Home Buying in Knoxville>Question Details

Whetstone.ja…, Home Buyer in Knoxville, TN

How much of a down payment do you base your estimated mortgage payment on?

Asked by Whetstone.jane, Knoxville, TN Tue Feb 12, 2013

I'm looking at homes to buy in Knoxville.

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We offer you a simple, no-commitment step, conducted by e-mail or on the phone, from your information you fill out on our form online or you can visit JustListedKnoxville.com/Loans to contact lenders direct. The loan officer will ask you a few simple question and will be able to answerer your questions after you reveal a few basics — to narrow down your mortgage options based on your individual needs then the loan office can answer questions like: "Do I qualify for a loan?" and "How much can I borrow?" It's quick, it's easy.

Our Free Purchase Assistant has been designed to help narrow down mortgage options based on your individual needs. It's quick, it's easy. FHA (96.50%) Conventional ( 95%) VA ( 100%) USDA Rural Development (102%) THDA (100%) Obtain information from several lenders Obtain all important cost information Obtain the best deal that you can Remember: Shop, compare, negotiate. http://justlistedknoxville.com/loans/
0 votes Thank Flag Link Wed Feb 13, 2013
This would depend on the type of loan you are wanting.

VA loans require zero down payment
USDA loans require zero down payment (have to make sure you are purchasing in an eligible area)
FHA Loans require 3.5% down payment
Conventional loans require 3% down payment

Each loan type above is the best for different buyers. Depending on your situation and priorities we can tailor a loan to meet your needs.

You can call me at 865 686 8711 or visit http://www.mcdonaldmortgage.com for additional information.
0 votes Thank Flag Link Tue Feb 12, 2013
I have a great lender that I work with here in Knoxville. Her name is Deb Applegate with Monarch Mortgage 865-693-1112.
With a credit score of 700+ you should be able to get a 97% loan, putting down 3%. The more you put down, the better interest rate you'll get. FHA loans are 96.5%.
There are a variety of loans available and she would be more than happy to run some options for you.
Let me know if I can be of any assistance in finding a home!
Kathryn Burklund, Realtor
865-824-7385
Kathryn.burklund@coldwellbanker.com
0 votes Thank Flag Link Tue Feb 12, 2013
Thanks so much for your question. The estimated payment of $716.00 on this particular home is based on 20% down ($31,980). Many Internet sites like Trulia, Realtor.com, etc., use a 20% down payment as the standard for calculating an estimated payment. That being said, there are numerous loan options available to homebuyers, and 20% is not always required when purchasing a home. Please let me know if I may help you answer any additional questions you may have. I would be happy to schedule a showing of this home, speak with you about your real estate goals, and discuss your search criteria with you in order to identify potential properties. Please feel free to reach me by phone or text at (865) 323-1836, or by email at Caroline.holt@coldwellbanker.com.

Warmly,

Caroline Holt, Realtor
Coldwell Banker Wallace & Wallace
(865) 323-1836
Web Reference: http://Www.cholt.cbww.com
0 votes Thank Flag Link Tue Feb 12, 2013
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