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Trulia Jacks…, Other/Just Looking in Jacksonville, FL

How large a down-payment should first time buyers expect to put down?

Asked by Trulia Jacksonville, Jacksonville, FL Thu Apr 11, 2013

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5
Lenee' Purdy’s answer
Good morning, it really depends on what loan product you qualified for. There are also home buyer programs available . Please contact me if you have any other questions at 904-505-5083 are LeneePurdyRealtor@yahoo.com. Thanks
0 votes Thank Flag Link Tue Apr 16, 2013
As a first time home buyer and an owner occupant. I'd suggest to go FHA or VA loans. With FHA you only have to put down 3%. If you aren't working with an agent, please contact me (904) 302-4373 and I will find you a nice home. Thanks A.D
0 votes Thank Flag Link Sat May 11, 2013
There are hundreds of loan programs, so this question is best answered after you have met with a mortgage lender. It depends on your unique situation. As mentioned in previous questions, a VA loan is literally 0% down payment. However, a seller will expect you to have "skin in the game" so you will still need to provide an escrow check with your offer (min: $500). FHA: 3.5%. Conventional loans: 5% & up. The more cash you can put down, typically the more favorable loan terms (I.e. lower interest rates, no/lower private mortgage insurance, etc). However, down payments can sometimes be "gifted" from family members, and there are MANY non-profits and government agencies who provide down payment assistance programs.

Christine Williams, CRS
Broker-Associate
Magnolia Properties
904-796-8518
christinesellshomes@gmail.com
0 votes Thank Flag Link Tue Apr 16, 2013
That will depend on the loan product you end up qualifying for.
With good credit you can get and excellent rate on a conventional by offering 20% down.
You can get an FHA with 3.5% down , or maybe even a USDA with 0% down.
And in addition to that you will need about 3% extra for closing cost.

If what you are asking is how much to place down for escrow with the offer, then it is about 500 for every 50,000 or above of home price.

Tony Vega
La Rosa Realty
0 votes Thank Flag Link Fri Apr 12, 2013
There are several different types of financing you can obtain.
What area of town are you interested in?
There are some areas in St. Johns county that allow USDA financing with 0% down.
Also, if you qualify for a VA loan, you will have 0%.
FHA financing is 3 1/5%.
There are many other types of financing.

We offer a Free Buyer's consultation that will answer your concerns and questions when purchasing a home.

Please contact us to schedule your Free consultation either in person or over the phone.

We work as a husband and wife team and are both Lifelong residents of Jacksonville,
we are very familiar with the communities and can save you quite a bit of time on your new home search. We specialize in working with "first time home buyers" and can guide you step by step on what to expect when purchasing a new home.

Call us today to discuss your options,
Nina and Bill Bay
904-553-8518 or email: ninabay@comcast.net
visit our website for more information: http://www.ninabay.watsonrealtycorp.com
0 votes Thank Flag Link Fri Apr 12, 2013
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