Home Buying in 92504>Question Details

Lk, Home Buyer in 92504

what is the average downpayment lenders are asking for a single residential property?

Asked by Lk, 92504 Thu Mar 22, 2012

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Answers

11
I just wanted to follow up with your question here from March. Often times we answer questions and never hear back if our info was helpful or not. Please update us as to your progress in finding a home. Thank you!

Regards,

Ray Wright
Keller Williams Realty
Direct: 951-354-1303
Email: RayWright@kw.com
0 votes Thank Flag Link Wed Dec 5, 2012
What is your middle fico score? Fico scores between 500-579 require 10% down FHA. If you have a minimum 580 fico or No Fico score, you may qualify for FHA 3.5% or .5% (half percent down). Minimum 660 fico may qualify 5% down conventional, minimum 700 fico may qualify for 3% down conventional. Minimum 620 fico score may qualify for USDA Rural zero down with minimal mortgage insurance for rural out of city limit home choices. If you want conventional with a fico score below 660, you may qualify for 20% down and no mortgage insurance. It only takes a few dozen questions to qualify you in minutes.

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Thu Nov 29, 2012
I WOULD RECOMMEND YOU SPEAK TO A LOAN OFFICER IN YOUR AREA. HOWEVER, IF THE LOAN IS TO BE FHA YOUR DOWN PAYMENT WOULD BE 3.5%. HOPE THIS INFO HELPS!
0 votes Thank Flag Link Thu Nov 29, 2012
Conventional 3% with minimum 700 fico up to 20% with a minimum 620 fico. FHA is 3.5% or 1/2% down with minimum 580 fico score to qualify which can either contribute towards closing costs to strengthen your offers. It all depends on what fico scores you have and how much you want to contribute towards the purchase. You will only save about $7 dollars per $1,000 you invest over the minimum required. You can qualify with only a few dozen questions to know what options of loan programs you may qualify for?

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Sun Nov 4, 2012
Have you spoken with a mortgage banker yet? I recommend Rudy Cantrell of South Pacific, 951-452-0416. He's very friendly, approachable and will help you discern which loan program best meets your qualifications and will work with you no matter what your needs are.
0 votes Thank Flag Link Sun Nov 4, 2012
Hello Lk, you can buy with as low as 580 fico score to qualify for CHF Access half percent down payment program which can also contribute towards your closing costs as well. FHA is 3.5% but if you don't have it then half percent down will work. If you buy out of city limits you may qualify for USDA Rural which is zero down and no mortgage insurance.

I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. I only need to ask a few dozen questions... Here is a flyer and a needs list to qualify.

CHF Access half percent down flyer, pdf
http://tinyurl.com/9ewk9nq
Sheryl Arndt, standard needs list checked, pdf
http://tinyurl.com/9m2rsb2
Why Rent brochure
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…
CHF Access income limits http://tinyurl.com/8lzf8he

http://www.Under640FicoScoreLoans.com

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Broker – Sr. Loan Officer
DRE# 01440252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Fri Oct 26, 2012
Your loan officer can give you a personalized answer as much will depend on the type of loan that will best suit your financials/needs; therefore if you haven't done so yet do visit with any licensed loan officer to determine qualification; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sat Mar 24, 2012
We don't go by average but by minimum down payment amounts depending on the product. As everyone mentioned, it's 3.5% for FHA, 10% for conventional, and 0% for VA. Not sure about VA but these minimum requirements will also tie with with a minimum acceptable credit score and maximum acceptable debt to income rations. Check with your lender of choice for specifics because there is more to your question that you need to understand other than us giving you mimimum percentages. Good luck.
0 votes Thank Flag Link Sat Mar 24, 2012
That depends upon the type of loan you are getting. The most popular loan product around today is the FHA 3.5% down loan.

The first and most important step is to get pre-qualified so you know exactly what loan program you qualify for. Give me a call or shoot me an email and we can quickly run the numbers to see where you stand.

Regards,

Ray Wright
Keller Williams Realty
Direct: 951-354-1303
Email: RayWright@kw.com
0 votes Thank Flag Link Fri Mar 23, 2012
Hi LK,

The minimum down payment for FHA is 3.5% and 3% for conventional.

There are a few down payment assistance programs for first-time homebuyers.

Best regards,

Elva Wormley
C2 Financial Corporation
(408) 615-8500
0 votes Thank Flag Link Thu Mar 22, 2012
There is a lot of options out there when it comes to home loans. There are still a few zero down loan options such as a USDA loan or VA backed loan. There is an FHA loan at 3.5% down and there are some lender out there doing 5%, 10%, 20% as well for conventional loans.

I recommend you can't a loan officer or mortgage broker to find out which loans they offer and what one works best for you and then see if you can qualify. Always best to have an approval letter in hand before you start home shopping.

Best of luck

Trevor Huntingford
0 votes Thank Flag Link Thu Mar 22, 2012
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