Home Buying in Garland>Question Details

Lola Fuerte, Renter in Cottonwood, AZ

Approximately how much does a homebuyer need to put down on a home if the home cost 130,000.00?

Asked by Lola Fuerte, Cottonwood, AZ Mon Nov 30, 2009

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6
Tom Burris’ answer
Hi Lola

FHA is a great loan and requires the least in down payment. 3.5%
USDA has no down payment but the home must qualify as rural.

Please feel free to contact me with follow up questions.

Tom Burris
DallasLoanGuy.com
214-763-4629
0 votes Thank Flag Link Mon Nov 30, 2009
Hi Lola,

That will depend on your credit, work history and income as to the type of loan you would qualify for. There are also bond money plans available that allow a Buyer to get in for as little as zero down depending on the area.

If I can be of further assistance on helping you get into a home on your terms, please give me a call.

Your real estate resource,
Amy Downs, Realtor
Keller Williams Realty
972.468.5136
http://www.amydowns.com
Web Reference: http://www.amydowns.com
0 votes Thank Flag Link Mon Nov 30, 2009
Lola,

You would need to put somewhere between 3.5-5% down up to 20% down, depending upon FICO and Credit score. Likely your looking at somewhere around $8,000....again depending upon FICO and Credit score. I have a lender you can talk with - no obligation - who can assess your credit and give you a more pinpoint answer, and I'd be happy to help you find a home!

Nicole Arenas
0 votes Thank Flag Link Mon Nov 30, 2009
Lola,

If you will be going with an FHA loan right now the down payment requirement is 3.5% which would be $4550 on this property. Also there are closing costs that basically will be your loan costs and prepaids for you tax and insurance escrow account. On a $130,000 you should be able to get out for around 5%.

These however can be paid for by the seller. Meaning that if a house cost 130k and they are fixed at that number then you could raise the price by 6500 and have them pay your closing costs. However you would need to have your Realtor make sure that the property could appraise for this amount. Many times sellers are willing to take the list price and pay some closing costs, definitely a case by case basis.

If you are not working with a Realtor yet I would love to assist you. I am Full-Time and available to my customers all the time for questions and showings. As an added bonus at rebate 20% of my commission back to you after closing.

Please dont hesitate to call me and I can setup a customized search for you.

RJ
214-682-0598
0 votes Thank Flag Link Mon Nov 30, 2009
It depends on what type of loan you qualify for... It will vary depending on whether you go with an FHA, VA, USDA or conventional loan. It will also depend on what monthly payment you are wanting to have.
0 votes Thank Flag Link Mon Nov 30, 2009
There are entirely too many variables for anyone to give you a blanket answer to this question. The home's location, condition, and value are taken into consideration. Most importantly, you have to be underwritten as a buyer, taking into account your income, debt, credit profile, and available assets. There are programs ranging from 0 down to 50%, depending on the overall qualifications of the buyer and/or property.

It sounds like maybe a property has caught your eye and that's great, but you may be jumping the gun; your first step is to meet with a lender, preferrably a local one to you, and get your pre-approval in place. Then, go shopping for a home with an experience real estate broker, again in your local area.

Kim
0 votes Thank Flag Link Mon Nov 30, 2009
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