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how much do you have to put down for a house?

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November 14 2013 - Port Chester
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Lot's of good info above!
Also, you need to consider the type of home you are buying. A single family home will allow you the flexibility of most any type of mortgage. A Condo will have restrictions such as not being FHA approved & if it requires 10% or more down. A Co-op will have further requirements. New Condos or Co-ops that are being converted from rental properties may require owner financing.
Different towns & villages have different price ranges - good to know where you want to live & what you can afford.
You should get a pre-approval on the type of home you wish to purchase & make sure you get a range of the taxes you can afford - that sometimes is the deal breaker in a purchase as Westchester does have high taxes compared to the rest of the country.
Good Luck, Audrey
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December 07 2013
Lillian,
Your "first" step would be to speak with a loan officer at your local bank or mortgage company. They will be able to pre-qualify (credit, income, etc.) you and inform you on how much $$$ are needed for your down payment on a house. Depending on your location, there may be several programs available including down payment assistance programs, if needed. Make sure to ask which loan programs you qualify for.




Good Luck!



  
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November 15 2013
As posted below, there are different down payment requirements for each loan program. Below are the requirements assuming this will be a primary residence.

PROGRAM :: TYPE ::  DOWN PAYMENT
FHA, Standard, 3.5%
FHA 203(k), Repairs & Renovations,    3.5%
FHA 203(h),  Natural Disaster Victims,   0%
________________________________________________________
Conventional:   Standard  3% (680+ credit score)
Conventional:   Standard  5% (620-679 credit score)
HomeStyle: Repairs & Renovations 5%
Conforming Jumbo   Standard 10%
Non-Conforming Jumbo   Standard  10% - 20% (depending on lender)
________________________________________________________
VA Standard 0%


If I can be of any assistance please don't hesitate contacting me directly; my information can be found within my profile.


Kindest regards,


Paul F. Marzolla
Sr. Mortgage Advisor
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November 15 2013
This answer varies depending on the type of loan that you choose. Here are the down payment requirements below based on loan type.

FHA: 3.5%
Conventional: 10%-20%
VA: 0% (Must be a veteran)
USDA: 0% Must be seeking a USDA approved property.

These are some down payment percentages of the more common loan types. I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!

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November 14 2013

I guess the real question is how much would you like to put down? 20% is the best option but there are 100% programs available for you.

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November 14 2013
It depends upon the type of the loan.  Veterans can qualify for 100% financing, but the rest of us generally have to put a minimun of 3% down.
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November 14 2013
Hey Lillian,

Down payment for a new home will ultimatly depend on the type of loan program you want.  Lenders can take as little as 0% down payment for a home.  Two options to accomplish this would be a VA loan option or a USDA loan option.  If you are not current or former millitary or looking in a USDA eligible area then the minimum down payment any lender would require would be 3.5% of the purchase price.  An FHA program can take as little as 3.5% down pament and has more flexible credit and income requirements. 

Hope this helps and contact me with any questions you have.
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November 14 2013
That will depend on the type of loan you qualify for. For example: If you are a qualified vet the down payment on a VA loan is zero. No down payment. While the minimum down payment for an FHA loan is 3.5%. For a Conventional loan, you will need to have a high enough FICO score, for a 5%, 10% or 15% down payment. You should contact your lender, he/she will be able to let you know the type of loan you qualify for as well as the required down payment amount. 

Diana Walton
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November 14 2013
Your income and income ratio dictates the choices of mortgage you will have.  The type of mortgage you get dictates the down payment.  Have a word with at least two mortgage brokers.
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November 14 2013
Hi Lillian,

It all depends on what type of mortgage your getting and your credit score.  Your best bet is to speak with a mortgage broker.  If you have any other questions, please don't hesitate to ask.  
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November 14 2013
The amount that you put down on a house depends upon: Your credit score, the type of loan and maybe if you have down payment assistance. There may be other things that will contribute to how much down payment you will pay. The best way to find out is to contact a mortgage person. When you are ready I am here to help.
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November 14 2013
 
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