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Whats the lowest amount you can put down when buying a home?

by kscott5343980 from Houston, Texas. Jun 6th 2017 Reply


Aslam ( Sonny) Mansoor Amlani (Liberty)
#58 ranked lender in Texas - 4 contributions

Conventional 1% down2% gift97 % Loan amount Credit score must be 700 plusFHA 580 and above 3.5% down.

Jun 6th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,930 contributions

Zero! USDA allows for Zero down, but you must be buying in a USDA defined area.. VA also does zero down, but you must have VA eligibility available to you. Conventional required 3% down if you are a first time home buyer, otherwise, it's 5%. FHA allows for 3.5% down.. There could also be local grant programs that could give you the down payment.. and all the above programs allow for gift funds.. Now all of these programs above, I've only talked about the required down payment.. so for example, with FHA you need 3.5% down.. this means you can only finance 96.5%.. but when purchasing a home, you also have closing costs.. Underwriting fee, processing fee, title fee's, impounds, HOA fee's, recording fees, etc, etc, etc. These are all fee's associated with purchasing a new home.. these fees must be paid in addition to the required down payment for the particular loan program you are applying for. However, there are several ways to get them paid.. seller contributions, lender credit, realtor credit, etc.. Understand that every borrower and every loan product will have their differences.. so without knowing your exact loan profile, it's impossible to say for sure what YOU would qualify for. So, The best advice I can give you is to contact a mortgage bank/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jun 6th 2017
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Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

William Acres answered your question pretty thoroughly though I would add, as someone having provided down payment and closing costs assistance to home buyers...you may qualify for assistance... you just have to check around with Texas licensed mortgage brokers/bankers to see who might be experienced with State and local programs that provide such assistance. They have to be originated and overseen by the first mortgage loan originator. It is well worth checking out, but otherwise there are good first time home buyer loans with 3% down, conventional wherein rates/pricing tends to be a little better than the standard conventional loan. FHA rates are even better now though you have to put down 3 1/2%, pay an upfront mortgage fee, the monthly mortgage, and can never drop mortgage insurance except by refinancing when having the minimal required equity in the home. So you definitely want to compare the two options...both of which should eligible for down payment assistance and possibly a portion of closing costs as well.Many mortgage loans allow for 100% gifted equity towards the down payment for a home purchase from a parent, sibling, grandparent, aunt, uncle and cousin. Even gifted equity can be used towards closing costs.

Jun 7th 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Lowest is zero... Programs like USDA Rural Housing, and VA loans have no down payment. Conventional has a 3% program, and FHA is just 3.50%. For low down payment loans in MN, WI, and SD, visit me at www.Minneapolis-Mortgage.net

Jun 9th 2017
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