Home Buying in Winthrop>Question Details

amberbz, Home Buyer in Winthrop, ME

first time homeowners. 14,0000, 20% is too much, been to bank an they told us to expect 5% down.

Asked by amberbz, Winthrop, ME Wed Feb 1, 2012

interested in property not if downpayment is this high Help?

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3
Tim Mcclary’s answer
3% to 5% down is an average down payment. There are programs out there that allow you to pay less. The bank might have said you need 20% down to avoid paying private mortgage insurance, or PMI. If you can put down that 20%, you can save on your monthly payments.
0 votes Thank Flag Link Thu Feb 9, 2012
Good Afternoon

Depending on what type of property look are looking at, and depending on what type of financing you qualify for you might be able to get in as low as a zero down payment. But like I said, it usually depends on what you can qualify for.

If you'd like to get me information on the sales price, what type of property you are looking to buy, and where I can guide you in the right direction

Dana

dcurtis@annie-mac.com
1 vote Thank Flag Link Wed Feb 1, 2012
In your area anything on the market should qualify for a Rural Development loan. Chances are your local bank doesn't have access to these. RD loans allow you to finance up to 100% of the purchase price plus closing costs. Maine State Housing also has a comparable program. I can offer either program. Feel free to visit my website and apply for preapproval or call my office during the day at 894-5822. That is my direct line so if you get voice mail, leave a message and I'll call you back.

Good Luck!
Web Reference: http://www.daledoughty.com
0 votes Thank Flag Link Wed Feb 1, 2012
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