Home Buying in Stockbridge>Question Details

Alejandro Al…, Home Buyer in Stockbridge, GA

If i want to give less than 20 percent for down payment, would I still have chance to buy the house ?

Asked by Alejandro Alex, Stockbridge, GA Fri Dec 28, 2012

The house is 50000

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7
There are several loan programs that you can choose from. It is best to work with a professional so you can have your best choice.



Check if you qualify for a mortgage. Try http://www.whywaitbuytoday.com
0 votes Thank Flag Link Sun Sep 1, 2013
Yes, depending on the type of loan.
0 votes Thank Flag Link Fri Dec 28, 2012
Ok well thank all of you'll very much for answering my question.
0 votes Thank Flag Link Fri Dec 28, 2012
YES you can depending on the type of loan and terms you qualify for. Start first with a local loan officer, that's knowledgeable about all the different type of programs in your area.
0 votes Thank Flag Link Fri Dec 28, 2012
Hi Alejandro,
Would would just need to have your Buyer's Agent submit an offer for you to the Lsiting Agnent. The minimum down payment will be determined by the loan program, the type of occupancy, and your qualifications as a borrower.

Only two 100% Financing programs are currently available. One of which is the VA loan program. VA financing is only available for eligible veterans. The second 100% option is USDA financing. USDA loans do have geographic restrictions to rural areas though.

For FHA and FHA 203K mortgages, the minimum down payment is 3.5%. That down payment can be from the borrower’s own funds or a gift from a family member.

Conventional mortgages typically require at least 5% down for a primary residence. Any conventional mortgage with less than a 20% down payment will require monthly mortgage insurance. Second homes will require at least 10% down while investment properties will require at least a 20% down payment.

Fannie Mae offers special HomePath Financing for eligible HomePath properties. It is only 3% down for primary residence and 10% down for Second Homes and Investment properties. For someone owning 5-10 financed properties, a 25% down payment will be required for Second Homes and Investment properties. Those owning 11-20 financed properties would need a 30% down payment to purchase any additional Investment properties.

Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Fri Dec 28, 2012
It will most likely be pretty hard to buy a home for $50,000 with less than 20% down. I would try to talk with some mortgage professionals and see if they can help you.
0 votes Thank Flag Link Fri Dec 28, 2012
yes, if you qualify for an FHA or VA mortgage or if the house is in an area where you can get a USDA loan. Talk with a local lender or mortgage broker for details and to get prequalified.
0 votes Thank Flag Link Fri Dec 28, 2012
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