Home Buying in Henderson>Question Details

kidsmoms724, Other/Just Looking in Boulder City, NV

What is the normal down payment on a home purchase? Can anyone give me some details about down payments?

Asked by kidsmoms724, Boulder City, NV Sun Mar 24, 2013

We have been told banks want 20% down. We have very little money for down payment. Credit score 812. Have lived in same aptmt complex for 13 yrs and paying $1050 water and sewer and never have been late. We have owned a home before in Texas 13 years ago. Thanks Looking For Love Nest :-)

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There are several types of mortgages, some with no money down, FHA is 3.5% and conventional is 5%. 20 % is when yiou have not so good credit or are buying a home that is in poor shape or is a HOA and is not approved. FIRST meet with a local and trusted loan officer, you can get prequailfied for free and see what you will need for a down payment and closing costs
0 votes Thank Flag Link Mon Mar 25, 2013
There is no normal downpayment. It depends on the type of loan. There is an FHA loan with only 3.5% down. Wells Fargo and some others also have a conventional loan program which is also only 3.5% down. Call me if you need further help. With such a good credit score, you should be able to get a loan with minimum down payment.
0 votes Thank Flag Link Mon Mar 25, 2013
Conventional financing can differ from 5% down payment and up. FHA financing is as low as 3.5% down. VA financing is considered to be the zero down payment program. These are all based on qualifications. I would be happy to recommend you to my preferred lender to discuss more details on qualifying for a home loan. Once qualified, I can help you find a great home in this market! Feel free to email me at LenM@AmericanaGrp.com or you can call me directly at (702) 203-6688.
0 votes Thank Flag Link Mon Mar 25, 2013
Have a great lender that can help direct you with the best program that fits your financials. FHA has a program with only 3.5% down. Lets see how we can get you moving toward home ownership while the interest rates are low and before prices escalate. Email me at lapis99@aol.com or call me on my cell and we can talk further. 702-591-0300 will look forward speaking with you soon!
0 votes Thank Flag Link Sun Mar 24, 2013
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