Zillow Advice: Rent vs Buy - Does a new home buyer need a large down payment? http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ Zillow Advice | Zillow Real Estate Not necessarily. FHA loans ... http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ Not necessarily. FHA loans begin with 3.5% down and most conventional loans require 5%, and possibly 3% option til mid November. Let me know if I can help! Tue, 22 Oct 2013 17:44:00 GMT http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ 2013-10-22T17:44:00Z Everyone's scenario is different ... http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ Everyone's scenario is different and the requirements (down payment) is based on these factors. however, as other have mentioned there is FHA as low as 3.5% and there is even down payment assistance programs.<br/><br/>Talk to a few lenders and let them run your scenario. From there they can explain your options and help you create a plan that will get you on track to qualifying.<br/><br/>Have an amazing day! Mon, 21 Oct 2013 18:41:00 GMT http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ 2013-10-21T18:41:00Z Kristin,Sure is possible ... http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ Kristin,<br/><br/>Sure is possible :))<br/><br/>Here are the minimum requirements for a down payment:<br/><br/>1- FHA - 3.5% of the sale price<br/>2- Conventional - 3%-5% of the sale price depending upon which program is offer or you qualify for<br/>3-USDA - 0% down (property must be in an area which qualifies - typically is a more rural area which is in the progress of being built up)<br/><br/>As for your payment, that would vary based on taxes/home owners insurance however $1,300 for a monthly payment is realistic if you plan on being in the $140-$180k price range. Mon, 21 Oct 2013 17:19:00 GMT http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ 2013-10-21T17:19:00Z Good compensating factors ... http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ <div>Good compensating factors are taking into affect when getting approved for a loan. Like a good job, etc. There are several programs for the first time home buyers that you really do not need much for a down. Take the USDA for instance, ZERO money down, NO MPI (mortgage insurance payment) and on top of this, closing costs of a maximum of 6% can be negotiated for the seller to pay. Talk to a professional in your area and see what programs are available for you. In my area BUYERS buying USDA, come in with NO MORE than $1,000.00 out of pocket expenses.<br/><div>You can always put your down payment and qualify for a FHA which required 3.5% of the purchase price BUT keep in mind that every $10,000.00 you put down in a home, SAVES you about $50.00 &nbsp;a month. It is better to put the minimum required down; have your closing cost paid by the seller and KEEP your money for any emergencies.&nbsp;<br/><br/>I think if you qualify for a loan, you should BUY and stop paying someone elses mortgage.&nbsp;</div></div> Tue, 15 Oct 2013 18:47:00 GMT http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ 2013-10-15T18:47:00Z Best to call a loan officer ... http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ Best to call a loan officer in your local area. Tue, 15 Oct 2013 18:38:00 GMT http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ 2013-10-15T18:38:00Z There are a lot of banks ... http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ There are a lot of banks that only require a down payment of 3% in our area.&nbsp; I would recommend getting with a lender to find out if you qualify for that type of program.&nbsp; I know here in Wisconsin there are also down payment assistant programs that often give up to $8000 for a down payment if you are considered lower income.&nbsp; Your local lender should know about any of these types of programs or other city/local grants that are available to help you out.&nbsp; Some lenders even require 0% down if you work in the healthcare field.&nbsp; Tue, 15 Oct 2013 18:07:00 GMT http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ 2013-10-15T18:07:00Z Some cities and communities ... http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ Some cities and communities will offer down payment assistance programs for 1st time home buyers and FHA loans are 3.5 % down of the sales price- speak to a local Realtor who will be familiar with any programs for 1st time buyers.<br/><br/>Good luck! Tue, 15 Oct 2013 15:39:00 GMT http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ 2013-10-15T15:39:00Z Call a loan officer based ... http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ Call a loan officer based in Philadelphia. Mon, 14 Oct 2013 22:43:00 GMT http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ 2013-10-14T22:43:00Z It's possible, but it may ... http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ It's possible, but it may not be advisable. Sun, 06 Oct 2013 04:37:00 GMT http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ 2013-10-06T04:37:00Z The two federal agencies ... http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ The two federal agencies that participate in real estate financing are the Federal Housing Adminestration (FHA) and the Veterans Administration (VA). Together they make it possible for people to buy homes they would never be able to purchase without government involvement. Check with your prefered lender, you may qualify for an (FHA)&nbsp;loan with low down payment or (VA) loan with no down payment.<br/><br/>Adel Lotfy<br/>Broker Associate<br/>DRE Broker License # 0110445 Sun, 06 Oct 2013 01:36:00 GMT http://www.zillow.com/advice-thread/Does-a-new-home-buyer-need-a-large-down-payment/505368/ 2013-10-06T01:36:00Z