looks good.

You will need to put 3.5% down for an FHA loan.