Home Buying in Macy>Question Details

Wes, Home Buyer in Macy, IN

My Credit Scores are 750-815, What Kind Of Down Payment Do In Need for a house listed for 149,000?

Asked by Wes, Macy, IN Mon Oct 4, 2010

What is a fair bid on 149,000 and do you have any programs for Disabled American Veterans?

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8
Scott Miller’s answer
Hi Wes. FHA 3.5%. Conventional 5-20%.

I'm sorry but I don't know about the second part of your question. There are so many great mortgage brokers here on Trulia, you can either search them above at Find a Pro or one will find you shortly.

GOOD LUCK!

Scott Miller, Realty Associates, Boca Raton, FL
1 vote Thank Flag Link Mon Oct 4, 2010
Hi Wes,

There are special discounts for disabled veterans. Talk to a local lender. They do not charge certain fees that they can on a regular VA loan.

Christine
0 votes Thank Flag Link Thu Oct 21, 2010
Assuming you are not a Veteran, a down payment of at least 3.5% is required to finance your purchase of a SFR.
0 votes Thank Flag Link Thu Oct 21, 2010
VA loan or - depending on location of property - USDA Rural Housing offers 100% financing. So to answer your question you don't NEED a down payment unless its to reduce the monthly payment you are comfortable with paying. Good luck!
0 votes Thank Flag Link Thu Oct 21, 2010
Hi Wes
Clearly a VA loan would work for you. other options are a FHA with 3.5%.

You credit scores are terrific. You should get toGether with a local realtor and get the comparable
And once you know what an aggressive price would be, make an offer.

Good luck.
Perry
0 votes Thank Flag Link Sun Oct 17, 2010
I almost forgot, you may be eligible for a disability exemption on your property taxes. The title company usually gives you information at closing on filing your property taxes. Our local title companies provide a list of all the exemptions available to my buyers at closing.
0 votes Thank Flag Link Sun Oct 17, 2010
Hi Wes,

Congratulations on your excellent credit score! The VA loan is the best loan you can get and you've earned it. Thank you for your service. The VA loan will allow you to have "no money down" for the downpayment. The closing costs are usually around 3%, ask the seller to pay for your closing costs and or prepaids. You will need money for the inspection and appraisal on the home.
As far as an offer price on a home, have your real estate agent look up the past listings for the property. They should also pull the area solds for the past 6 months. You will better be able to determine what you want to offer for the home when you have the proper information.
If you are not working with a Realtor as a buyer, find one! Make sure there are no fees to work with the agent you decide on. We are paid by the sellers in most cases and it is free for you to have your own representation as a buyer.
If you have any questions, please feel free to email me any time.
Good Luck,
Christine
0 votes Thank Flag Link Sun Oct 17, 2010
If you are a Veteran and this will be your primary home you should be looking into a VA loan. VA requires zero down, but there are closing costs that you will need to consider. Check with a local Mortgage Consultant and good luck.
0 votes Thank Flag Link Mon Oct 4, 2010
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