1 time home buyer .... do i need to put down payment?

  • March 19 2014 - Town of Andover
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Answers (9)

Yes, for FHA it's minimum 3.5% down and VA is 0%.
  • October 29 2014
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Mostly likely you unless you are a veteran what a great program out their if you are a veteran.  My office is in downtown Andover Coco Early please let me know if you want to me and talk about some options.  I have lenders that work out of my office and near by. 
  • October 20 2014
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There are programs with 0% down, however Andover, MA is not one of those towns.  If you qualify for MassHousing first time homebuyer program you can put as little as 3% down.  The FHA mortgage program requires 3.5% down, however all of that money can be a gift from family!
 
Feel free to contact me if you would like to hear more information about the eligible areas with 0% down.
  • October 02 2014
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There are many programs in Massachusetts, some of which will require as little as 3.5% down.  Although the rules regarding down-payments have changed over the recent years, so the best advice is to speak with a knowledgeable and expert mortgage officer who can guide you through all the different options, including a MassHousing loan (if you qualify), FHA, and more.  I specialize in working with first time home-buyers and getting through the whole process, from obtaining the right mortgage all the way to signing on the dotted line and having keys in hand. I work with only the best in the business - please get in touch with me so that I can take all the stress out of the experience of a lifetime - you only have 1 first house.  Every success!!
  • March 22 2014
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Unless you qualify for certain loans you will have to pay some sort of a down payment. The amount of the down payment depends on the type of loan you choose or qualify for. Below I have listed common loans and the required down payments and qualification that go along with them.

FHA: 3.5% (Must be first-time home buyer with some exceptions)
Conventional: 5%-20%
VA: 0% (Must be a veteran)
USDA: 0% (Must be seeking a rural/USDA approved property)

So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • March 20 2014
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I know in NYC 20% is minimum unless seller chooses to go lower or higher. A downpayment is always a plus because it is more enticing to parties involved. VA loans can assist in finding a 0% down lender but it depends on the seller essentially. In cities this is rare because of so much competition. 0% down would not be taken seriously however the advantage in suburban neighborhoods is less competition.
  • March 20 2014
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Like others have said, you'll likely need a down payment of some sort, but your local financial institution can provide guidance. I'm right near you in Middleton, and can be of assistance once you have a preapproval letter and are ready to conduct a home search. I can also recommend a few local lenders previous clients have used. Best of luck!
  • March 20 2014
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Profile picture for Praful Thakkar
Most of the mortgage product will need some kind of down payment when you want to purchase your first home.

You should contact an expert lender for this and for the pre-approval of mortgage, an essential step in buying a home.

I have helped many first time home buyers - and do host First Time Home Buyers. I can send you the invite if you are interested in. (My next one is tentatively schedule for April 6th.)
  • March 19 2014
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Profile picture for wetdawgs
Most likely you will need to put down a down payment.  Some possibilities: 

If you are eligible for a VA loan, you may find 0% down loans.

If the property is in a rural area and your income meets criteria, then you may find a 0% loan.

You may be able to find local down payment assistance.

Otherwise, perhaps 3.5% down payment with an FHA loan is possible.   Explore the options with a lender.
  • March 19 2014
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