The average is 3.5% which is the FHA minimum down payment. However, you also need to factor in closing costs and pre-paids which make up the total funds to close. this makes the average total funds to close approximately 7.5% of sales price. There are other finance programs around though that can help you get into a new home for much less. I really recommend that you start building a team to help you search for your first home. The two key people you need first are a mortgage lender and a REALTOR. These two people can help you put together the rest of the team to help you make the process easy! If you have additional questions please feel free to contact me for a no obligation discussion about your options. Best of luck to you in your home search!
Keller Williams Realty
I normally say 3.5% plus about another 3% for closing costs, but depends on lots and lots of factors.
Let's get you connected with a loan officer to check out where you stand. This is free and your first step in the home buying process.
We are very very picky about the loan officers that we recommend.
In order to comletely answer what's behind your question, we need to sit down and discuss your personal situation. Each person has different needs. I have gotten a family into a house when they didn't have the money needed for the down payment. There are some secrets I can't share with you here in this forum, but you can trust my 32 years of experience to get you prepared for your loan application with the minimum of hassles. I don't want you talking to a loan officer until you and I have a chance to form a strategy for your application. We want you to be approved the First Time you apply!
Pease contact me directly to schedule a free consultation. My commission is paid by the seller's Broker, so there is no fee to you directly for any of my services, including a review of your credit report. If someone needs help raising their credit score, I offer that as a free service also. I am a Certified Instructor who can show you how to raise your FICO score. I can also help you save money on your electric bill when you get ready to hook up utilities.
You may contact me on the weekend if you wish; I am available 7 days a week. 817-300-6121.
ULTRA Real Estate Services
First time home buyers are my specialty. I realized how important this generation is to the economy as my children began to purchase homes. Please speak with several Realtors before you choose one. Also - Realtors are your confidant and are paid by the Seller - not you. All homes that are listed for sale include our commission due the required training and licensing required in our profession.
Most Realtors have mortgage lenders and banks that they have a relationship with. Your Realtor will not only guide you in showing you homes, writing your offer and attend your Closing. We also communicate with your Lender, make certain your Option Fee and Earnest Money fees are documented in your offer. We have resources such as inspectors and repair folks in the event the home you find requires repairs from your Lender. In addition, you Realtor is the glue between you, the Lender, the Listing Agent and the Closing (Escrow Officer).
If you are considering purchasing a brand new home from a Builder, again, you want a Realtor to represent you. We are trained to get you the most home for the least amount of $$. The Builder's Sales Rep's are very encouraging when you visit them. However, once they have your signature and earnest money check, you will work with your bank or their bank. Builder contracts are LONG - sometimes emotion takes over and home buyers sign and initial where told and then experience "Buyer's Remorse" a day or 2 later because uncertainty sets in. Don't allow that to happen. Once you sign directly with a Sales Rep, a Realtor cannot assist you in the event you are not happy or "what was promised is not reality".
Keep in mind, down payment amount depends on the type of loan you qualify for, your credit score,debt to income ratio and underwriting requests (or conditions). Underwriting is a process no one, even your Lender can predict outcome.
Lucy A. Puniwai
(214)783-6416 â€“ Cell/Text
(682)224-8050 â€“ Fax
In God We Trust
Typically 3.5% or more of the home sales contracted amount.
Contact my office today where discuss in details all the particulars AND show you many amazing homes work with your family specifications.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
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Britta Hinze, RealtorÂ®
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Alexander Chandler Realty, LLC
6336 Camp Bowie Blvd.
Fort Worth, TX 76116