Zillow Advice: Buying Process - Is it true, that in this economic climate, that you truly need 20% down to purchase a first home?

lol, are you guys aware that ...

Thu, 05 Nov 2009 05:18:00 GMT

lol, are you guys aware that this question is from April? Consquently I would make reference to this month a lot when I talk to buyers who want to buy w/ little out of pocket lol (how ironic)

The simple answer is no..FHA ...

Thu, 05 Nov 2009 00:20:00 GMT

The simple answer is no..FHA loans require a minimum 3.5% down. With a VA loan you do not need a down at all. Conventional loans can range from 5% to 20% depending on your credit. Keep in mind some municipalities offer certain zero down programs or bond money for first time home buyers. Talk to a Realtor in your community for assistance guiding you in the right direction. If you need me to refer you one let me know. Hope this helps.

20% is not required an FHA ...

Wed, 04 Nov 2009 22:24:00 GMT

20% is not required an FHA government backed loan requires only 3.5% down however does require that you pay a one-time funding fee (MIP) that is calculated based on the amount of the loan, and you will then need to consider your monthly budget and add primary mortgage insurance (PMI) into that budget. This PMI is eliminated when you have 20% equity on your loan which may be the reason you are under the impression that 20% down is required.

however be prepared to pay ...

Wed, 04 Nov 2009 15:51:00 GMT

however be prepared to pay a large upfront mort premium for FHA, its a good way to insure that you have negative equity pretty much the day you close

if you don't put 20% down ...

Wed, 04 Nov 2009 15:21:00 GMT

if you don't put 20% down be prepared to pay a premium for private mortgage insurance.

NO ITS NOT NECESSARY, BUT ...

Fri, 25 Sep 2009 00:47:00 GMT

NO ITS NOT NECESSARY, BUT IF YOU DON'T HAVE AT LEAST 20% DOWN ON A HOME YOU HAVE NO BUSINESS BUYING A HOME YOU CANT AFFORD IT. MAYBE YOU SHOULD WAIT AND SAVE MORE MONEY DON'T BE A DEADBEAT. PEACE

FHA loans with as little ...

Fri, 25 Sep 2009 00:35:00 GMT

FHA loans with as little as 3-5% down are being approved. Of course, your credit rating will be reviewed. It's a great time to take advantage of this type of loan. In certain circumstances, closing costs can be rolled in, however, the appraisal must support this.

No you do not need 20% down ...

Wed, 08 Apr 2009 23:21:00 GMT

No you do not need 20% down in order to purchase. Speak to a reliable lender and also ask about grant money such as the NJ Smart Start program. This program is buyer qualification dependent as well as address specific for the property to be purchased. Here's the link to the NJ State website: http://sgl.state.nj.us/

You can get a USDA or VA ...

Sun, 05 Apr 2009 13:40:00 GMT

You can get a USDA or VA loan with 0% down. Other than these two, FHA (3.5%) is probably the best way to go....

It depends on the type of ...

Sun, 05 Apr 2009 13:27:00 GMT

It depends on the type of loan you are trying to get, if it is your primary residence and the amount of loan you qualify to receive in comparison to the amount of your offer. FHA loans are 3.5% down at this time. Hope this helps.