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how much money down on a foreclosed property

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January 26 - Stockton
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Answers (8)

HI 

it is same as any other property.

Good Luck

omar khamisa . 
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January 28
The down payment amount will be based on the type of financing you are approved for and choose. There are government loan programs, such as VA & USDA that require nothing down, FHA minimum is 3.5% and there are great conventional options from 5% down. It really comes down to what makes the most sense for you as well as what the seller is looking for. Most sellers & agents will usually specify in the MLS Listing if they will only accept cash or conventional financing as well as if government financing will be accepted. If they don't mention it they will usually look at all offer types. Bottom line though is you will be required to get pre-approved with a lender prior to being able to submit an offer.
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January 28
Most people who are buying for the first time go with an FHA 3.5% down, to see if you qualify contact me directly.
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January 27
If paying cash some require 10%. Ask your realtor I always advise a nice size deposit if there are more than one offer on the house .
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January 27
The down payment does not depend on the property being foreclosed but on the type of loan you choose to finance your home. Below are a list of loans and their required down payments (this does not include closing costs)

FHA: 3.5%
Conventional: 5%-20%
VA: 0% (Must be a veteran)
USDA: 0% (Must be seeking a rural/USDA approved property)

The best thing for you to do is to speak with a lender to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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January 27
There are several types of programs out there that offer different types of down payment. Some REO properties will only deal with specific financing such as conventional or FHA. Some will take all including VA. FHA being the popular one at the moment with less of a down is normally 3.5% down and you could always ask the buyer for help with closing cost. I would contact either a mortgage broker In town such as Ambeck or first cal ect... Or go directly to a bank such as chase , Wells Fargo. A loan officer at Mchenry Chase named Steve is pretty good at going over stuff with clients and there individual needs. Make sure you always start there to see where you stand because this market is fast now and days and you need to be qualified to be a competitor. Best of luck!
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January 26
It depends on the type of buyer you are and the type of owner you are dealing with.  Example:  Homepath wants 10% down for any CASH buyers.
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January 26
Your down payment depends on your loan not on what property you buy. [Self promotion removed by Zillow moderator. Please see our Good Neighbor Policy.]
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January 26
 
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