Home Buying in 95822>Question Details

Rafael, Home Buyer in Sacramento County, CA

First time home buyer w/good credit score w /Income of approx 65k. can you get a home loan with dp of 3.5 - 5%?

Asked by Rafael, Sacramento County, CA Thu Sep 12, 2013

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Rafael, Congratulations on your upcoming entry into the home ownership world. You pose a good question. Minimum down payment for most loans are 3.5% FHA, with minimum Fico scores of 620 and some conventional loans go as low as 3% with a minimum Fico score of 700. However you may still be a little short on the cash needed to close. The down payment for the loan is only part of the equation. You will need cash for closing costs; escrow fees, loan fees, recording fees, taxes, pro-rated interest, doc fees and fees that you have never even thought of!!!!!!!!. To make it all simple, just figure 2%-3% of the home purchase price for closing costs. Add that to your down payment of 3%-3.5% and a better estimate for total cash needed will be 5% to 6.5% of the purchase price of the home. When shopping for a loan, check out the interest rate and term of the loan. Don't get caught up in the closing costs yet. Those will be disclosed on the good faith estimate (GFE) before you sign up with a lender. Don't go to the big banks, they only have one bank to choose from and their rates are almost always higher than the Mortgage Brokers who have multiple lenders at their disposal. Good Luck on achieving the American Dream!

I would be happy to help answer any questions. We are a local mortgage broker

Don Hayes
JCL Mortgage
(916) 442-6403
NMLS# 343620
Web Reference: https://jclmortgage.com/
1 vote Thank Flag Link Fri Sep 13, 2013
Rafael, I would need a little more information, but it sounds like you have the primary elements necessary, to buy your first home. I would be glad to help you and line you up with a quality lender, with an excellent, honest, history in working with first time buyers. In conjunction with the lender, I will help you find that first home.

Rick Otto
Owner/Broker
Rick Otto and Associates - Real Estate Sales
And Property Management
(916) 484-0955
rick@rickotto.com
http://www.rickotto.com
1 vote Thank Flag Link Thu Sep 12, 2013
Rafael.. you can definitely get FHA loan with 3.5% to 5% down based on the information you provided.But there are various other factors as well based on which you get a home loan.We are a local lender in Sacramento so you can contact us at 8779927733.
1 vote Thank Flag Link Thu Sep 12, 2013
Obviously it is impossible to say if you can buy with just the information you presented, but buying with a 3.5% to 5% down payment really isn’t an issue with good credit and stable income. Also, there are several programs available to people in your income range that could even reduce your minimum investment. You may also be able to take advantage of the Mortgage Credit Certificate program where the government pays 20% of your mortgage interest through a tax credit program. I’m here in Sacramento so contact me through my profile if you want to see what all of your options are.
Web Reference: http://sacrelender.com
1 vote Thank Flag Link Thu Sep 12, 2013
You should, go see a loan officer and ask. then you will know and not be wondering anymore.
1 vote Thank Flag Link Thu Sep 12, 2013
Yes, 3.5%-5% is definitely doable! I am a lender based out of California and I have done loans all over the state. With that down payment of 3.5%-5% I can get you an FHA loan or possibly a conventional loan depending on the specifics of your finances. If you would like to know more I would be more than willing to speak with you. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Wed Feb 19, 2014
Rafael
Short answer is yes. You also need to save some funds for closing cost, loan fees , funding your impound accounts and reserve. Speak with a loan originator in person and they can help you figure out how much you need and what mortgage amount you are qualified for and if you will need a seller credit for closing costs.
0 votes Thank Flag Link Sat Sep 14, 2013
Hi Rafael,
I live and specialize (as a Realtor) in the 95822 area. There are some great loan programs you most likely qualify for & I know of some homes coming on the market soon that seem to fit your potential price range in this area. We can get started whenever you'd like...I look forward to hearing from you. Just call/text 916-798-0822 or email mbistis@golyon.com. Looking forward to helping you purchase your first home!

Matt Bistis
0 votes Thank Flag Link Fri Sep 13, 2013
Hi Rafael. There are many programs available with 3.5% to 5% down and good credit. Please feel free to give me a call. I would be happy to help answer any questions. We are a direct and local lender.

Chris Leichus
Big Valley Mortgage
(916)601-8583
NMLS #802377
0 votes Thank Flag Link Thu Sep 12, 2013
As a lender, yes you can get the 3.5-5% down payment.
In fact, most lenders can go with 3% down.
Easy!!
0 votes Thank Flag Link Thu Sep 12, 2013
Hello Rafael

You definitely need to talk to a lender so they can look at everything. Your credit, your debt, your income and your liquid assets. If you need a recommendation, I can refer you one.
0 votes Thank Flag Link Thu Sep 12, 2013
Yes.

I can certainly help you out there. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Thu Sep 12, 2013
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