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.
Seagate Properties, Inc.
Plymouth, MA 02360
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.
508-947-9410 Ext. 30
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.
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.
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)
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.
Broker - Owner
Green Home Realty
Once pre-approved, you are then a buyer ready to go! Feel free to contact me, 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
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