Home Buying in Middleboro>Question Details

Courtney, Renter in Middleboro, MA

How much money is a minimum down payment on a home?

Asked by Courtney, Middleboro, MA Thu Nov 10, 2011

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Answers

13
That depends on what you qualify for. Do you mean deposit or down payment? There is a difference
0 votes Thank Flag Link Mon Dec 5, 2011
It depends on what the seller will accept. If you offer $100 to allow you time to do an inspection, gather septic/sewage info, check town hall for permitted use or modification, and they accept it, great. Most people will want more down before they allow their property to be designated as under agreement. The actual amount of cash you put into the deal at the time you close will depend on the requirements that your lender has when they consider you as a borrower and the property as collateral.
Web Reference: http://capegroup.com
0 votes Thank Flag Link Sat Nov 12, 2011
Courtney, All lenders from brokers of institutions to Mortgage Lenders have all kinds of deals. Your income, savings, workplace, and the value of the home you wish to purchase all are huge factors in the lending process and the downpayment.

Be a savvy buyer and make a few inquiries to banks and mortgage brokers to see what's best for you.

Help keep the market moving by seeing what's best for you.

Kim Sweeney
Seagate Properties, Inc.
Plymouth, MA 02360
508-524-1921
0 votes Thank Flag Link Fri Nov 11, 2011
Courtney,
There has been a lot of good information posted here for you. I work with many local Middleborough mortgage professionals and I would be happy to make some recommendations. Give me a call at your convenience.

Good luck,

Michael Callahan
Uptown Realtors
Middleborough
508-947-9410 Ext. 30
508-947-7430 (cell)
0 votes Thank Flag Link Fri Nov 11, 2011
The minimum down payment will depend on the type of mortgage program you apply for. They are typically as follows:

Conventional - minimum 5% down
FHA - minimum 3.5% down
VA - no down payment required - for military, reservists, national guard and veterans
USDA - no down payment required - the property must be eligible,and you must meet income requirements
MassHousing - there are two programs - one with minimum 3% down, and the other is no down payment

You should speak with a mortgage lender or broker to determine your eligibility for each of these programs and to determine how much mortgage you can qualify for before you begin your search for homes.
0 votes Thank Flag Link Fri Nov 11, 2011
Courtney,

All of my colleague answers are correct - your down payment largely depends on what type of loan program you qualify. The first step in preparing for a home purchase is to speak with a lender. This doesn't mean you're applying for a loan - you're simply seeking information on whether you qualify for a mortgage, what type of loan programs are available for you and what the down payment requirement is. I strongly recommend working with someone locally. If you need a referral to a great local lender, please let me know and I'll gladly forward you contact information for a few local lenders.

Jen
0 votes Thank Flag Link Fri Nov 11, 2011
Courtney, typically FHA offers 3.5%, VA-reserved to Veterans 0% down. Conventional lenders may loan 3-5% today but the applicant needs very good credit. In addition the Private Mortgage Insurance needs to be added. Depending on your area and qualifications; you may be eligible for some type of special financing: 1st Time buyer, Limited Income, Or a revitalized area type of loan.

Check with a local knowledgeable Mortgage representative and Real Estate agent, to confirm your qualifications Courtney.

Best of Luck,

Rob Hughes: Long & Foster Real Estate Inc.
(Associate Broker) (AB065650)
(Hughes Associates) (Realtor since 1987)

Office: 610-225-7400 x7438

Cell# 484-410-9765 (Preferred)

http://WWW.DELVALREALESTATE.COM

http://WWW.ERICMAYMORTGAGE.COM
0 votes Thank Flag Link Thu Nov 10, 2011
Courtney, it depends on your loan type.

VA =$ 0
FHA = 3.5% of sales price
Conventional = 20% or a 2nd loan is required and mortgage insurance for the gap
If using a down payment assistance program, then it could be as low as $500 on a FHA.

Don't forget to factor in about 5.5% for closing costs too.

Cathy Bureau
Broker - Owner
Green Home Realty
0 votes Thank Flag Link Thu Nov 10, 2011
Hi Courtney! Your first step in a home purchase is making the decision to move forward. Congrats! You have made that 1st step. The second step is finding a financing firm which offers the lending options for first time home buyers. My firm offers FHA, USDA, VA and Mass Housing loans. As a mortgage instructor and owner of our firm, I enjoy meeting first time home buyers and educating them on the entire loan process and the types of loans and their pros and cons.
Once pre-approved, you are then a buyer ready to go! Feel free to contact me, Courtney.
Web Reference: http://www.annsabbagh.com
0 votes Thank Flag Link Thu Nov 10, 2011
Dear Courtney, you are in a great situation! Someone who isn't getting foreclosed on, or have to do a short sale! Call a Realtor at once, and they will help you find financing as a first time homeowner!!!
0 votes Thank Flag Link Thu Nov 10, 2011
The most common low down program is FHA which is 3.5% down. Qualified veterans can go with 100% financing. USDA also offers 100% financing in certain towns.
0 votes Thank Flag Link Thu Nov 10, 2011
Hello Courtney,

There are many mortgage programs out there. A popular option for a low down payment is the FHA. They only require 3.5% down. If you would like a mortgage referral, please contact me and I'll be happy to point you in the right direction. To search all homes for sale, check out my website below.

Jeffrey H. Carter, ABR
Keller Williams Realty
978.717.9015
0 votes Thank Flag Link Thu Nov 10, 2011
This does not vary with the HOME:
It depends on your Lender and what they require;
The two big determining factors are the LOAN that youy get, and YOUR CREDIT.

You need to select your Lender and ask them the same question.
We cannot answer it.

Good luck and may God bless
0 votes Thank Flag Link Thu Nov 10, 2011
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