Home Buying in Whittier>Question Details

angalvarado80, Home Buyer in Montebello, CA

how much do i need to put down for a 375k to 400k home? I'm a first time buyer with a 644 credit score.

Asked by angalvarado80, Montebello, CA Wed May 30, 2012

Help the community by answering this question:


To buy a $400,000 home, the lowest down payment would be 3.5% or $14,000 on an FHA loan - this should be seasoned funds (in your account for at least 2 months) - OR, it can be a gift from family. If that sounds like too much, the you can do an FHA Access loan where they lend you a 2nd TD for 3% of the sales price ($12,000) - then, your down payment is only 1/2% or $2,000. HOWEVER, either way, you will also need up to 2% ($8,000) for closing costs - you can ask the seller to pay some or all of these but that is negotiable and hurts your offer if you are competing against offers with bigger down payments. Also, keep in mind that on all FHA loans, banks are verifying EVERYTHING - you must qualify for the loan based on the bank's current lending guidelines which are very strict at this time.

Strong suggestion - get pre-qualified first before you start your home search. Call me if you would like to get started.

Bill Mota 626) 233-0190
email BillMota@Live.com
1 vote Thank Flag Link Thu May 31, 2012
Good Morning,
With a Fico score as yours, your loan would have to be structured as a FHA Loan with *3.5% down.

A purchase of $375,000. at *3.5 % = $13,125.00 will need to be brought in as your downpayment.
A purchase of $400,000. at *3.5 % = $14, 000.00 will need to be brought in as your downpaymemt.

With a FHA Loan you will need to have Mortgage Protection Insurance (MPI) that is added to your loan, the reason being that it is a Govt. Insured loan, this will be added to your loan on a monthly basis bringing your monthly payment a little higher. I can direct you to my preferred lender and they can answer more questions about becoming pre qualified. Please feel free to contact me with any more questions.


Beatrice "Bea" Marron
1 vote Thank Flag Link Thu May 31, 2012
You may find that an FHA loan is the best way to go for this. I created a short video that you can use to get more information about how they work and when they're best to use for a home purchase.

Best of luck and let me know if I can assist!

Rob Spinosa
0 votes Thank Flag Link Thu May 31, 2012
If you are Veteran you can buy a home with zero down. There is also a FHA loan with a grant program that can help you with down payment assistance. Its called a plantinum loan and you only need .5%. Ask your local lender about it.
Good luck.
0 votes Thank Flag Link Thu May 31, 2012
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