Home Buying in Sherman Oaks>Question Details

ilhomelv, Home Buyer in Sherman Oaks, CA

hi. i see a home for 300k, what is the amount that i need to put in advance? thank you.

Asked by ilhomelv, Sherman Oaks, CA Sat Aug 17, 2013

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Hi,

Generally you need to put down at least around 10% for a conventional loan.

How much down payment do you have prepared and have you been pre-approved for a loan? Getting pre-approved is important so you can know how much you can afford and also so you can show sellers that you are qualified. Sellers do not want to take their home off the market if they are not sure you will be able to obtain a loan, especially in this market.

Feel free to contact me directly at (310) 717-1321 or JamieTian@RodeoRE.com and I would be happy to answer any questions you might have or recommend a few lenders who can get you preapproved in a day or so.

Best,

Jamie Tian
Rodeo Realty
(310) 717-1321
JamieTian@RodeoRE.com
DRE #01920120
Web Reference: Http://www.jamietian.com
1 vote Thank Flag Link Sat Aug 17, 2013
Depending on the type of loan you are able to secure would determine the down payment amount. You would need at the very minimum 3.5% for a FHA Loan. There are many types of financing and having a relationship with a lender is always a good way to start your house hunting. I would be happy to refer you to a qualified lender who can sort out the details for you.
0 votes Thank Flag Link Mon Feb 24, 2014
If you are talking about down payment it can depend on what type of loan you get. An FHA loan requires a downpayment of 3.5%, a conventional loan you need around 20%, and a VA loan does not require any downpayment at all.

If you have any further questions or if you need a loan with great pricing, feel free to contact me with the information on my profile page!

I hope this helps and good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 24, 2014
If you have any difficulties qualifying for your purchase, you may need some information about Private Lending. You would need to put more down than an FHA (requires 3.5%) or a conventional mortgage (typically 20%). However, you will have less income documentation or credit score requirements. Wishing you success.
0 votes Thank Flag Link Fri Nov 8, 2013
Advance before your offer is accepted? There is a good faith deposit that is necessary to open escrow once your offer has been accepted. The terms of your financing will be on page one of your offer if you are using an agent. Down payment is anywhere from FHA of 3.5% on up depending on what type of lending you qualify for.
0 votes Thank Flag Link Sat Aug 17, 2013
You need 3% as a good faith deposit (9,000) plus you need your down payment. If you use a FHA loan it will be 3 1/2 percent. If you get a conventional loan, you need from 10-20% as a down payment on the loan. If you would like to talk to a good loan officer, I have one that I work with and would be happy to give you his information.
0 votes Thank Flag Link Sat Aug 17, 2013
Typically within 3 days of an accepted offer you would give a 3% deposit, good faith money.
Please feel free to contact me for further info
Susan Bo'ur
Realtor Coldwell Banker
Susan@SusanBour.com
(310) 600-4240
0 votes Thank Flag Link Sat Aug 17, 2013
Well it depend on what kind of a loan you have. You can goes as low as 3% down. If you have not been pre-approved for a loan, I can certainly help you out. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Sat Aug 17, 2013
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