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Answers (7)
- Naima Sumner, "Dallas Ft. Worth PRO"
- Contributions:2847
Although the question is almost a year old, others may find it helpful.
I think Michael, you meant to say that FHA requires a minimum of 3.5% down vs the old 3%.
You can get a house for as little as $100 down if it is a certain foreclosure. The bottom line is that it changes based on your personal situation and the house you would consider buying.
Only a lender that will look at your credit, income, debt ratio, assets will be able to tell you the correct answer.
Naima
- Michael Martinez, "mikemartinez"
- Contributions:42
3% for an FHA
usually 10 percent for a condo non fha
20% to get rid of PMI
usually 10 percent for a condo non fha
20% to get rid of PMI
- Dan & Cheree Griffith, "The G FORCE"
- Contributions:177
The best answer is to shop around! Lenders have a variety of "products" for many situations. Check with the big guys, then resource a loan broker. 20% down is the industry standard, and it may get you the best possible rate/term ... but shop around! You may find that you can get by with 4% down, or less!
- Noah Seidenberg, "Noah Seidenberg"
- Contributions:115
In most cases these days 20% min. Lenders are not giving mortgages so easy like the old days. Years ago, the saying was, if the person is breathing he or she gets a loan. That is over.
- Tom Verducci, "SoldbyTomV"
- Contributions:222
Talk with three different lenders. Do not let them pull your credit until you feel comfortable with one. They will be in a position to tell you what type of loan and the downpayment that would best fit your situation.
- Doe Fowler, "Doe Fowler"
- Contributions:38
jayraybay: depends on what type of loan you are applying for. Best bet is to speak with a few lenders to see what they have to offer you. Most can pre-qualify or pre-approve you in about 30 minutes!
I have a few Corpus Christi lenders that I work with; excellent and fast. Contact me for their information.
I have a few Corpus Christi lenders that I work with; excellent and fast. Contact me for their information.
- Pat Pribisko, "Pat Pribisko"
- Contributions:1426
Basically, the amount of down payment, in dollars, depends upon the ultimate/agreed purchase price of the home you want to purchase, on whether you qualify for a VA, FHA, or Conventional Loan (fixed rate or adjustable rate; 15yr or 30yr) &, in some cases, the lender with who you are working. I am answering this from a Realtor's perspective. I suggest that, before you start looking for a home with a Realtor, speak with your local bank or interview several to find out what type of loan & the loan amount you can qualify for. Choose one lender to work with & obtain a Loan Pre-Approval form that lender. You need to know the amount of loan you can qualify for & you estimated monthly payments. In addition, when you have a Realtor prepare & submit a Purchase Agreement for the home you choose, the Realtor needs to submit your Pre-Approval Letter with your offer to prove you can afford to purchase the home.
How much of a down payment is required for a single-family home?
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