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how much down

How much do you typically have to put down when you buy a home.  I have a credit score of 664 to 709.
  • August 14 2013 - Sacramento
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Answers (9)

Sacramento also has some unique down payment assistant programs that I am familiar with.

Also, the 3% down conventional will be going away on Nov. 16th, so act quickly if you determine that works best for you!
  • October 23 2013
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Austin,

Fannie Mae and Freddie Mac did away with their standard 3% down mortgages. Unless you are referring to unique scenarios like Homepath homes or income-restricted programs like My Community Mortgage/Affordable Gold the 3% down conventional mortgage is a thing of the past.

This is a very recent change that has not been talked about much. 

Sincerely,
Greg
  • October 23 2013
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There is also a 3% down conventional loan program.  Let me know if that interests you.
  • October 23 2013
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As the others have mentioned, it depends on the loan program. However, there's 0% down payment programs available--not applicable to all areas. And there's the CalHFA, which offers several options for down payment and closing cost assistance. Choosing the right lender who's experienced with loan programs for your situation makes a difference. If you would like assistance with searching for a home, please feel free to contact me (click on my profile). Good luck!
  • October 15 2013
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This depends on what type of loan you want. With your credit scores you can likely qualify for an FHA or conventional loan. An FHA loan requires only 3.5% down and a conventional loan can require anywhere from 5%-20% down depending on your lender and finances. You should speak with a lender like myself that would be more than willing to help you out!

Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck!
  • September 27 2013
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If you are asking what down payment you need, it really depends on several factors like: where you want to buy, if you have owned a home in the last 3 years, what income you have, if you are a veteran, etc.  FHA requires 3.5% down, but there is a program through CalHFA that can make your down payment only ½%.  Of course there are closing costs, and that's something you really need to speak with a loan officer about.  You can contact me through my profile if you have any additional questions.
  • September 27 2013
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If you are buying an owner occupied home and the loan amount is $417,000 or less most conventional loans will require 5% down.  Please contact me via my profile to discuss.
  • August 16 2013
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You can put as little as $0 down depending on what kind of financing you qualify for. There are so many variables.

In this (Sacramento) market about 10% down with a conventional loan seems to be the most common.

The most common low down loan is an FHA loan. This requires at least a 3.5% down payment however that can come from a DPA (down payment assistance program), a gift, or a grant from a local housing agency (highly uncommon but not unheard of).

Your best bet is to find an experienced and professional loan officer that works for a mortgage bank (not a retail bank like Wells Fargo or Chase but one that only does mortgage loans) and have them go over your options. I would also make sure you are working with one that can give you a comprehensive total cost analysis showing the short/long term pros/cons of multiple loan scenarios. 

If my team can be of any assistance please don't hesitate to contact me through my profile. 

Sincerely,
Greg Cowart

Partners Mortgage - Roseville, CA
  • August 14 2013
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For an FHA home loan 3.5% down and for a conventional loan 5% but you will also need a closing costs if the seller does not pick them up or the lender does not have any lender credits built in to the rate.

Talk to a loan officer by phone or find one to meet in person to get all of your questions answered.
  • August 14 2013
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