Home Buying in Rockport>Question Details

Lynn Caison…, Real Estate Pro in Rockport, TX

How much of a down payment is enough to buy a home?

Asked by Lynn Caison Johnson, Rockport, TX Wed Jul 13, 2011

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As Don mentioned there are many purchase programs available to include FHA (3.5% down payment), Conventional (as little as 3% down payment with a 660 score minimum and MI). In addition - USDA financing allows up to 103.5% financing in qualified areas for qualified moderate-income families allowing the borrower to finance the closing cost. In addition - NO monthly MI, unlimited seller contributions and unrestricted gift funds. Also - VA financing up to 100% with NO MI. If you have any questions, please do not hesitate to call our offices at 713.528.0333 or visit our web site at http://www.fairway-homeloans.com.
0 votes Thank Flag Link Wed Jul 13, 2011
Hi Lynn,

Don is spot on as always. The amount of the downpayment will depend on the type of loan that you use.

VA and USDA (rural homes only) loans require 0 downpayment.
FHA requires 3.5% downpayment
Fannie Mae has a program called Homepath that can require as little as 3% downpayment.
Conventional loans will be 5-10% with insurance, 20% without.

Talking with a lender is the best path to finding the right loan for your particular needs.

Good luck!

Regards,

Greg
0 votes Thank Flag Link Wed Jul 13, 2011
Hello Lynn,

I would team up with an experienced lender in your area... it will greatly help you with questions like this. There are a lot of different programs so the amount varies. The typical FHA purchase requires 3.5% and a conventional loan requires at least 5%. There are other programs like USDA that do offer 100% financing options so you may want to see what areas near by offer these programs as they are really helpful when trying to qualify a client with limited funds for a down payment.

I'm a Realtor and Mortgage Broker in the Austin area so if you ever want to chat about programs or real estate feel free to give me a call or shoot me an email.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Wed Jul 13, 2011
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