Home Buying in Bradford>Question Details

Maevespain, Home Buyer in Amesbury, MA

do I need 20 % down to buy a house?

Asked by Maevespain, Amesbury, MA Thu Mar 1, 2012

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To back up Nathan's response, No. FHA will do 3.5% and USDA will do 0%. There are a variety of other loans available with less than 20% down. Call a local lender in your area and talk to them about your options and qualifications.
0 votes Thank Flag Link Thu Mar 1, 2012
You need to talk to a lender because it depends on so many variables.
0 votes Thank Flag Link Thu Mar 1, 2012
Depends on your credit or price range.

Generally, NO, you do NOT need 20% Down.

FHA Loans require 3.5% Down. HomePath Loans require 3% Down. USDA Loans require 0% Down (No Money Down).

There are many programs for first time home buyers to also give you money to help with down payment.

So, Call a REALTOR in your area. HIRE A BUYER AGENT / REALTOR. Their services are FREE to Home Buyers and already included in the price of the homes. So, HIRE A REALTOR! They can answer all your questions.
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0 votes Thank Flag Link Thu Mar 1, 2012
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