Home Buying in Midlothian>Question Details

Barbara  Daw…, Renter in Midlothian, TX

how much down??

Asked by Barbara Dawson, Midlothian, TX Sat Oct 2, 2010

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You need to confer with your mortgage broker who will discuss the down payments and etc. with you.

It depends on purchase price of the home, lender requirements AND much more.

Consider at least 3.5% or more of the purchase sales price. UNLESS you qualify for a VA loan

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0 votes Thank Flag Link Sat Oct 2, 2010
FHA is the easiest financing to qualify for typically and requires 3.5% down. For a 150K house your downpayment would be $5250. If you want to pay as little as possible of course there is the 20% downpayment in which you don't have to purchas PMI, or Private Mortgage Insurance. PMI is required when there isn't 20% invested into the home and it benefits the holders of the note, not you directly.

Check into any special programs that might be out there for help. In Bryan/College Station we have some programs that can help. USDA and downpayment assistance are two very popular ones.

Good luck!
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0 votes Thank Flag Link Sat Oct 2, 2010
We have many people getting No down payment in Midlothian. There are limits to the amount of purchase. There is no local assistance in Midlothian. We work with some agencies that have special programs. We moved 4 in last month.
0 votes Thank Flag Link Sat Oct 2, 2010
If you are a veteran and can qualify for a VA loan, you can get 100% financing. Otherwise, you will need 3.5% down. You may qualify for some sort of local downpayment assistance program, so you may want to look into that.
0 votes Thank Flag Link Sat Oct 2, 2010
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