Profile picture for user5734059

For a first time buyer, how much %could be the min down payment?

  • October 06 2012 - Milpitas
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Answers (11)

Profile picture for Mortgage Center Corp

If you want to purchase a SFR than it is best to put a minimum 20% but for condos it's best to put 75% down. These minimums would give you better rates. If you do not have a large down payment or your credit score is low than you would need to go with an FHA loan which require a minimum 3.5% down payment. But keep in mind your score has to be at least 560 to qualify for FHA.

  • October 13 2012
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If you paid cash for a home, there should be no problem as you're not financing the purchase.

However, the IRS would most likely attach a lien on the home.

And they might just wonder how you had cash to buy a home but no money to pay them.

As always, consult an attorney.
  • October 08 2012
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Profile picture for KeyHolder7
can a home even be purchased owing the IRS?even if its cash?
  • October 08 2012
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Profile picture for ShaylaTwit
The lowest I've seen is 3.5% down an FHA loan.  You can also get up to 6% of the purchase price toward your closing costs.  CC should be around 4% though. 

Hope this helps.  Good luck.  Shayla Twit, Sarasota FL Realtor
  • October 08 2012
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Profile picture for user5734059
Thank you all !!. Iam currently looking to buy a home in Noorthern California (bay area) 
  • October 07 2012
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I don't know where you live but many states and cities have access to a HUD approved program that offers 0 down payment 0 closing costs, no fees, and no points.  It's been around for over 15 years but many agents don't know about it.

I put buyers through the program here in Las Vegas. If you email me, I'll be happy to check if its available where you hope to buy.

I'm not a loan officer and make no money from them for referral. Its not a SCAM, its a real program who's loan officers are licensed with the lending division in each state they operate.
  • October 07 2012
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Profile picture for Ofe Polack
You have received a few responses that illustrate the range of downpayments that may be available to you.  I suggest that in order to obtain the best possible answer you contact at least two mortgage brokers and even a credit union.  They will run your credit profile and advise you what lending program will be best for you.  Good luck!
  • October 07 2012
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FHA does about 3-4%, average 3.5% with a credit score of 620. However right now in this market, more conventional loans are being more competitve making it as little as 1 and 2%. I am an agent in the eastern Virginia area and I have a great lending team. They get you the best possible intrest rate as possible. What first time buyers dont know is lenders need buyers just as much as agents. Whatever percent you pay in interest each month is also their monthly paycheck. SO FIRST TIME BUYERS BE CAUTOUS. Even if your not in Eastern Virginia I will be happy to give advice and so will my lenders.
  • October 06 2012
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Profile picture for Matt Hiatt
FHA is currently 3.5%, although in out-lying areas there is a no down USDA loan. Some counties also may have speciial programs, You also need to figure in closing costs, unless you can get the seller to pay them.
  • October 06 2012
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Profile picture for CindyFitch
It really depends on your strength as a buyer...credit, income, employment situation and where the home is located.  Some communities are eligible for USDA loans that require no money down and 100% financing.  VA loans are another great option if you're eligible.  The best thing to do is find a lender that offers several different loan programs and get pre-approved so you know your options.  Good luck!
  • October 06 2012
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GReat credit. Good history. Conforming loan. You can do 3.5% down FHA if you qualify (and the home does).
  • October 06 2012
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