Financing in Roseville>Question Details

Richard Giff…, Home Buyer in Roseville, CA

What's the current minimum down payment for homes in the Sacramento area, given good credit/30 yr fixed mort. loan? Thanks, Richard

Asked by Richard Gifford, Roseville, CA Tue Feb 2, 2010

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16
Hi Richard,

FHA is 3.5% down. You can have up to 3% of closing costs paid by seller if you write it in your offer.

If you put 5% down you may have lower closing costs but PMI is probably higher. Check with:

http://www.AimLoan.com

All the best,
Alma
0 votes Thank Flag Link Sat Jul 3, 2010
FHA 3.5% down or Conventional with 5% down, I'm not sure where all; these other numbers are coming from. Speak with a qualified mortgage broker to get approved.

Gregorio Denny
Tripoint Mortgage Group, Inc.
800-335-6897
Web Reference: http://WeFixRates.Info
0 votes Thank Flag Link Sat Jul 3, 2010
FHA loans are 3.5% right now and your other alternative would be a conventional loan with 20% down. If you're able to go conventional you'll save your self from paying PMI, and the notoriously high closing costs that FHA loans include (private mortgage insurance up front) The other benefit is that conventional loans aren't as difficult to close as FHA because the condition of the home doesn't have to be nearly perfect.
0 votes Thank Flag Link Sat Jul 3, 2010
Hi Richard,

Many great answers . . . just know that depending on your particulars, there maybe down payment programs available to you. I also know of a no down payment, no closing costs loan program, please let me know if I can help. Best to you!
0 votes Thank Flag Link Thu Apr 22, 2010
Hi Richard ~

Regarding your question about non-FHA financing ... the minimum down payment for conventional loans is 20% in order to avoid mortgage insurance. A higher LTV requires 740+ FICOs and monthly MI. HomePath financing is available in California for Fannie Mae foreclosures and does have a smaller down payment with no MI.

When considering which loan program is best for you, your FICO's will also play a major role along with DTI. Consult with a mortgage advisor and they can evaluate your qualifying factors and offer you a comparison of the programs you qualify for.

To Your Success,
Barbara
0 votes Thank Flag Link Wed Feb 3, 2010
Hi Richard,
We lend in the Sacramento Market all the time. You have many answers to your question and they are all correct. The primary factor would depend on the loan type you qualify for and how much do you want to put down. The HUD REO program is great with the $100 down but not many are being done in the area. The majority of loans being done the require the least amount down are FHA and VA loans. FHA currently requires only 3.5% down and VA is 100% financing. Feel free to call me or email me any time for additional information.
Regards,

Otis Clay
0 votes Thank Flag Link Tue Feb 2, 2010
Hello Richard,

Looks like you have it covered, 3.5% for FHA and most conventional are 10% if you have a 720 score or higher. Have you found a good Realtor to represent you?

Brian Frank
916-402-4697
Lyon Real Estate
0 votes Thank Flag Link Tue Feb 2, 2010
Hi Richard. Based on your income level, the City of Roseville down payment assistance program would not work. If money for the down payment is an issue, you may want to look into a tax credit bridge loan. You could use the bridge loan to pay for closing cost and that would free up money to be used for the down payment.
0 votes Thank Flag Link Tue Feb 2, 2010
Ute Ferdig -…, Real Estate Pro in New Castle, DE
MVP'08
Contact
Thanks so much for all the answers. Just some additional info, if it affects anyone's answer. We have a combined income of around 120k and we'd be looking to buy a house in the 200-300k range.

Thanks again.
0 votes Thank Flag Link Tue Feb 2, 2010
Hello Richard. The City of Roseville also has a down payment assistance program. Go to this link to get more details about the program http://www.roseville.ca.us/housing/assistance_to_first_time_…

The program is limited to properties located within the city limits of Roseville and there are income restriction. The home you are buying can also not be tenant occupied. The city gets an equity position which means that they'd share in a portion of any profit you make when you sell. In exchange, you get a 0% loan. Minium down payment requirement under this program is 1%.

Good luck to you.

Ute Ferdig
DRE # 01326917
Broker - Owner
Ferdig Real Estate Solutions
916-751-1267
Web Reference: http://www.themlshub.com
0 votes Thank Flag Link Tue Feb 2, 2010
Ute Ferdig -…, Real Estate Pro in New Castle, DE
MVP'08
Contact
Sorry to throw this in as I was writing as you asked for a non-FHA loan. See if the folks out there in CA can do the HomePath loan. This is a Fannie Mae product that allows you to buy a FNMA owned house with 3% down with no mortgage insurance and the appraisal is paid for. The rate is slightly higher.
0 votes Thank Flag Link Tue Feb 2, 2010
Hi Richard

We have a non Fha program with 5.00% down. This program does not have the Up Front Mortgage Insurance premium that Fha carries of approximately 1.75%. So on a 200k loan, you save $3500.00. It works great if you or the property does not qualify for Fha. Good Luck.
0 votes Thank Flag Link Tue Feb 2, 2010
Hi Richard,

Conventional loans require a 10% down payment for owner occupied with a 720 credit score.

FYI... with FHA and the CHF Access program, you do not have to be a first-time home buyer.

Elva
0 votes Thank Flag Link Tue Feb 2, 2010
You may also be able to find a HUD Repo and buy it through FHA with $100 down. The bank will allow up to $5000 to be escrowed for repairs to the home. A 203K loan can also be done allowing up to $35000 or 110% of the after repair value, whichever is LESS. You may also qualify for a USDA loan (live out in the sticks) at 100% down. Fannie Mae still has programs to 97% but the MI rate is very high.
0 votes Thank Flag Link Tue Feb 2, 2010
Thanks John. What about for non-FHA loans?
0 votes Thank Flag Link Tue Feb 2, 2010
Hi Richard,

There is a down payment assistance program, CHF Access, for low to moderate income borrowers that provides a fixed rate second mortgage up to 3% of the purchase price.

So, on an FHA loan you would only have to come up with half of a percent for the down payment plus closing costs, if you qualify.

Best regards,
Elva
0 votes Thank Flag Link Tue Feb 2, 2010
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