Home Buying in Austin>Question Details

India R. Jon…, Home Buyer in Austin, TX

Is it possible to put down a down payment of 1% on a house, if you can afford a high mortgage and just want to move into a house as soon as possible?

Asked by India R. Jones, Austin, TX Sun Jun 3, 2012

My apartment lease is up in August. I have saved up 3,000.00 and I may not be able to save up 3.5% by the time my lease is up which I was told was the minimum and there is a house I really want and I do not mind a high mortgage payment. I just really want this house. Most of the houses I have looked at are under 200,000.00 and are 3 bedroooms/2 bathrooms.

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If you arent a vet, then try a property with owners willing to owner finance...
0 votes Thank Flag Link Mon Jun 4, 2012
Are you a Veteran? VA Loans can be as low as 0% down with the seller paying the closing costs. FHA is the next best program at 3.5% down and Conventional lenders will typically want to see 3-5% down. Then there are programs available at both the state and federal level that can assist you with a down payment, depending on your qualifications.

Contact Michael Brandt at United Lending (512) 922-3144.

Joe Casey
Selling Austin
Keller Williams Northwest Austin
(512) 800-1316
0 votes Thank Flag Link Sun Jun 3, 2012
Lenders typically require 3.5 % or more as a down payment. Recommend to speak with a mortgage broker after they have reviewed our loan application

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer

Follow me on Facebook
0 votes Thank Flag Link Sun Jun 3, 2012
Depending on your situation, the short answer is yes. There are quite a few down payment assistance programs and government-sponsored programs that may work for you to bridge the gap. If you would like, call me and I will connect you with a few lenders who can go over your specific situation and see what you qualify for. Thanks, Joe Jarusinsky, Keller Williams Realty, 512-261-4415
0 votes Thank Flag Link Sun Jun 3, 2012
Are you a teacher by any chance? There is bond money available to help with down payments for teachers who teach in Austin.
0 votes Thank Flag Link Sun Jun 3, 2012
IF YOU QUALIFY for one of the bond programs you can receive down payment assistance upto $20,000. and seller can pay your closing costs. You can effectively get in with as little as $0. In addition, MCC can effectively reduce your monthly payment upto $166 per month through mortgage tex credits (MCC). Not all lenders are approved to do these programs. Call me and we can discuss your options, goals, and what programs are best suited for you.
Dave Baird, Realtor-Broker
RealNet Team, Keller Williams Realty
0 votes Thank Flag Link Sun Jun 3, 2012
There are a couple of finance options the require 0 down-USDA Financing which id determined by the houses' address and the other being VA- if you served in the military for 180 days or longer includes the reserve, the national guard-can check if that applies.
The down payment assistance programs have some provisions for fireman, police, vets and teachers-always worth checking into..
So, a little more information is needed from you then can get you to the right people. If you are not working with a Realtor, I would like to talk to you.
Sonia Roberts, Realtor®
Canady Realty
"A satisfied customer is the best business strategy of all."

Michael LeBoeuf
0 votes Thank Flag Link Sun Jun 3, 2012
In addition to a down payment of 3.5% you also have closing cost, pre-paids and reserves to contend with and those fees add up to more than the down payment amount of 3.5%.

Some if not most of those closing fees can be negotiated having the Seller pay them for you. If you are a first time buyers, there are downpayment assistance programs available to assist you in buying your first home.

If you don't mind doing some fixing up on a home FHA is offering $100 down payment loans on their foreclosed home to owner occupants. The City of Austin has a down payment assistance program and the State of Texas has a down payment assistance program as well.

For additional information on these and other First Time Buyer Assistance Programs please contact me. Don't forget to ask about the Texas MCC program. The govt pays you up to $2,000 a years each year you occupy the home.

Rodney Harris
Ready Real Estate
0 votes Thank Flag Link Sun Jun 3, 2012
If you GOOGLE;
"texas first time buyer"
you will find a wealth of information

Good luck and may God bless
0 votes Thank Flag Link Sun Jun 3, 2012
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