Home Buying in Middletown>Question Details

S Iglesias, Home Buyer in Middletown, NY

How much do I have to put down if this is my first time buying?

Asked by S Iglesias, Middletown, NY Sat Oct 13, 2012

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Typically the answer is with an FHA loan 3.5% of the purchase price. However as a 1st time home buyer you may qualify for down payment assistance programs that would enable you to put zero down. I would suggest you talk to a local lender to discuss all of your options.
0 votes Thank Flag Link Sun Dec 8, 2013
Hello, Alan:

If you need help in determining how much home you can afford the best approach is to seek pre-qualification of a mortgage. Basically you can sit down with your real estate professional and state your income and expenses. It's a good idea to know how much home you potentially qualify for and are comfortable with. The next step in the mortgage process is providing all of the supporting documentation of your income and expenses in order to become pre approved. I can't stress how important the last step is because by law once you sit down with a loan officer they are under compulsion to provide documentation to you within three business days. Now about how much you need to put down depends on if you will apply for a FHA or conventional loan. With an FHA government backed loan you put down a small amount of money but you still need to have a similar amount of money for closing costs. There are no one size fits all scenarios for everyone. You can contact me for more assistance.
0 votes Thank Flag Link Sun Dec 8, 2013
Happy Thursday!
Please give our office a call and we will be happy to connect you with a financing expert, who will give you all the options available to you as a first time buyer. Each situation is unique. Please call us at 845 497 8380
0 votes Thank Flag Link Thu Mar 7, 2013
Depends on the type of loan; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore if you haven't done so yet, visit with any licensed loan officer....
0 votes Thank Flag Link Sun Oct 14, 2012
Hi, it depends on what type of property you are buying. There is FHA (Federal housing Administration). That allows you to put down a minimum of 3.5%, keep in mind only select condos are approved for FHA funding. You can visit http://www.HUD.GOV for the tool that tells you what ccondos are on the approved list or not. There is also SONYMA (State of NY Mortgage Agency), they allow you to put down a minimum of 3% of the purchase price. Depending on your career there may be other special programs that allow you to put down a smaller amount with conventional financing. Your best bet is to speak directly to a loan officer as agents have to be careful how much they advise out of the scope of their expertise.

Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
914 406 9023
0 votes Thank Flag Link Sun Oct 14, 2012
Hi Iglesias. I was going to advice you of a few choices, but Alain has it pack down. However,I want you to be aware that there are many programs which don't require you to put anything down. One of is NACA. Check it out at http://www.naca.com. If you need any further help or referral, you can contact me with no obligation. Good luck, Jose Garcia. 845-421-8466.
0 votes Thank Flag Link Sat Oct 13, 2012
Like everyone is saying here it is best to give a lender a call and ask them what kind of loan programs they have. How much you need for a down payment will require on the home that you are purchasing along with you and the lender as well. If you are military or were military it may be possible to get a VA loan which would require 0 down. If the home is in a Rural area you may be able to get a USDA loan which is another 0 down loan. If the home has been foreclosed and is being sold by Fannie Mae you may be able to use Home Path Financing which is 3% down. If you qualify for a FHA loan you would need 3.5% down and some lenders even have their own loan programs.
0 votes Thank Flag Link Sat Oct 13, 2012
There are different types of loans with different down payment requirements. It is best to speak to a mortgage professional. You can try at the bank you have your savings in or I can provide some local options for you. There is one program out there with no money down but it is location specific and there are others that require 3.5% down.
0 votes Thank Flag Link Sat Oct 13, 2012
How much you "have" to put down, it up to your lender, your credit score, and the type of loan you're taking out. Talk to your lender.
0 votes Thank Flag Link Sat Oct 13, 2012
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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