Home Buying in 38119>Question Details

Renee, Home Buyer in Memphis, TN

How much down payment do we have to have on a $175,000 house?

Asked by Renee, Memphis, TN Sat Mar 14, 2009

We recently relocated to the Memphis area from south Mississippi. We were unable to sell our home there so it is currently being leased out. We would like to purchase a home here, but lost a lot of our downpayment money paying the mortgage there plus rent here for almost a full year. What is the minimum we would be able to put down on a $175000 house? We would love to purchase within the next 6 months.

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7
Renee - You have already gotten some great advice from the previous folks. The bottom line is to connect yourself with a great local mortgage lender who will be happy to explain all of your different options. As well, connect yourself with a great Realtor who can help you throughout the entire process. Below is the e-mail address for a great local mortgage lender in Memphis.

Norma.Owings@MagnaBank.com

Magna Bank is one of the largest local mortgage lenders in Memphis.

Good luck!

Tracy Kirkley
Crye-Leike Realtors
901-521-9736
1 vote Thank Flag Link Mon Mar 16, 2009
Lots of good answers below, but keep one thing in mind if you are trying to go the FHA route because of the lower downpayment, plus other programs that can piggy back it with to reduce your total move in..........if you don't sell your existing home you will need to qualify for both mortgages EVEN if the other house is leased out.

Contact a local mortgage lender (loan originator) and start your strategy with him or her directly. A good one will work with you to help you meet your goals.

Jo Shaner
0 votes Thank Flag Link Mon Mar 16, 2009
Your down payment amount may be affected by the type of loan and the area that you are looking to purchase in. You may be able to get in for as little as 0-3.5% down. As a very active Broker in this area, I work with several very good Bankers and Loan Officers. If you would like more information on loan programs available, and lots of information on homes that are available any where in the West Tennessee area, please feel free to contact me.

Michael Bellaire, Broker, ABR
(Accredited Buyer Representative)
(901)757-5742
(901)387-8349
0 votes Thank Flag Link Sat Mar 14, 2009
Renee,

The amount of down payment depends on your particular situation, credit history, debt level and credit score. I am both Realtor and a Loan officer. If you will contact me, I can evaluate of your situation and I can provide a specific answer to your question,

Gerald Williams
Affiliate Broker
Mortgage Loan Officer
BenchMark Realtors, LLC
BenchMark Mortgage, LLC
901-413-2233
gh_williams@yahoo.com
0 votes Thank Flag Link Sat Mar 14, 2009
Contact a mortgage broker who will review your entire financial history, credit scores, employment status, debt ratio, and more.

Undetermine all particulars involved unless everything is reviewed.



Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Mar 14, 2009
You need to check with a mortgage compnay to make sure that you are prequalified for that price house. You might consider finding a mortgage company that can get you a USDA loan. there is no down payment needed for that type loan, but you would have to find an agent that could locate you a house outside the city corporate limits, many are available. Another possibility would be to go with a HUD home. A good agent could try to get the closing costs included in the price of thehome. That is done a lot in the Memphis area. If you need additional assistance, I would be glad to help you. I also have several mortgage companies listed under local resources. I have several listed so that you can pick who you want to use. If one mortgage company can't get you the loan you need, call another. my web site is http://www.NealMasters.com
Web Reference: http://www.Nealmasters.com
0 votes Thank Flag Link Sat Mar 14, 2009
Hi Renee: currently, FHA downpayment requirement is at 3,5%, so on a $175,000 house, that would be $6,125.00. You'd also need to consider closing costs, appraisal and inspection fees, etc. Here in NC, there are still 100% loans to qualified buyers, but I wouldn't count on that, especially since that may be available nowhere in 6 months. You'll want to give them a true and complete financial picture, including the house you own in Mississippi. My best advice to you is to go to a bank or mortgage broker soon, and let them qualify you. They can help you make a plan so that when the time comes you'll have all your financial ducks in a row. The good lenders I know love to do this, because they know that when the time comes, you be a viable borrower. And good for you to be thinking ahead like this. Buckle down, save money, pay all your bills on time, and you'll be in a house of your own before you know it.
0 votes Thank Flag Link Sat Mar 14, 2009
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