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!
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)
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.
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.
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.
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 :)
That is a good place to start on your search to buy a home.
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.