Home Buying in Mansfield>Question Details

Rgrfan, Home Buyer in Mansfield, TX

Is there a minimum down payment? Can I still move to a new house and not have the 3%.?

Asked by Rgrfan, Mansfield, TX Fri Jan 13, 2012

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13
Interest rates are at their lowest level - 3.59% for a 30 year fixed - There are still down payment assistant programs that are viable.
0 votes Thank Flag Link Wed May 16, 2012
Do you have access to a VA loan? Lender rules are getting more restrictive.
0 votes Thank Flag Link Fri Mar 2, 2012
If you are still in the market, and thinking of using FHA, you would save money by having your FHA case # ordered prior to 4//1/2012. They will be raising the upfront MIP and annual MIP. He who hesitates these days can end up paying more all around. Interest rates are creeping up too.
Barbara Coker
NMLS#228545 Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Fri Mar 2, 2012
You do typically need the 3.5% down. There are a variety of programs out there that can help you. If you qualify, the State has a program that allows you to borrow the down payment and pay it back at a later date. Not all lenders work with the various programs, so it's important to find one who does. Also, when you make an offer on a house, you can ask for the sellers to assist you with your overall closing costs. One thing to keep in mind is that the down payment is only a portion of closing costs. You want to plan for a total of approximately 5% out-of-pocket expenses at closing, which include prepaid taxes, insurance, etc. Please let me know if I can be of any assistance.
0 votes Thank Flag Link Thu Mar 1, 2012
Speak with a mortgage broker or lender in your area. There are programs like USDA that if available and you qualify you can get in with zero out of pocket. If that is not an option for you some homes qualify for $100 down but typically you will be required to put down 3.5% as required by FHA. The $100 down option are HUD owned homes where you have the reduced down payment with FHA financing.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Mon Jan 16, 2012
3% is the old amount FHA required as a minimum for down payment. FHA requires 3-1/2% now.

VA and Texas Vet loans can be made to qualifying veterans with 0 down payment. If you're a veteran, these programs can help you. Small loans can be funded directly from TexasVet, but like VA they also guarantee larger loans.

USDA offers loans and loan guaranties in rural areas. Mansfield in general is classified properly to allow USDA loans there. If qualified, your down payment can be 0 also.

There are still a few down payment assistance programs running. Funding comes and goes. Dallas had funds for a while, but the state also funds programs to help. Income and family size are factors that limit the amount of loan made. Ask your lender what is currently available.
0 votes Thank Flag Link Sun Jan 15, 2012
There's lots of different options depending on your circumstances.
HUD has $100 down payment program now on HUD homes in some circumstances.
We need to get you with a loan officer to see if you qualify for an FHA loan and walk you through some of the particulars....as it is slightly more complicated than that.

Send me or email or give me a call and we can discuss and get you set up with a loan officer for preapproval.
0 votes Thank Flag Link Fri Jan 13, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Only your mortgage broker can determine what your down payment requirement would be

Mansfield homes for sale
http://www.lynn911.com/Web/AR287090/CustomContent/index/5130258

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Jan 13, 2012
Other than USDA, there are a couple of No Down Payment - No PMI loans available. It depends on your income and credit score, but if you make more than $55,000 a year, then you would not be eligible unless the property you are buying is in a Low-to-Moderate census tract area. If it is, there is no income limit. Even though the interest rate may be a little higher, your monthly payment will be less than by doing an FHA loan.

If you have a question, feel free to contact me a bill.merritt@regions.com.
0 votes Thank Flag Link Fri Jan 13, 2012
There are many programs available. It depends on a multitude of factors. I would Be happy to put you in touch with some lenders....
0 votes Thank Flag Link Fri Jan 13, 2012
For most buyers, the minimum down payment is 3.5%, unless you are a Veteran that served in the military. Veterans can purchase a home with no down payment. Some areas in Tarrant County and Arlington are eligible for bond programs for down payment and closing cost assistance, but eligibility and funding varies. I have mortgage lenders that can help you navigate through the maze of options, so feel free to give me a call to review your circumatances and options.
0 votes Thank Flag Link Fri Jan 13, 2012
Fha is 3.5% down, and conventional financing can range from 5% on up, typically 10-20% down. USDA (if the property and you qualify) can sometimes be done with no down payment. There are also programs that help with covering your closing costs, but not down payment typically. Normally, I would tell a buyer to save money for a down payment and closing costs, and even more because of additional expenses that come with owning a home. Hope that helps!!

Jackie Rankin
Tru Value Realty
0 votes Thank Flag Link Fri Jan 13, 2012
Hi. You can do 100% financing through the USDA program, if you and the property meet eligibility guidelines. The VA also offers 100% financing to eligible veterans. Finally, there are down payment assistance programs available through the State of Texas to eligible buyers. You should contact a licensed loan officer in your area, or ask your Realtor for a referral to their preferred lender for more information.
You can contact me for further questions, as I am licensed to do mortgage throughout Texas. barbara@thecokerteam.com.
Good luck! Barbara Coker, NMLS Licensed loan officer 228545
0 votes Thank Flag Link Fri Jan 13, 2012
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