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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8
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
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
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
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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