Q: Jerry, My name is Patrick and I am wanting to buy my first home soon. I am 23 and my fiance' and I have a combined income at right around 48000 a year. Is there a minimum down payment we have to make say on a 100000 dollar and under house or is it up to us to decide whatever we want to put down up front?  I have heard 10 percent from some, 20 from others. It doesn't seem feasible because it takes an average person many years to save up 10 to 20 percent of that figure. Please help me any way you can

thank you Patrick Finley A: Dear Patrick I have good news for you. The mortgage industry has changed quite a bit over the past few years. You can now buy a home at a competitive interest rate with little to no down-payment. You are not alone. Our company has helped many people like you who thought they had to save thousands of dollars towards a down-payment. That is no longer the case. I would suggest that you apply for a FHA loan. FHA has very liberal down-payment requirements and qualification standards. A good mortgage consultant can show you how you can receive a gift from a charitable organization to cover the entire down-payment. For more information call 800.803.9910 or www.midwestmortgagecapital.com. Good luck. Jerry

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