Gwen, Other/Just Looking in Phoenix, AZ

A few houses i looked at have the total price of the house and monthly price....How can I find out how much would have to be put down on the house?

Asked by Gwen, Phoenix, AZ Sun Mar 20, 2011

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7
Well first off banks aren’t lending anymore. Banks are not in the business of lending. Who knows how they make money anymore. Ohh wait I remember now. They just got 2.3 trillion bailout money.

$3% down if you get FHA or Fannie Mae. (You go this route the closing cost will be $6.5K. 10% down if it’s a house). 20% condo or townhouse. Townhouses are attached so they are considers condo. Also your FICO better be high 675-745. Anything lower you’ll get slammed with a giant interest rate. I keep hearing more and more down payments will become 20% down. It’s inevitable. Pressure on banks making risky loans are over. And when they do home prices will drop even more. Question? Why are you buying in South Mountain????

Remember: In 2011 you don’t apply for a mortgage. You get interrogated for a mortgage. Good luck with a mortgage.

Investor Mike
Gilbert, AZ
1 vote Thank Flag Link Thu Aug 4, 2011
Well there are some people called mortgage reps at your local bank. Not sure if you ever heard of them. But they get you loans.
1 vote Thank Flag Link Wed Aug 3, 2011
Unless this is an unusual situation, the down payment is completely arbitrary.
Web Reference: http://www.golftobeach.com
0 votes Thank Flag Link Thu Aug 4, 2011
Hi Gwen:

Your loan officer should be able to anserwer that question for you. If you have not work with any loan officer yet, give me a call at 602-459-1779. I will be able to help you out.
0 votes Thank Flag Link Thu Aug 4, 2011
The figures you are seeing are merely examples of total price and monthly payment, usually based on a specific down payment. This is just to give potential buyers an idea of the cost. If it doesn't say in the ad (and it should) just have your agent call the listing agent to find out what down payment (10%, or 20% usually) their lender used in the calculations. If you don't have an agent, call the listing agent yourself.

Definitely get your own lender fast, so you'll know what you can afford and what down payment you'll need. This saves a lot of frustration and disappointment when you actually find a home you want.

Good luck, Gwen. If I can help, please shoot me an email.
0 votes Thank Flag Link Mon Aug 1, 2011
Gwen, how much to put down on a house will mostly depend on the buyer's situation and persona preferences.

For example, if a buyer has limited funds, the buyer may still quaify for an FHA loan with 3.5% down, depending of course on whether or not the house can meet FHA conditions.

Some buyers who have considerable savings may opt to put 20% down so that they don't have to pay for mortgage insurance.

Other buyers may have other qualifications (income, credit score, available funds) that will dictate how much they need to put down to qualify for a loan.

If you haven't spoken with a lender yet, that should be your first step so that you will know
1. How much you can afford
2. How much you're comfortable spending
3. What kind of loan is most suitable to your needs and preferences

Good luck!
0 votes Thank Flag Link Sun Mar 20, 2011
If you haven't done so yet, do visit with any qualified loan officer(s), after reviewing your overall finaces, credit, debt, etc., a determination on qualification can be made--the type of loan, how much, how much down etc.; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously....
0 votes Thank Flag Link Sun Mar 20, 2011
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