Home Buying in 87901>Question Details

Lorie Shanna…, Other/Just Looking in Truth or Consequences,...

Do down payments have to be up front or can it be divided up as a yearly payment, along with paying ones mortgage?

Asked by Lorie Shannahan-harris, Truth or Consequences, NM Tue Jul 26, 2011

We only have $2500 for a down payment saved right now. We rent a one bedroom apt for $500 plus utilities. There is $75,000 home we wish to buy. My credit is fair, husbands is excellent, and he just began work for a very well paying job.WE will recieve ~$12000. Come tax time, but can't wait till then to move since our rental is in foreclosure. So can a down payment be paid over a couple of years adjusting a mortgage payments down as you pay it off? In this instant the DP would be $18,000 with closing ~$3000. Thank you~

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You do not need 20% down to buy a home. You didn't mention being a veteran so I will exclude VA, but there are sources for 3% down payment conventional loans and 3.5% down FHA loans that are not difficult to get. You mentioned that you have "fair" credit so an FHA mortgage may be the way to go. Down payment on your purchase price would be $2,625 and you can negotiate for the seller to pay all or a portion of your closing costs.

Find a good lender and real estate agent in your state to assist you and explain the process.
1 vote Thank Flag Link Tue Jul 26, 2011
As others have said, you need to pay the down payment up front...otherwise it would just be a "no money down" type of loan which doesn't exist anymore. You can get an FHA loan for as little as 3.5 down. Talk to a lender or mortgage broker to see what you qualify for. Good luck!
0 votes Thank Flag Link Tue Jul 26, 2011
Down Payments are NOW; that's why they call them that:
That said, there are many, many ways to work this out.
There are GRANTS, DOWN-PAYMENT ASSISTANCE, City,County, State and Federal Programs and more.
You will need a good Mortgage Agent helping you.
If you have a wind-fall coming, try to ignore it, and you'll have it for security.
Good luck and may God bless
0 votes Thank Flag Link Tue Jul 26, 2011
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