Profile picture for user87515861

% of down payment

what is the lowest of % of down payment can I get away with, this house has been on and off the market for a long time and has been reduced at least 5 times.  I think they are desperate and can you suggest the best mortgage company to go with in a situation like this.  Thank you so much 
  • December 03 2013 - Bay Minette
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (5)

If you are a veteran or if you are seeking a USDA approved property, then you can use a VA loan or USDA loan which doesn't require a down payment. Otherwise, the lowest down payment would be through FHA which one requires 3.5% along with closing costs, fees, and left over bank reserves. The best thing for you to do is to speak with a lender directly to see if you can get started on financing a new home with your situation. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. 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!
  • December 04 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ed Rorrer
You can get 0% depending on your credit score and back ratio and if it is a rural area.
  • December 04 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for MADREstate
Down payment is dependent upon what type of loan you are using. The sale price would be more negotiable if the home has been on the market longer along with the buyers concessions IE home warranty, repair cap etc. Talk with your Realtor about your options. 

Good luck and Happy Holidays.
  • December 04 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Randy is correct. You should start with a lender to determine how much of a down payment you need. Keep in mind that many of the laws have changed the lending business, and many types of loans are no longer available. However, if you are a veteran of the US Armed Forces, you could qualify for a VA Loan.
  • December 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Dave Salzman Team
The downpayment percentage is generally dictated by your lender and the terms and conditions of the loan. For a FHA Loan, you can put just 3% down. For a standard loan, you will need at least 20% down to avoid Private Mortgage Insurance. (PMI) with most lenders.
  • December 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.