Home Buying in Seatac>Question Details

Ma.fe V Bron…, Home Buyer in Outside U.S.

How much is the downpayment for $290,000?

Asked by Ma.fe V Brondial, Outside U.S. Fri Jun 22, 2012

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4
It will depend on what type of loan you are going to have. The best way and exactly correct answer you will get from lender. They will ask you a few question about you, your salary, your job and your financing situation. It is very simple process and could be done over the phone. Let me know if you need any further help.
0 votes Thank Flag Link Sun Jun 24, 2012
Saying you have to be a US citizen to get financing is simply ridiculous. Neither FHA nor conventional financing requires such nor do they require 50% down.
0 votes Thank Flag Link Fri Jun 22, 2012
Dan is right if you are a US citizen. If not, you will need a lot more, like maybe 50% down. If you want to get more information, contact me directly & I will be happy to help you. I am a real estate broker & a loan officer as well.
0 votes Thank Flag Link Fri Jun 22, 2012
Ma.fe,
It depends, for a primary residence in SeaTac, you can do as little as 3.5% down for FHA, 5% down for Conventional, 20% down will avoid mortgage insurance which will save you some money.
As an investor, you will need at least 20% down and get better terms at 25%.
All of this of course is dependent on approval by a lender. Lenders have a number of programs to offer depending on your situation, contact an agent for a referral to find out what may be available for you.
0 votes Thank Flag Link Fri Jun 22, 2012
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