Charles Brad…, Home Buyer in Los Angeles, CA

I'm a first time home buyer and I don't have enough to put 20% down. In what case would I need to be in in to be able to get it lowered to say, 10%.

Asked by Charles Bradfield, Los Angeles, CA Mon Sep 30, 2013

Help the community by answering this question:


There are loans offered by lenders like myself that can get you the loan with your available down payment. Depending on your finances you can possibly get a conventional loan with 10% or less down. Also, you can get an FHA loan with only 3.5% down. There are certainly options for you from lenders like myself. I recommend that you speak with a lender. I'm a lender based out of Southern California and I have done loans throughout Los Angeles. I would be glad to speak with you to help you get the loan that you need to feel free to contact me! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887
1 vote Thank Flag Link Wed Feb 19, 2014
Consult your Lender RE: USDA loans, or FHA Loans.
1 vote Thank Flag Link Thu Oct 3, 2013
Like everybody else is saying here, you can get an FHA loan for only 3.5% down. There are also conventional loans with 5% down, or if you qualify, USDA and VA loans for $0 down.
1 vote Thank Flag Link Tue Oct 1, 2013

I have worked with several first time home buyers in the past who were able to obtain a conventional loan with around 10% down.

I would be happy to recommend these lenders to you, and you can contact them to see how much you can be pre-approved for based on the amount of down payment you have prepared and your credit history, employment history, etc.

Feel free to contact me directly at (310) 717-1321 or with any questions/concerns and I can send you over the lenders' contact info.


Jamie Tian
Rodeo Realty
(310) 717-1321
BRE #01920120
Web Reference: Http://
1 vote Thank Flag Link Mon Sep 30, 2013
Check with your lender. That are different loan programs available that don't require as large of a downpayment. FHA only requires 3.% down.
0 votes Thank Flag Link Wed Mar 19, 2014
Brad, you can get a conventional loan now with 10% down. There is also FHA which is a 3.5% down. I would recommend you contact a local Realtor to assist you.
0 votes Thank Flag Link Tue Oct 1, 2013
Hi bradfield111
I think everyone has covered the options out there. One thing to keep in mind with FHA is that they brought a new condition into affect, if you do not put 10% down at the time of closing you will be required to pay mortgage insurance for the life of the loan. Your best option would be to contact a local mortgage broker for the best and most up to date answers. Hope this helps and best of luck to you.
0 votes Thank Flag Link Mon Sep 30, 2013
Work with a lender or several and find out.
0 votes Thank Flag Link Mon Sep 30, 2013
Hi Bradfield:

Your best bet would be to speak directly with a mortgage broker and go over your personal situation including your credit report, funds on hand for a down payment and closing costs, income, and anything else you might be able to provide.

You may be able to get a FHA loan with a down payment of 3% to 5%. And there may be other loan programs that you may qualify for.

I suggest you speak with Rob Nelson with Academy Mortgage Corporation. He will be able to tell you what you will qualify. And also, in this market, you will be competing with "ALL CASH" offers, Rob may be able to get you a loan with terms of a 10 day close...same as cash...which will give you the edge you need to compete with cash buyers in this market.

Feel free to call me if you have any questions...but do contact Rob!

All the best and good luck!

0 votes Thank Flag Link Mon Sep 30, 2013
You can buy with 35% down as there are many types of loans available to qualified buyers. Obviously the larger the investment on your part makes for a lower monthly obligation but consider that with your 10% projected down payment you will be creating a 90% new loan and you will be writing off the interest when you file your income taxes .....I welcome your call to assist you in your dream endeavor of purchasing your home. I am very much a buyer's agent (37 years) and I am happy to guide, represent you! Please call me your earliest convenience at 323: 356-2879 to discuss all your options. I also have an excellent loan agent to service your loan - he has been my loan agent of choice for over 22 years and he will pre-qualify you and give you the exact guidance on the various loan options. Best, Peter Reyes, Keller Williams Los Feliz
0 votes Thank Flag Link Mon Sep 30, 2013
If you are looking in Beverly Hills, you will be able to put 3.5% down with FHA financing up to $729.750. If you are looking at conventional financing, you can put 3% down up to $417,000 and on loan amounts from $417,001 to $625,500 you will need 10% down. When you get above $625,500 it gets more difficult to find 10% down financing although not impossible up to a $1 million loan amount. Obviously credit score, income, assets and employment play a factor so see a good loan officer for your specific qualification. I'd be happy to assist.
0 votes Thank Flag Link Mon Sep 30, 2013
Hi Bradfield,

Excellent question... one of the first things you should do as a potential home buyer is to talk with lenders to find out what you can afford, learn more about what's involved when you get a home loan, and get professional estimates of the monthly payments you'll be making.

The other big advantage a number of homebuyers overlook is to get an agent early on so you don't have to guess at what the best options are in your price range and you can get quick answers to important questions. People often end up wasting time and miss out on great opportunites by trying to do too much for themselves.

If you you do both these things you'll be in a good position to know of what's important, have access to the tools and information you'll need to help you make the best decisions, and be in a ready to make an offer when you find the property that's right for you.

Here's a link to my comprehensive map search tool that shows all the properties for sale in L.A., Beverly Hills, Santa Monica, and the Westside.

You can set the search for homes, condos, different prices and sizes, and many other features. Please feel free to call or email me anytime if you have more questions.
0 votes Thank Flag Link Mon Sep 30, 2013
Hey, you can go as low as 3-5% conventional or 3.5% Fha or even 1% down with a state program. I am an independent agent who has good connections and is very knowledgeable. as the CEO of a real estate flip company I know the ins and outs of real estate.

I do not charge any broker fees transaction fees like all the other companies out there charge. in addition I also offer a cash-back commission program through escrow.

give me a call at 818-426-1700 and lets discuss your options.

0 votes Thank Flag Link Mon Sep 30, 2013
Have you pre-qualified for a loan? This is more important than the amount you can put down, since the bank will give you a mortgage based not only on your down payment, but your credit history and the value of the home you want to purchase. Then you can shop for a home according to your ability to afford it, and not find the home of your dreams only to find out you can't get the mortgage you need to pay for it.
0 votes Thank Flag Link Mon Sep 30, 2013
There's a lot of options for first time buyers. The FHA loan only requires 3 1/2 down. I can help you find the right loan that fits your situation. Give me a call (323) 350-8266>>Sandra Lic#1763276
0 votes Thank Flag Link Mon Sep 30, 2013

There are options available for buyers in your situation.Buying with just 10% down.

At Coldwell Banker Residential, we have an in-house mortgage broker/direct lender that can show you the options, and houw much your monthly mortgage would be; depending on the several options available.

Contact me through Trulia so that I can put you in touch and discuss your housing options.

Douglas Lagos
Tel. (310) 463-8088

CA BRE# 01921046
Coldwell Banker Residential
0 votes Thank Flag Link Mon Sep 30, 2013
FHA loans typically lend with less down, many times as little as 3% down payment, I highly recommend getting pre-qualified, a mortgage broker can assist you. It will also depend upon your credit.

Good luck and congratulations on deciding to purchase, now is an amazing time to buy!! If you need an exclusive buyers agent to represent you, feel free to call me or contact me anytime.

Have a great day,
Heather Paul, Broker Associate, Realtor
Coldwell Banker
0 votes Thank Flag Link Mon Sep 30, 2013
There are 80/10 products available with no mortgage insurance. Give me a call if you are interested.

Alex Greer
Loan Officer
NMLS #1056079

0 votes Thank Flag Link Mon Sep 30, 2013
As a first time homebuyer, you can utilize any of the low down payment options including the minimum of 3% down payment.
You will be eligible for an FHA at 3.5% or a conventional of 3% down depending upon your credit and circumstances!
0 votes Thank Flag Link Mon Sep 30, 2013
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