Home Buying in 85705>Question Details

Prince Kelvin, Home Buyer in 30309

Can I still buy this house if I don't have up to $60.000 for down payment saved by now?

Asked by Prince Kelvin, 30309 Mon Mar 14, 2011

I saw the original deposit for the house on 9161 East Cortez Street, Scottsdale AZ 85260 was $60.000. I wish to find out if it's still possible to buy the house because I don't have $60.000 saved up yet. I just graduated from college and working as a software Engineer for American Board of Radiology. I really love this house. I have been through almost 6.000 listings and this one was my outstanding choice.

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$60,000 would be 20% down on a $300,000 house. Your credit, employment history, and income, will determine your down and interest. Talk with a lender who will determine your qualifications. Then with that information and a local Realtor you can explore your home purchase options.

There are FHA loans available which start at 3.5% down. So don't be discouraged. Get the information so that you can be empowered to make an educated decision on your real estate and financial goals.

Best of luck to you.
Web Reference: http://terrivellios.com
1 vote Thank Flag Link Fri Mar 18, 2011
Glad you are considering buying. I just went on a listing appointment on the same street and neighborhood. It's a nice community. Sounds like you should consider doing an FHA loan. You could even pay off your loan early by making one extra payment towards the principle each year and that way you could get ahead of the PMI payments as well. Hope you get the home you love --

Good luck,

Sandy
1 vote Thank Flag Link Wed Mar 23, 2011
Hi Prince

The house is listed for sale at $300,000. Some lenders require you to have a 20% down payment. That would translate to $60,000. Not all lenders have the same requirement. Currently, the FHA requires just 3.5% down on its loans.

Please consider that there are advantages to having a large down payment. With a down payment of 20% or more, you are not required to pay for mortgage insurance. That is a nice savings for you.

With less than 20% down, mortgage insurance or PMI will be included in your monthly payment to protect the lender in case you default on the mortgage. For FHA loans originated on or after April 18, the annual mortgage insurance premium will increase from 0.9% to 1.15% of the loan amount. That means your monthly payment will increase by about $250 per month just for PMI.

If you negotiate with the Seller, you may be able to get the home price at a lower amount and, thus, a lower down payment.

A local lender and Realtor® can help you to identify all options available to you. Then, you can make the decision that is right for you.

Best of luck,
Marilyn
1 vote Thank Flag Link Wed Mar 23, 2011
Please consider speaking with a lender, locally I recommend Paul Volpe, Vice President for Nova Home Loans.

Best of luck.
Spirit
1 vote Thank Flag Link Fri Mar 18, 2011
Yes, you can still buy a home if you do not have 60K to put down. Contact me at AzProperties@Ymail.com and I can send you more info.
0 votes Thank Flag Link Fri Nov 23, 2012
WOW ... $60K for a home as a down payment ? Is this a $300K or more for a property? Is it a scam ?

Contact a mortgage broker who will qualify you for a loan and determine what your down payment will be

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Mar 14, 2011
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