Home Buying in Hollywood>Question Details

Lynn Sazon, Renter in Los Angeles, CA

How much should I have saved before going to the bank to inquire about a home loan?

Asked by Lynn Sazon, Los Angeles, CA Mon Dec 3, 2012

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You will have more options if you save at least 5% (plus closing costs....$5000+)
0 votes Thank Flag Link Mon Aug 12, 2013
At the very least 3.5% down for the FHA program. It would be wise to also have some of your closing costs saved up, as well.
0 votes Thank Flag Link Tue Dec 4, 2012
Hello, My name is Dante i'm a Loan officer with Inhouse Lender. I'd love to help you find the best loan program that would fit your financial goals. The bank making the loan will want to see that you have proof of funds to pay for closing costs and down payment. Closing costs account for about 2-3% of the purchase price. You'll also need a minimum down payment of 3.5% with an FHA loan. There are programs that assist with the down payment You can call me at the nubmer below, or email me if you have any additional questions.

Dante Zena
Loan Officer
Office 877.840.6194 ext 234
Fax: 877.840.6194
0 votes Thank Flag Link Mon Dec 3, 2012
Do you have any price home in mind?
for First time buyer you could save from 3 % to 5% of the loan or price home.
Have in consideration debt to ratio, income and credit.
0 votes Thank Flag Link Mon Dec 3, 2012
The amount you need to save depends on a number of factors including the type of loan you are going to be getting and the price of the property you wish to buy. The first step is to talk to a loan officer who will go over your debts, income, credit etc. Then your loan officer will be able to help you determine what you can comfortably afford as a purchase price and what amount of a down payment you will need to reach your goals. Please let me know if you would like me to refer you to a loan officer who can help you with this part of the process and answer you finance questions.
0 votes Thank Flag Link Mon Dec 3, 2012
I would suggest you speak with your lender to begin with.
If you need a lender I would be happy to recommend one.
Please feel free to contact me directly with any questions.
Susan Bo'ur
Realtor/Coldwe Banker
0 votes Thank Flag Link Mon Dec 3, 2012
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