Rosemary, Home Buyer in San Antonio, TX

what is the average percentage of saleprice that is required down? 3%

Asked by Rosemary, San Antonio, TX Sat Aug 14, 2010

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6
Depending on the type of loan, the amount required down is either zero percent (0%) VA or USDA or three and a half for FHA (3.5%) or usually five percent (5%) for a conventional loan. In addition to that amount you will have pre-paid items and closing costs, many times you can have the seller pay most or all of these costs. You may also find a Realtor who will rebate half of any commission towards your closing costs/pre-paid items. The later is very hard to find, Call (210) 281-1604 to find one.

David Marne, Broker
Half Priced Real Estate
Web Reference: http://www.halfpriced.com
0 votes Thank Flag Link Wed Sep 8, 2010
Rosemary,

There are also conventional loans out there that I've seen that you can put down 5%. Also don't forget that you will need to make sure you have enough money for your reserves and it's always nice to have some for closing costs as well.

God bless,
Josh
Web Reference: http://www.eXposedHomes.com
0 votes Thank Flag Link Sun Aug 15, 2010
Rosemary down payment percentage is based on your credit, financials and what type of loan your are getting. FHA is 3.5% while conventional could be 5% to 30% down.

The only true way you will be able to know what percentage down is required of you, is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit score plus your financials and let you know if there are any programs that you may quailify for. They can than outline yoru down payment and closing costs.

good luck with your loan.
0 votes Thank Flag Link Sun Aug 15, 2010
Rosemary, another factor is your credit score. That can dramatically raise the down payment amount. If you haven't gotten a free pre-qualification, please do so. That gives you the time to correct any errors in your credit report and will give you an idea of how much a mortgage company/bank will loan you. Good luck.
0 votes Thank Flag Link Sat Aug 14, 2010
Rosemary,

For an FHA loan it is 3.5%. These days with most buyers seeking to save cash up front, FHA is pretty common. (It used to be 3%, which is why you hear that number so often.)

Hope that helps!

Matt Stigliano, Realtor (r)
RE/MAX Access
(210) 646-HOME
http://www.REtockstar.com
0 votes Thank Flag Link Sat Aug 14, 2010
FHA requires 3.5 percent; VA is 0 down; USDA is 0 down, conventional is approx 20 percent
0 votes Thank Flag Link Sat Aug 14, 2010
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