You do not need to put 20% down to buy a home. The amount of money you put down on a home is just one of the negotiation levers in an offer. The more money put down on the deposit, shows the seller how committment to the property you are. Only 1% is required to be submitted with the offer. The remaining 19% would normally be due after buyer satisfaction of inspections, etc.

Since you are a first time home buyer, there are several programs that lenders can offer you to fit your needs. You should check with your current bank, a local bank in the town that you are looking to buy in, and a national lender to see what they can offer you. Also check with your Real Estate Agent. William Raveis, for example, offers financing through Raveis Mortgage.

Do you have a property in mind that you are ready to make an offer on?

Hi Carla

What area are you looking to buy? I have a lender offering special financing on my home in Enfield CT. Go to realtor.com look at MLS G529596 and then give me a call to discuss it

Carla
(LOL - yes I am also Carla)

There are so many programs out there for first time homebuyers but I use the USDA's 100% financing for first time home buyers as well as FHA loans with a 3 1/2% down payment. With the added incentive of the first time home buyer tax credits, it is a great time to take a look at your options. Find a great lender and buyer's agent to give you some advice for your area. I have attached a blog post to read that will give some more detailed information as I am not qualified to give tax or lending advice but am telling you about my experiences with my own first time home buyers.

Hi Carla.

There are a number of federal and state funded financial assistance programs available for first time home buyers of modest and moderate incomes. You may even qualify for a no-interest down payment loan.
I would recommend you visit this site:
http://www.hdf-ct.org/firsttimehomebuyers.html
and sign up for an orientation. It's free and they hold them a few times a week in Stamford. Once you attend the orientation they will assign you to a counselor who can help you get your application together. They will also introduce you to their approved lenders. All of this is free and not well known by the public.

I recently had a client take advantage of these programs and she bought a lovely home in the Springdale area. If you want, I can put you in touch with her. She was very satisfied.

In any case, you should contact the Housing Development Fund (phone # on site) and ask them about their programs.

Good luck. Yes, you CAN buy a home or a condo, if you have a strong credit score.

Best,
Len Schwartz
203-912-5254

Good Morning Carla,
This is Charlie Nedder from Weichert Realtors Stamford CT. If you are interested in what types of mortgage products would be available to you, I am happy to introduce you to my Gold Service Manager, Iliad Estrada. There is no fee or obligation to speak with Iliad, as a full service real estate company, it is just one of the many services that Weichert provides to every customer. Feel free to give me a call at 203-524-4303 and I will be happy to make the introduction. If you will be in the Stamford area today 4/4/09, I am holding an open house at 45 Dora St from 1-3pm...stop by and say hello. For more information about Weichert and Charlie Nedder visit my website at http://WWW.CNEDDER.COM

GREAT QUESTION:

Difficult to determine till you work with a mortgage broker who can review all our financial records, credit scores, employment history, much more.

Downpayment vary from 3.5% up 20%

Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer