Home Buying in Las Vegas>Question Details

Tank man, Home Buyer in Lake Las Vegas, Hend...

What's the minimum down payment available for excellent credit score?

Asked by Tank man, Lake Las Vegas, Henderson, NV Mon Aug 20, 2012

I am looking to buy a under 80k townhouse/single family with 30 yrs mortgage.

Help the community by answering this question:


If you are seriously looking for a realistic assessment of your credit qualifications for getting a condo and verifying what help you need to make you credit worthy,
I would email or phone for a private, no obligation consultation to
Sharon @Southern Fidelity Mortgage 702-862-6775
email http://www.Sharonmaylee@gmail.com

David Cooper Investor 702-499-7037
1 vote Thank Flag Link Wed Oct 10, 2012
In Las Vegas - fha loan 3.5% conventional loan 5% and if you are a veteran with VA eligibility 0% down... There will still be closing costs for all loan types -
1 vote Thank Flag Link Mon Aug 20, 2012
The minimum down payment would be 3.5% for FHA loan. You can contact me and I will give you some lenders information.
1 vote Thank Flag Link Mon Aug 20, 2012
Of course you can get 3.0% home path or 3.5% FHA financing but we will save you a lot of money with one of our sellers or foreclosure/bank owned homes or townhouses. We manage over 350 homes and townhouses and these are beautiful properties and many are available to FHA/Home Path buyers like you. Please call and we'll help you with the whole process. Thanks, Kim and Matt

Matthew D’Ercole
One Source Realty and Management
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
1 vote Thank Flag Link Mon Aug 20, 2012
FHA will allow 3.5% down and Homepath will allow 3% down. There are also some programs available that will offer additional down payment assistance as well. Don't forget about closing costs too. They're generally about 3% of the loan amount. You can however request a seller to help pay for some of them, or receive them in form of a gift from a family member, etc. So there are definitely a number of programs & options that allow for very little expense when financing a home.

BTW: You also mentioned townhomes. Be sure to check the community the townhome is in to make sure you can obtain financing in that community. There are a significant number of communities throughout the Las Vegas valley that will not finance certain condos or townhouses. Here's a link to search approved communities (you can also ask you lender to run a check as well): http://lvhousingexperts.com/condos/hud-approved-condo-develo…

Michael Parks
Broker (CDPE, CSP)
1 vote Thank Flag Link Mon Aug 20, 2012
Our lender can do a minimum of 3.0 % for Homepath and 3.5% down payment. In addition, we manage over 350 homes, and townhouses and have a large number of beautiful homes for sale at great prices. In addition, we can provide you a list of foreclosure/bank owned homes some needing a little work which we can help with. Please call and we'll get you started in the process. Thanks, Kim and Matt

Kim and Matthew D’Ercole
Buyer / Investor Specialists
One Source Realty and Management
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
1 vote Thank Flag Link Mon Aug 20, 2012
Hi Joyce, The minimum down is an FHA owner-occupied loan for 3.5% of the sales price (or the appraisal-which ever is lower-I can explain this if you contact me. There is a govenment loan for approved homes that is only 3% but they are few and far between. I would hate for you to count on that.

If I can be of any further assistance please feel free to contact me.

Sia M. Howe, ASD, MIRM, CSP

Prudential Americana Group, REALTORS®

10777 West Twain Avenue, Suite 333

Las Vegas, NV 89135

Cell: 702.205.3093

1 vote Thank Flag Link Mon Aug 20, 2012
Hello, Joyce.

Unless you have obtained a loan in the past 3 years, you will be in for a major surprise. Loan requirements have stiffened a lot! Many investors have flown all the to Las Vegas only to discover their 800 credit rating is worthless. Even if you have a great credit rating and a large pool of assets, you won’t be able to get a low interest loan unless you meet these general conditions.

You must be a US citizen. Unfortunately, getting a loan from a foreign country is very difficult unless you want a hard money loan.

You must receive a W-2 or have tax returns that show you make money. The days of “stated income” are way over.

Your credit must be spectacular. If you are in investor, credit standards a much higher than an owner occupied property.

You can’t be leveraged to your teeth. Lenders will look at your debt obligations and compare that to your net worth.Note: Some folks play the “Second Home” or “Vacation Home” card which gives you better rates than an investor. There is some risk involved because if you get caught, there is a chance the lender will “call the note” on you.

Qualifying for a hard money loan to purchase properties in Las Vegas

Expect to pay $3k up front and 12% interest. Since you are paying through the nose to get a hard money loan, the conditions are a little looser. Their lending process is still a little vague to me but generally you need to put 40% down, have a large net worth and the property needs to be appraised at or below market. They also quiz you to find out if you have a clue about investing. They generally don’t play with amateurs.

If you have any further questions, I STRONGLY encourage you to read this page and contact us at your convenience:


With you in mind,

LV Property Search
0 votes Thank Flag Link Wed Aug 22, 2012
Joyce, What is your "good" credit score? And are you employed? No one can quote you a min down unless you qualify

David Cooper 702-499-7037
0 votes Thank Flag Link Wed Aug 22, 2012
Hi Joyce,
I have a lender who can usually get 3.5% down for good credit. New programs become available all the time. I would suggest you give her a call and see what programs are currently available and what you may qualify for. Her name is Shirley Mulvihill: (702) 285-1776.

Mike Yarbrough
Simply Vegas
0 votes Thank Flag Link Wed Aug 22, 2012
What do you think is an excellant credit score? You also need to prove employment income and funds on hand for the downpay and closing costs. Very hard to give a standard answer without knowing all the facts.

David Cooper 702-499-7037
0 votes Thank Flag Link Mon Aug 20, 2012
3% for Fannie Mae Homepath financing and 3.5% down for FHA condo projects that are approved for financing. Otherwise 20% down...702-917-2827...Byron Kacheris...RSL Realty..
0 votes Thank Flag Link Mon Aug 20, 2012

FHA still has 3.5% plus of course closing costs. Contact Sheila @ 702-505-0908 for more information.

Let us know if we can help.

0 votes Thank Flag Link Mon Aug 20, 2012
Unless you are a Veteran, your best bet is an FHA mortgage. That only requires a 3.5% minimum downpayment.

Keep in mind that the downpayment is not the only expense you'll have when buying a home. Be sure you have cash set aside for things like downpayment, earnest money deposit (that gets applied to your downpayment at close), home inspections, and of course the repairs/renovations/upgrades you will want or need to make to your new home after closing. I would hate for you to spend all your money before closing and not be able to make those changes!
0 votes Thank Flag Link Mon Aug 20, 2012
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