No you do not need to have 20% down to put an offer in, what you need is a pre-approval letter from a Lender that has already pre-qualified you by taking your application and getting certain financial documents such as
1. 2 years of W2
2. One full month of paystubs
3. 2 years of tax returns if self employed or using Schedule E income
4. 2 months of bank statements that show where the money for the down payment is coming from.
The three areas that a lender looks at qualifying a borrower are:
1. Credit score â€“ a minimum of 640 FICO is needed
2. Loan to Value (LTV): 20% or more Downpayment or equity in a home â€“ 96.5% to 19% require monthly mortgage insurance.
3. Debt to Income (DTI): lenders will lend up to 45% of monthly debt to monthly gross income.
To get todays rates and fill out an application, please go to my secured website http://www.guaranteedrate.com/MaryKayLaurent
You will be able to look at different loan options and APR and by selecting the green application button, you can setup you login information and fill in the application and run your credit (you can keep a copy â€“ it is free) you should be able to fill in a joint application. so you know what your score is and review your credit report for any errors. If there are errors on your credit report, I can work with you to get them off the credit report.
Once you run credit, I will be able to review it and see what your options are to purchase a property based on your credit history.
My direct line is 773.516.6859 or call me on my cell phone 312.403.4150.
With warm regards,
Mary Kay Laurent
Associate Vice President of Mortgage Lending
o: 773.516.6859 - m: 312.403.4150 - f: 773.516.6014
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 870598
The highest compliment I can receive are your referrals!
NMLS ID 2611 - NMLS Consumer Access - Licensing Information
State License Numbers: CA - CA-DOC870598 - 4130699, IL - 031.0032236 - MB.0005932, WA - MLO-870598 - CL-2611
If you were planning on using conventional financing then 20% is the usual down payment. However, many bankers can provide you with a conventional loan with as little as 5% to 10% down. This of course is dependent upon your credit. There are also other financing options available. FHA works with buyers who can supply a 3.5% down payment. Many times closing costs can be paid by the seller as a credit to you as well. I would love to be of assistance if you have any further questions.
I work closely with Wintrust Mortgage in getting home buyers approved for this great program which most people (even some mortgage brokers) don't know about. Just let me know if you are interested.
If the property is investment property, a condo with no active HOA, has a low owner occupancy rate or contains a high percentage (sq / ft) of commercial property attached to the assassination you're probaly going to need a down payment of 20% or higher. Hope this helps.
matt walton / current properties
You do not need 20% to MAKE an offer. You will need either a pre approval letter from your lender or proof of funds is you are purchasing cash. If your offer is accepted you will need to have your earnest money ready. You can purchase a home with as little as 3.5% down, speak with your lender.
No hace falta tener el pronto para hacer una oferta. Lo que si necesitas es una carta de pre aprobacion de su hipotecario o prueba de fondos si estas comprando en efectivo. Si le aceptan su oferta tendras que tener el pronto asegurado. Es posible conseguir un prestamo depositando con un minimo de 3.5% de pronto, consulte con su hipotecario.
You do not need 20% cash down payment to make an offer or for earnest money if you are going to live there.
There are many lends that can get you loan for as low as 5% down on a conventional loan and 3.5% on an FHA loan. But, you must have good credit. If you do not have good credit, that can be fixed also but will take some time.
I just closed a Property in this area yesterday.
Please contact me for more information if you have any other questions or would like to see additional properties.
Patrick Jeffrey realty
Deposit amounts can accompany the offer, be made upon the acceptance of the offer, or be made within a specified amount of time after the offer acceptance. They can also involve a secondary deposit which follows the initial deposit by a specified period of time with the amount identified in the agreement.
Is it necessary to have 20% of the sale price to make an offer work? This will likely depend on the loan product with which you are involved. There are programs that require more than 20% and some that require less. Your best course of action would likely be to be in touch with a mortgage broker/loan specialist to find out about the best programs and rates for you.
Most offers ask for proof of funds and or earnest money. I recommend at lease 1% of the total price as earnest money.
Contact me about the home that you are interested in and I will help you get it without having to put
down this high of an earnest money check. My phone number is 847-987-2198 and my email is