Home Buying in Coral Springs>Question Details

GMENDES1, Other/Just Looking in Coral Springs, FL

I want to buy our first house and wanted to know how much of a down payment I would have to leave according to my credit.

Asked by GMENDES1, Coral Springs, FL Fri Jan 25, 2013

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a’s answer
Hi,

Understandably, first time home buying can be a bit intimidating. My recommendation would be to consult with a mortgage lender to get an idea on what amount you'd be prequalified for (and how much that translates to in terms of down payment). I work with Century 21 in Coral Springs and we have an in-house mortgage lender that can help you understand the numbers - easily and at no obligation. The whole process of pre-qualification can take as little as 15 minutes; it will help you understand your budget, how much you can afford, and how much down payment you would need to consider. Please contact me for further details, I'd be glad to help.

Regards,

Avraham Yeini
CENTURY 21 City Real Estate
4500 University Dr.
Coral Springs, FL 33065
Cell: 786-763-3949
Fax: 954-755-0715
E-mail: ayeini@gmail.com
0 votes Thank Flag Link Fri Jan 25, 2013
Before start looking for your dream home it is essential for you to start the research for a mortgage broker that can explore all your financing options. Mortgage brokers have access to many banks, private lenders, different programs and can provide you with a pre approval letter for the amount that you can easily afford.

Best of Luck,

Maria Cipollone
Century 21 tenace
http://www.Flahomespecialist.com
1 vote Thank Flag Link Thu Feb 28, 2013
First learn what your credit score is. Second, work with a realtor such as myself who can place you in good hands with a mortgage consultant. You need to learn how much you can purchase befor you start looking.

Susan Penn, PA, SFR, CDPE http://about.me/HomesForSale_SusanJPennPA
EWM Realtors® | A HomeServices of America Company | An Affiliate of Berkshire Hathaway
2000 Main Street, Suite 103 | Weston, FL 33326
T: 954.306.7337 | C: 954.557.5993 | F: 954.515.0200 | penn.s@ewm.com | http://www.ewm.com
0 votes Thank Flag Link Sun Mar 10, 2013
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As a Mortgage Broker who knows more than 99.9% of the rest, look below at this consumer's post and contact him as unlike most of these realtors, he seems to know what he's doing!

Stephen Webber, Home Owner, 98260

You may be able to purchase a home for no money down if you are a first time home buyer and if you have a good agent they will negotiate the seller to pay the closing costs for you.
0 votes Thank Flag Link Fri Jan 25, 2013
I recommend you check my website where I've written quite a few columns about first time home buying, I think they will help you.
0 votes Thank Flag Link Fri Jan 25, 2013
Dear GMendes1,

It looks like you already got a lot of answers related to the mortgage. Now, if you haven't found the right Realtor yet, give me a call. I am a long time Coral Springs resident and I can guide you through the entire purchase process. I have helped so many first home buyers achieve their dream of home ownership. I was a first time buyer once, so I know how confusing the process can be.

I do work closely with honest mortgage professionals that can help you get the loan too. Beware of some offers that seem too good to be true. Some brokers offer to include part of your closing cost in the mortgage but they bump up your interest rate. It may not be worth it!

Call me!

Hablo Espanol - Falo Portugues

Ana Tenaglia
Realtor Associate
Keyes Company
Coral Springs/Parkland Office
(954)629-1590
art1913@myacc.net
0 votes Thank Flag Link Fri Jan 25, 2013
Hi Gmendes1, I'm sure you're very excited about the thought of owning your first home! I work with a trusted mortgage professional here in Coral Springs Florida and I'd be happy to have you speak with him so you know exactly what to expect. Getting yourself Pre Approved is your first step in home ownership.

Feel free to call me or email if you'd like my help as I'd be happy to help you.

Regards,

Lynn Pineda
Coral Springs REALTOR
Keller Williams Realty
954-464-1100
LynnP@ImagineYourHouse.com
http://www.ImagineYourHouse.com
0 votes Thank Flag Link Fri Jan 25, 2013
You may be able to purchase a home for no money down if you are a first time home buyer and if you have a good agent they will negotiate the seller to pay the closing costs for you.
Your first step is to find an experienced ethical loan officer to help you. Its important to find one who has experience with the loans, grants and assistance available for first time home buyers. Not all lenders and loan officers work with all of the loans and the loan officers will often only recommend the loans they have available. So its important you find all of your options. Sometimes finding the right loan officer determines weather you will be albe to buy a home or how nice of a home you can buy. If you go to the web site Your-Road-Home.com you will find a method outlined for you to help you interview and select a loan officer. After you have read the articles and gather all of the information than come back to Trulia and post your requirements and use the Consultation porcess that is explained in detail on Your-Road-Home to select a loan officer. The articles on the site explain the process of financing and buying a home step by step and it is important to get the steps of buying a home in the right order. The articles are numbered to help you with the best order. And there is an article on credit that will serve you well. Than come back to Trulia. Many good loan officers availabe. Good Luck, Stephen Webber
0 votes Thank Flag Link Fri Jan 25, 2013
if you have a good agent they will negotiate the seller to pay the closing costs for you. >>>>with our local low inventory of properties, most anything priced half decent sells, and pretty fast. Only an overpriced property owner, most likely, will need to contribute to buyers' closing cost, and on some programs that amount is limited....so, zero down payment (and not a VA/veteran buyer ) might not be a realistic goal.....
With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com

All Star Realty Inc.
Flag Fri Jan 25, 2013
Response from a retail Bank Rep. ( hint: bank has a W and F in their name) after I asked her how many of the below programs they can offer...
.....Honestly Steve, after reviewing them, I don’t think we can do any of these. We are pretty vanilla, Straight FHA VA conventional. I will keep your flyer and if I run across anyone we can't help I will send them your way. thanks

1) 100% LTV- USDA/12 mo. into Chapter 13 BK is OK
2) 100% LTV- VA/can pay off debts on purchases too

3) 99% LTV- FHA
4) 96.5% LTV-FHA


5) 97% LTV- No PMI/MI and No 1.75% FHA FEE
6) 95% LTV- No PMI
7) 95% LTV- CONDO purchase

8) 90% LTV- No PMI-2nd Home

9) 90% LTV- JUMBO w/cc

10) 85% LTV- NO PMI Super Jumbo
11) 80% LTV- Invest. Prop.



STATED INCOME ALT loan programs: http://www.StatedIncomeAlt.com

12) 80% LTV- FIX n’ FLIP Invest. Prop.

13) 80% LTV- NEW- Stated Income Alt

14) 75% LTV- NEW- Foreign Nationals- Stated Income Alt

15) 75% CLTV-NEW- after Short Sale, BK or Foreclosure

16) 70% LTV- Soft and Hard Money -Stated Income Alt


17) 55% LOT/VACANT LAND LOANS (by case basis)
18) COMMERCIAL PROGRAMS (many programs available nationwide)


Steve McRory

Pro Option Mortgage/Florida

http://www.pro-option.com

steve@pro-option.com

Ph: 888 662 4404



Prior Service U.S. Marine Corps
0 votes Thank Flag Link Fri Jan 25, 2013
Good evening,

great question and there is bound to be a very wide array of answers. lending guidelines seem to change more frequently than the weather but we may have an answer for you. We work very closely with 2 lending partners who have 100% financing available, as long as there is room you can even wrap 4-6% closing costs in to the loan. This saves your cash for other expenses such as moving, new furniture etc. Some will say this is a USDA program that works only in rural areas such as Lehigh Acres. But they would be dead wrong! It is available in all of Lee and Collier Counties. You can find a little more information on our website, but i would suggest a consultation in order to get the full overview.

Neil G. Blair-Bennett
Broker/Owner
MarketWatchrealEstate.com
(239) 244-1495
0 votes Thank Flag Link Fri Jan 25, 2013
For starters, I'd say that you are confusing a down payment with an earnest money deposit. A down payment is a percentage of the sales price that a home buyer pays out of pocket. Some lucky home buyers can ask mom and dad for a down payment. The balance of the purchase price after a down payment is deducted is the amount of your mortgage.

An earnest money deposit is the amount of money paid to secure a purchase contract. It is part of your down payment and is generally dictated by local custom. The EMD can vary from a small amount such as $100 or $500, to a larger amount such as $1,000 to $10,000. It is money that can be at risk if a buyer defaults on the contract, known as liquidated damages. It shows you have good faith intentions to buy the home.

Types of Minimum Down Payments

The amount of minimum down payment required will depend on the type of loan that you choose. Each mortgage loan type carries its own guidelines. Gone are the days of 80 / 20 combo loans and liar loans, also known as stated income loans. Today, underwriters closely scrutinize a borrower's ability to repay the loan. They don't want borrowers to overextend themselves and end up in foreclosure or a short sale down the road.

Minimum Down Payment for a VA Loan
A VA loan, created by the government in 1944, is one of the best deals going in America. It offers competitive rates and attractive terms to past and present military members of our armed services. The best thing about a VA loan? No down payment. That's right. Zero down to qualified vets.

Minimum Down Payment for an FHA Loan
Another government program, the FHA loan, has been around even longer than the VA loan program. FHA loans have been part of the American mortgage system since 1934. The minimum down payment requirement for an FHA loan is 3.5%. For a $100,000 sales price, the minimum down payment is $3,500. There is also an MI premium that can be folded into the loan.

Minimum Down Payment for a Conventional Loan
Most conventional loans are fixed-rate mortgages. These types of loans have offered flexible down payment plans in the past but the push for the future is to increase the down payment minimums. While 100% loans are not available, typically you can find, with a high enough FICO score, a loan for a 5% down payment.

There are also 10% down payment and 15% down payment loans. All 3 of these types of loans involve PMI. As time goes on, the push will be for a minimum 20% down payment. With 20% down, there is no PMI.

Conventional wisdom says you should put down as much as you feel comfortable putting down to buy a home. Generally, more is better than less. But don't wipe out your savings account to do it. You will still need to have funds set aside for a rainy day and for things to buy after buying a home.
0 votes Thank Flag Link Fri Jan 25, 2013
Hi Gmendes1, you'll need to talk to a lender...

Here's a very good one: Lisa at 561-400-9478 (cell)

Lisa owns her own company and she know what she is doing!

With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com

All Star Realty Inc.
0 votes Thank Flag Link Fri Jan 25, 2013
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