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How much is the minimum down payment i need to put to purchase a house in southern california.

I have 720 credit score and I am a first time buyer I never purchased any loans with my credit besides a car that I recently purchased, I would like to know how much down payment do I need to put to purchase a  home I was told by an agent that I need to put down 20% but that is very unlikely that someone would have lets say 100k laying down somewhere to purchase a 500k house.

Can you please let me know the truth as to how much do I need?

THanks
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November 27 2009 - Los Angeles
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Answers (7)


Typically 3.5% down payment FHA financing, owner occupied and even as low as 1/2 down payment is available.  Also there are programs through certain city & county agencies that can help.

Good luck to you. 
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November 28 2009
Sounds like you have excellent credit, congratulations on maintaining such good credit. You have several options, if down payment is an issue you can try going FHA with the minimum 3.5%. You can always put more down on an FHA loan if you choose to do so. There are also conventional loans available with 10% down. I would be happy to discuss all of your options with you and point you in the right direction. Feel free to give me a call or email me.
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November 28 2009
FHA loans are not difficult loans to close.  And, going with a major bank has its negatives.  I would pick the best loan officer and not a company.  You can have a horrible LO working for the best company in the world and that will result in a mess.

If you don't know of anyone, the two guys at the top of the list to the right under top lenders are a very good place to start.  Good luck.
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November 28 2009
FYI I would recommend a major bank to process your FHA loan.  It is a difficult loan to close if you haven't done a bunch, and I have found that BofA does a great job.

Richard
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November 27 2009
If you are a Veteran there may be programs to allow you to do a smaller down payment.  Also, the FHA loan program has an option that may give you money to repair the property.
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November 27 2009
All I could think of was it was an investment property. I'm not the brightest bulb on the Christmas tree but even I thought that 20 percent was a tad high. Kudos to Bob.
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November 27 2009
You can get into a home with 3.5% on a FHA loan.  Time to find a new agent. 
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November 27 2009
 
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