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how much would a down payment for a first time buyer on a $65, 000 house?

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April 19 - Claremore
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Answers (6)

Lindsay after reviewing the responses to your question are you ready to make an offer on a $65,000 property?  If so I can help.
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April 28
Hi. you can purchase with as little as nothing down with a USDA loan. It looks like most of Central Claremore is not eligible, but the surrounding areas are eligible. East of Hwy 44 & 20 is open, North of EW-45, West of S4120 and South of E 520 Rd. Feel free to reach out if you would like to discuss in more detail.
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April 22
$2275 to $13,000 depending on how you finance unless you go USDA which is ZERO
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April 22
The down payment that you need would depend on the type of mortgage that you choose to finance your home. Different mortgages can have different down payment requirements. Below I have listed different mortgage types and the required down payments.

FHA: 3.5% (Must be considered a first-time home buyer
Conventional: 5%, 10%, and 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 knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
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April 22
Profile picture for Dan Tabit
Lindsay,
It depends. Low down payments, mean higher monthly payments because you are borrowing more.  FHA offers a 3.5% down loan, but in addition to borrowing 96.5% of the purchase price, you are going to have Mortgage Insurance for the life of the loan.  This isn't property or fire insurance, MI or PMI as it's often called insures the lender against you defaulting.  You'll still need home owners insurance.
If you can put 20% of the purchase price down, you can avoid mortgage insurance and be in a strong position in your home.  I realize this can be tough to do, but it can also be worth it. 
I agree with Deirdre, meet with a local lender to find out which options may be available for you and to advise you in greater detail than we can here.
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April 20
You need to speak with a bank to find out how much home you can afford and they can tell you how much to put down. There are percentages to avoid the extra fees like the PMI insurance.  The bank might also be aware of first time buyer programs that can help you get into a home and to help keep your payments low. 
 I don't know the minimum percentages that would best fit your situation but I would say put down as much as you can but keep in mind that you want to retain some cash for the things that pop up and need repairs now and again when you own a home.  
Good Luck
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April 19
 
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