Financing in Staten Island>Question Details

Pat, Home Buyer in Florida

what is the bank requirement for a down payment to purchase a sf home?

Asked by Pat, Florida Fri Feb 8, 2008

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7
It would pretty much depend upon your credit score, if you are going full doc mortgage and the loan to value of the house. I am still seeing 95% loans, but the more you put down, the better it is all the way round...makes you a better buyer (better terms), less sterss on the seller as to whether or not you will get a commitment.
Web Reference: http://GailGladstone.com
3 votes Thank Flag Link Fri Feb 8, 2008
Gail and Kenneth are right. If you don't know what you might qualify for, please feel free to contact me for a comprehensive analysis.

E-jturnquist@guardhill.com
C-845-544-3001
Web Reference: http://www.guardhill.com
2 votes Thank Flag Link Fri Feb 8, 2008
First things first; it depends on they mortgage product: Conventional, FHA, VA, SONYMA, non-conforming loan etc. Talk to a mortgage broker that can offer you a variety of options and deals with various lenders. If you are a first time buyer, you may be eligible for some assistance programs. Check the link out below.
1 vote Thank Flag Link Fri Feb 8, 2008
It depends. How much do you make, what is your credit score, and how big a loan? The bottom line is if you can't pay the loan, you don't get it. You need to talk to a lender, better make it two or three.
1 vote Thank Flag Link Fri Feb 8, 2008
Short answers from a lender on downpayments:

VA: $0.00
Freddie Mac "Home Possible": $0.00
FHA: 3%
Fannie Mae "MyCommunity": 3%
Standard Fannie/Freddie products: 5%
To avoid PMI: 20%

Note that there are numerous qualifying requirements. Not all lenders offer all programs. There may be state restrictions as well. With the exception of FHA, minimum downpayments come with rate price adjustments and PMI that is more expensive and more difficult to qualify for than in the past.
0 votes Thank Flag Link Mon Jun 30, 2008
You should speak to a mortgage professional. They will require you answer some financial questions about yourself and any other person who will be applying for the loan with you. They can run a credit check for you. After all needed documentation is sent to them they may issue you a pre approval. They can explain the different types of programs that may be available to you. After reviewing your information they will let you know what the down payment requirements are, based on your credit score, assets, income and available funds.

A.T. REAL ESTATE SPECIALISTS LLC
Arlene Trunzo, CRS,GRI,SRES / Broker Owner
(BCREP) Board certified
718-317-0949 0R 917-359-1985
cmyrealtor@aol.com
0 votes Thank Flag Link Sun Jun 29, 2008
Give me a call at (718) 698-2179 at Prosperity Real Estate Group, We are on Richmond ave as well, I can help you answer any questions you may have, this is not commitment to come with us. YOu can come and inquire about this even if you are already working with someone. Buying a properity is a constitutional right, and we are here to make sure you are not provided with erroneous information.

My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.
0 votes Thank Flag Link Fri Mar 7, 2008
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