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Answers (3)
- Jo Poulin, CRP, ABR, "jp1224"
- Contributions:28
The least amount you can put down on a home thru a mortgage lender is 3.5% if you do a FHA loan. You will then need to come up with closing costs which many times the seller can contribute towards. This needs to be negotiated and written into your contract. You need to contact a lender and be pre qualified. You can do this over the phone in many cases.
Thanks,
Jo
Thanks,
Jo
- Anna M Brocco, "anna b"
- Contributions:586
- Jerry Cibulski, "Jerry Cibulski Team"
- Contributions:309
Currently the standard FHA single-family loan limit for 2010 will remain at $271,050 with the high-cost area loan limit remaining at $729,750 for Suffolk County NY. Some of these mortgages will accept 5% down with a credit score of 620 or higher but you should speak with a mortgage representative to discuss your needs and they will be able to provide you with the loan packages that fit your needs the best.
They will also review your closing costs so you will have a strong estimate in regards to the amount of money you will need to make a home purchase in todays market.
How much money do you need to put down ?
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