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Is it true, that in this economic climate, that you truly need 20% down to purchase a first home?

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What is the minimum that you can put down w/o getting turned away?

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April 05 - Wayne

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Jason Bonas, "Jason Bonas"
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Jason Bonas, "Jason Bonas"

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lol, are you guys aware that this question is from April? Consquently I would make reference to this month a lot when I talk to buyers who want to buy w/ little out of pocket lol (how ironic)

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6 days ago

David Oaxaca, "TEX Realtor"
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David Oaxaca, "TEX Realtor"

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The simple answer is no..FHA loans require a minimum 3.5% down. With a VA loan you do not need a down at all. Conventional loans can range from 5% to 20% depending on your credit. Keep in mind some municipalities offer certain zero down programs or bond money for first time home buyers. Talk to a Realtor in your community for assistance guiding you in the right direction. If you need me to refer you one let me know. Hope this helps.

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6 days ago

LindseySells07470
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LindseySells07470

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20% is not required an FHA government backed loan requires only 3.5% down however does require that you pay a one-time funding fee (MIP) that is calculated based on the amount of the loan, and you will then need to consider your monthly budget and add primary mortgage insurance (PMI) into that budget. This PMI is eliminated when you have 20% equity on your loan which may be the reason you are under the impression that 20% down is required.

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6 days ago

NTETS, "Caveat Emptor"
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NTETS, "Caveat Emptor"

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however be prepared to pay a large upfront mort premium for FHA, its a good way to insure that you have negative equity pretty much the day you close

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6 days ago

Vin75
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Vin75

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if you don't put 20% down be prepared to pay a premium for private mortgage insurance.

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6 days ago

alexlo12
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alexlo12

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NO ITS NOT NECESSARY, BUT IF YOU DON'T HAVE AT LEAST 20% DOWN ON A HOME YOU HAVE NO BUSINESS BUYING A HOME YOU CANT AFFORD IT. MAYBE YOU SHOULD WAIT AND SAVE MORE MONEY DON'T BE A DEADBEAT. PEACE

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September 24

Aileen Williamson, "awilliamson"
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Aileen Williamson, "awilliamson"

Wayne, NJ

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FHA loans with as little as 3-5% down are being approved. Of course, your credit rating will be reviewed. It's a great time to take advantage of this type of loan. In certain circumstances, closing costs can be rolled in, however, the appraisal must support this.

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September 24

Wayne F. Smith, "wsmith2inc31725330"
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Wayne F. Smith, "wsmith2inc31725330"

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No you do not need 20% down in order to purchase. Speak to a reliable lender and also ask about grant money such as the NJ Smart Start program. This program is buyer qualification dependent as well as address specific for the property to be purchased. Here's the link to the NJ State website: http://sgl.state.nj.us/

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April 08

Bob Lowery, "Bob Lowery"
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Bob Lowery, "Bob Lowery"

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You can get a USDA or VA loan with 0% down. Other than these two, FHA (3.5%) is probably the best way to go....

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April 05

Darla Bauman, PBD, "dbauman"
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Darla Bauman, PBD, "dbauman"

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It depends on the type of loan you are trying to get, if it is your primary residence and the amount of loan you qualify to receive in comparison to the amount of your offer. FHA loans are 3.5% down at this time. Hope this helps.

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April 05

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Question Is it true, that in this economic climate, that you truly need 20% down to purchase a first home?

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Is it true, that in this economic climate, that you truly need 20% down to purchase a first home?

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