Home Buying in Monticello>Question Details

Desirea Ball, Home Buyer in Monticello, MS

What is the least you can pay down on a 60,000 house. when you are a first tiime buyer?

Asked by Desirea Ball, Monticello, MS Tue Jun 28, 2011

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Monticello, as well as the entire Lawrence County, is eligible for USDA financing, which is 100% financing and can even include your closing costs (if the home appraises higher than the purchase price).

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do to check to see if your income is within USDA eligibility limits. On a $60k sales price you should figure a monthly payment of around $415/mo or so.
0 votes Thank Flag Link Wed Jun 29, 2011
I would pose this question to at least three lenders so you will have a few options to choose from. There are so many variables such as your income, credit score, state and federally funded programs that you may or may not be eligible for, and where the property is located can also play a factor. Only a lender can give you a solid answer on this once they have gathered the necessary information from you.
0 votes Thank Flag Link Tue Jun 28, 2011
Depends on the type of financing. As Jeremy says, 3.5% in many cases. For veterans, or in some other cases, you may be able to get 100% financing. And on a house priced at that point, don't overlook owner financing. It's all negotiable, but you might be able to get a really good deal that way, too.

Good luck.
0 votes Thank Flag Link Tue Jun 28, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Currently FHA has the least amount required down, and that would be 3.5%. There are available programs for first time home buyers and it can vary from state to state and city to city. I would recommend you check with the city to see what programs are available. You should also check with either your bank or credit union, or a reputable lender, to see what they can do to help assist you.
0 votes Thank Flag Link Tue Jun 28, 2011
If you can get Financing on something this low, then as a first time buyer you are looking at:
Possibly nothing Down if it qualifies for USDA
$1950.00 if FHA qualified
$6000.00 for a 10%down Conventional
$12,000.00for for a 20$ down Conventional
$60,000.00 for a full out cash sale + Closing costs!
Check you State and County Governments for possible First time buyer assistance programs and programs for down payment assistance!
0 votes Thank Flag Link Tue Jun 28, 2011
That depends on your strength as a buyer. Most commonly, the best down payment options will be available through FHA loans, which will be 3.5% of the sales price. However, VA loans still offer 100% financing.
0 votes Thank Flag Link Tue Jun 28, 2011
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