Financing in Hamilton>Question Details

Regina Landg…, Other/Just Looking in Hamilton, AL

Do first time buyers have to put down 20 percent?

Asked by Regina Landgraf, Hamilton, AL Mon Apr 9, 2012

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Heavens no!! Where would they get that kind of money?

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
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0 votes Thank Flag Link Tue Apr 10, 2012
If you can qualify for FHA, you can put 3.5% down. I've also heard Wells Fargo will do a 3.5% down conventional loan, also.
Plus, there may be sellers who will agree to seller concessions and you can take advantage of that $$$ also.
0 votes Thank Flag Link Mon Apr 9, 2012
In East Texas, the local banks work with t he buyers, one on one, to do in-house loans depending on your income, you dedt to income ratio and your credit history. Dependng on your history, you will get your individual loan down payment amount. Pays to pay your bills on time.
0 votes Thank Flag Link Mon Apr 9, 2012
Most will not have to put 20% down, it will depend on your credit and financials, there are no money down loans, 3.5% down loand and 5% down loand. you should start by meeting with a local and trusted loan officer. They can prequalify you at no cost and let you know what is available to you.
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0 votes Thank Flag Link Mon Apr 9, 2012
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