Home Buying in Memphis>Question Details

shakendracle…, Home Buyer in Memphis, TN

I'm trying to buy a home in the 38119 area. How much would I have to pay down and what is the process I have to go though?

Asked by shakendracleaves, Memphis, TN Thu Feb 28, 2013

Help the community by answering this question:


We are able to finance FHA loans with only 3.5% down. Feel free to apply online at http://www.rhlapps.com/kjones or give me a call and I'll walk you through the process. :)

K.C. Jones
RH Lending
0 votes Thank Flag Link Fri Mar 1, 2013
Your best first step would be to discuss your financial situation with a local mortgage professional. I would be happy to provide a list of recommended local lenders you could talk with. As the previous answers have mentioned, there are plenty of programs that will allow for very low down payments, but determining down payment should be secondary to pre-qualifying for a loan in the amount that you will need for the price range you are looking in.
0 votes Thank Flag Link Fri Mar 1, 2013
Well if you can qualify for a program currently available in Shelby County, you can get $15,000 for down payment and closing cost assistance. Contact me for the information you will need. You must have a Realtor to apply for this program.

Otherwise, your down payment will depend on the type of loan you can qualify for FHA, Convential, THDA or VA.

I can bring up to date on all of these type loans through my special assistant at Bank of Bartlett Mortgage company. You need to talk to lender to find out your best options.

Call me or email me.
0 votes Thank Flag Link Thu Feb 28, 2013
Give me a call or send me an email, I will be glad to assist you.
Thanks In Advance, LaRon A Jones & Kaizen Realty

Ex. 6304 Quince 4 bedroom 3 bath on sale for $135,000 (very nice home).
If you apply for a FHA Loan you will have to put down 3 1/2% (4,725) making your loan 130,275 at 4% interest for 15 years your payments could be as low as $970 a month.
0 votes Thank Flag Link Thu Feb 28, 2013
It sounds as if you might need some expert assistance. Depending on your status, and what type of loan you can qualify for, you may be able to purchase a home with as little as zero down or perhaps up to 3 1/2% of the gross purchase price.
If you would like to speak with someone directly, and confidentially, feel free to contact me and we can discuss your situation, or contact any legimate lender or other real estate agent.
0 votes Thank Flag Link Thu Feb 28, 2013
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