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What is the minimum down payment for a $375k home? I have good credit but don't have alot in savings.

by justin_e347 from Atwood, Colorado. Feb 29th 2016 Reply


Nic Netherton (ColoradoLender)
#17 ranked lender in Colorado - 57 contributions

Justin, The minimum down payment in that part of Colorado would be 0% down using the USDA loan program as long as your household income does not exceed your area's limits.Feel free to give me call when you can so we can discuss, 970-590-5021

Feb 29th 2016
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Jason Berman (jason@jbermangroup.com)
#102 ranked lender in Colorado - 25 contributions

Hi Justin, Logan County is 0% down (USDA Govt. Loan). There are some Max income limitations. Depends on family size. I do a lot of these every year. It's a solid product. Give me a shout if I can answer any questions. Jason Berman970.455.4131Frisco, CO

Feb 29th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

If your a first time home buyer, then you would need a minimum of 3% down, or $11,250 plus closing costs.. If not, then you would need 5%, or $18,750. There might be some local grant programs, but to find out more about that, you should contact a local real estate agent or a local mortgage broker familiar with any local/community programs. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Feb 29th 2016
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Justin Murray (JustinMurray)
#102 ranked lender in Illinois - 172 contributions

0% with USDA or a VA loan if you are a Veteran! You also might be eligible for some grant programs to assist with your closing costs as well, depending on your current situation.

Feb 29th 2016
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David Hosterman NMLS 220562 (dhosterman)
#13 ranked lender in Colorado - 26 contributions

Typically conventional loans require 3% to 5% down and FHA is typically at 3.5%. There are some grant programs for down payment assistance. Please feel free to reach out to me with any questions. Thanks!

Feb 29th 2016
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Mike Silkworth (msilkw_195_870)
#30 ranked lender in Michigan - 519 contributions

There are all sorts of options and they would be best answered by a local lender that understands what is available in your area. If you have a Realtor already, ask for a referral. Keep in mind that in addition to down payment, you will need to consider closing costs and prepaid expenses also. To give you an idea, here are some of the common programs down payment requirements: USDA Rural Development-as low as 0%, VA-as low as 0%, Conforming (Fannie Mae and Freddie Mac)-as low as 3%, FHA-as low as 3.5% and of course, your local area may have Down Payment Assistance programs you would qualify for. Remember, all of these programs will have requirments you and possibly the house will need to quailify for. Best of luck to you =Mike

Mar 1st 2016
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 591 contributions

Fha offers a 3.5% down payment option and conventional loans offer a 3% down payment option.

Mar 8th 2016
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Kay Cleland (kay@kcmortgagecolorado.com)
#32 ranked lender in Colorado - 215 contributions

Hello there Justin,I am a local mortgage professional here in Colorado and would be happy to help. Kay - KC Mortgage Llc 720-670-0124 kay@kcmortgagecolorado.com We would have to see if you qualify, but Conventional is 3% down ($11,250), FHA is 3.5% down ($13,125) and both can come from a gift from a family member. FHA has county limits for loan amounts so that would depend on where you want to buy. Be happy to discuss your options. please call me.

Feb 29th 2016
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