Financing in Albany>Question Details

Jimmy Gumabay, Other/Just Looking in Albany, NY

I do not have 20percent for the down pAyment can my housing loan covers thesaid percent

Asked by Jimmy Gumabay, Albany, NY Sun Jul 14, 2013

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3
Monticello Licensed Broker’s answer
Yes, it's possible to buy a house with less than 20%. But you always want to talk to your mortgage lender/banker first. Your downpayment requirements depend on a combination of your credit score, income, debt, purchase price, whether you're living in the house or renting it out, and other factors.

Feel free to call me if you have any questions. And if you aren't already pre-qualified you should get pre-qualified ASAP to determine your downpayment requirements as well as other costs.

Best,
Alex
Alexander H. Monticello, Esq.
Principal Broker &
Licensed Attorney
T: 518.227.0718
F: 518.223.8001
http://www.MonticelloNYS.com
0 votes Thank Flag Link Mon Jul 15, 2013
There is no single down payment percentage for all mortgages. Rather, there are numerous programs. It is worth shopping all local lenders to find the program that works best for you.
0 votes Thank Flag Link Mon Jul 15, 2013
Jimmy,
Many factors do come into play including mortgage type; for example an FHA loan only requires 3.5% down. Feel free to contact me with any other questions or if you need any further real estate assistance. Stay cool out there.
Jason Bustelos; LREB
NY Realtor Group, LLC
518-330-2230
http://www.nyhomes4sale.com
jbustelos@nyrealtorgrp.com
0 votes Thank Flag Link Mon Jul 15, 2013
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