Home Buying in New Haven>Question Details

Sharon Locke, Renter in New Haven, CT

What is the required percentage for down payments?

Asked by Sharon Locke, New Haven, CT Thu Nov 17, 2011

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Good morning Sharon, I agree with the rest of the posts, you really need to speak with a few bank lenders to way all the options. The interest rates are very low and there are still programs out there for first time home buyers. I would be more than happy to provide you with the names of local banks and assist with your house search. Please feel free to contact me, Julie Lucia, Showcase Realty. 203-578-5631 cell; julie@julierealestate.com
0 votes Thank Flag Link Fri Nov 18, 2011
Hello Sharon:

There is no "required," as others have said. It all depends on the type of loan, which is why the best person to talk with a nice mortgage specialist. Take care, and good luck with your quest.

0 votes Thank Flag Link Thu Nov 17, 2011
Sharon: Please speak with a reputable Mortgage Company - there are hundreds of loan programs out there and it is best to speak with someone who can taylor a program to your needs. Depending on the area you are looking there can be no money down loans! Good Luck. Maria.
0 votes Thank Flag Link Thu Nov 17, 2011
Hi Sharon, this depends on many factors and the first thing you need to do is to talk with a mortgage specialist. The percentage required for down payments is usually between 3% to 25% depending on the type of home you are buying and the type of loan you qualify for. If you are buying a home for $150,000 you would need to make sure you have anywhere between $4,500 and $37,500 in cash on hand for your deposit.
Web Reference: http://www.wareck.com
0 votes Thank Flag Link Thu Nov 17, 2011
Sharon it depends what type of mortgage and credit score you have. VA and USDA are no money down, FHA is 3.5% down and conventional loans can be 5 to 20% down. The only true way to know whayt is required for your situation is for you to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgage that you may quailify for and what teh down payment requirement is.


Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Nov 17, 2011
The lowest I have seen is 3% down. FHA loans are actually 3.5%, but some other "local" loans to your area may be as low as 3%. Contact a lender for more info. If you don't have a lender, ask your agent for a recommendation.
0 votes Thank Flag Link Thu Nov 17, 2011
Ms Locke,

Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get.

The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. While FHA loans require only 3% down - and sometimes less.

I would speak withe a mortgage lender.. I have a few if you would like to speak with someone. you can contact me for hthier names and numbers.

I hope this helps you.
0 votes Thank Flag Link Thu Nov 17, 2011
That depends on what type loan you have. A VA loan will have no down payment needed, an FHA will be around 3% and a conventional will be 10-20% down. You lender should be answering these questions for you. Step #1 is to speak to a lender.
0 votes Thank Flag Link Thu Nov 17, 2011
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