Home Buying in 94597>Question Details

Zunbileg, Home Buyer in 94597

i would like to pay month by month ....i mean i would like buy a house??is there should i pay down payment ?

Asked by Zunbileg, 94597 Tue Feb 9, 2010

Help the community by answering this question:


You do need some money in the bank in order to buy a home. A friend or relative can lend you the money, (talk to your loan broker about the rules for that- i have a couple i trust and work with) but in my understanding, here is a brief list of what you will need.

If you are a veteran of the US Military and can get a VA loan, you can get a 0 down loan, but you will still need about 3.5% of the selling price for closing costs. If you cannot get a VA loan, you will need at least 3.5% of the selling price of the home to use as a down payment for an FHA loan. If you are buying a $100,000 home, you will need at least $3500. Then, there are closing costs. Those are the cost of the loan, the appraisal, any inspections you have, title insurance, some property tax that you pay early, the first sometimes almost 2 months of payment, for another approximate 3-5%. So on that $100,000 home, you will need another $3000 to $5000, for a total of about $8500 out of your pocket to buy a house at $100,000.

The more money you have to use as a down payment, the better your offer will be regarded by the listing agent. People with 20% down seem more solid and more likely to be able to complete the deal than someone with nothing down, so you want to put yourself in the best possible situation so that when you find the home you love, you will be able to buy it, and not have your offers rejected. There is a lot of competition in the under $800,000 price range, with multiple offers happening all the time. So be ready, get your finances in order, and then you will be successful!
0 votes Thank Flag Link Sat Feb 13, 2010
Hi Zunbileg

Along with a mortgage broker, I'm hosting a FREE First Time Home Buyer Seminar that will answer that and all your other home buying questions.

Thursday, February 11 at 7:30 at my office - Windermere Real Estate, 1981 N. Broadway, Walnut Creek

-or- (same seminar)

Saturday, February 13 at 10:00 AM at RPM Mortgage, 3201 Danville Blvd. #195, Alamo

See you there? (email me please as there is no charge, but seating is limited and I want to reserve a seat for you if can come to one of these seminars)
0 votes Thank Flag Link Tue Feb 9, 2010
If you want to buy a house you will need some money for a down payment. How much is going to depend on your financial situation. I would be happy to give you the name of some good lenders so you can begin figuring out how much you will need/want to put down.
Web Reference: http://www.jscarealty.com
0 votes Thank Flag Link Tue Feb 9, 2010

There are a lot of great answers. Be sure to get referrals to lenders you are calling. Three lenders may be overwhelming for a first time home buyer. I think what you may be referring to is a rate buy down to lower your monthly payment. I am a local lender and would be happy to give you a free consultation. Feel free to call me anytime.

Best Regards,
0 votes Thank Flag Link Tue Feb 9, 2010
Knowing your financial situation will help answer your questions. When buying a house you do need some money for down payment, closing costs, fees, and other costs. Understanding what costs are can help determine how much you can afford.

Definately talk to people you know that has bought homes as well as talking to real estate professionals. Do your research and good luck in your adventure.
0 votes Thank Flag Link Tue Feb 9, 2010
Hello Zunbileg,

Yes, you need a down payment to purchase a property. Your mortgage payments can be setup so you pay on a monthly basis. If you are looking for a lender, I can give you a list of lenders I work with. I always suggest you call at least 3 different lenders to get the best rates. Good luck to you dear :)

Kamal Randhawa
0 votes Thank Flag Link Tue Feb 9, 2010
Not knowing any of your financials--You need to start by visiting with any qualified loan officer(s), and see exactly what your budget can handle and check your credit score--then make a determination--yes, you will need a downpayment-- your loan officer can give you approximate numbers as to how much will be needed.
0 votes Thank Flag Link Tue Feb 9, 2010
Find a person who does loans for buying a house. Talk to that person and have them to explain to you on how to buy a home with your income that you have. A credit report will be needed in order to see what you can buy.
That is a good place to start on your search to buy a home.
0 votes Thank Flag Link Tue Feb 9, 2010
Could you be a little clearer in asking your question?
Most home purchases are completed with the buyer obtaining a mortgage loan from a lender. The loan is then usually paid in monthly installments consisting of principal and interest over a period of time; the most popular being 30 years. if you give me more information, I can provide a more complete answer.
0 votes Thank Flag Link Tue Feb 9, 2010
There is some programs that you don't have to pay a down payment you have to qualify . Please call me if you have an question 3132474844
0 votes Thank Flag Link Tue Feb 9, 2010
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