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Apariciolove…, Renter in

what is the miniunm deposit to buy a house.?

Asked by Apariciolove27, Sat Jan 12, 2013

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Scott Godzyk’s answer
It really depends on the price of home, type of mortgage you are getting or if you are paying cash. It could be as little as $100. On average it is $1000. The rule of thumb is 1% of sales price but can change. You should hire a good buyer broker who can assist and guide you through the buying process.
0 votes Thank Flag Link Sat Jan 12, 2013
Hello,

The min DEPOSIT is usually about 3% of the offer price. If you mean DOWN PAYMENT that can vary from lender and on the type of terms your loan has.

A deposit is funds a buyer will submit to escrow at the opening of escrow. It tells the seller you are a serious buyer. Your deposit can be lost if you fail to complete the sales transaction due to your fault.

The amount of your deposit is "part of" your down payment. For example if your DOWN PAYMENT is 5000 and you make a deposit of 2000 at the time of opening escrow. You will pay the remaining 3000 of your down payment at closing.

Also, please be mindful you will have closing fees. These can run to about 2-2.5 % of the sales price.

I wish you the very best in your home buying quest!

Kawain Payne, Realtor
714-293-1151
1 vote Thank Flag Link Thu Nov 21, 2013
West side Los Angeles the average is 03%. In this competitive market I would not suggest anything less than. 03% example sale price $500,000- buyer's good faith deposit would be $15,000.00.That amount is deducted from buyer's closing cost. Closing cost: down payment, escrow fees, lender fees and etc. Whatever the total close of purchase deduct the good faith deposit amount. You have the good faith amount as a credit against other home purchase expenses.

Gail Mercedes Cole
EXP Realty
310.853.9933
1 vote Thank Flag Link Tue Jun 4, 2013
In some cases it maybe as low as 1% or sometime in certain cities they have city funds where upon approval and verification of income qualifications you may be approved for zero down.. more information please feel free to contact me direct. Thank you Maria Cibrian 562-746-8832
Flag Tue Nov 19, 2013
Depends on the mortgage product, the lender would be the best person to answer this question.
0 votes Thank Flag Link Fri Dec 6, 2013
It depends on the type of financing.
0 votes Thank Flag Link Fri Dec 6, 2013
Thank you for your good question, can be as low as 1% or possibly zero down upon county and city where you plan to buy, the city may offer assisted funding upon approval and qualification guidelines.

please feel free to contact me direct for more information


Maria Cibrian
562 746-8832
0 votes Thank Flag Link Tue Nov 19, 2013
If your speaking of deposit, that would probably be $500 would be the smallest earnest money deposit to buy a house. If you mean the minimum down payment, that would be 1/2% down payment with a minimum 580 fico score to qualify and which can contribute towards your closing costs as well. You will have two choices of half percent down payment programs depending on your fico scores.

I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. It only takes a few dozen questions to qualify you in minutes. How much do you have to invest into the down payment and closing costs of the purchase? I can go over the minimum out of pocket expenses to purchase with premium financing. Here are some links to study and consider.

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
0 votes Thank Flag Link Sat Jan 12, 2013
If you purchase a HUD owned home you can get it for as low as $100 down. If you are in CA we have options with 1/2% down. Standard FHA is 3.5% down. If you purchase a Fannie Mae owned home you can get it with 3% down. Contact me if you would like me to send you the links for the HUD and Fannie Mae owned homes search.
0 votes Thank Flag Link Sat Jan 12, 2013
What is rhe purchase price?
0 votes Thank Flag Link Sat Jan 12, 2013
FHA, conventional, cash - EMD (earnest money deposit) transactions average $2,000. EMD has no set amount. I advise my buyers to offer EMD of $3,000-$5,000 & up on more expensive properties. Down payment is different; 3.5% FHA to 20% & up for conventional. Some FHA government assistance allow buyers to purchase with 0- 1% down payment. I hope this helps. if you need any more information, please call Shirley at 323-385-3584. I look forward to providing you the best service?
0 votes Thank Flag Link Sat Jan 12, 2013
I believe you're referring to the EMD, (Earnest Money Deposit), which is usually, but not always 3%
Your down payment is typically 20% but depends on the type of loan you qualify for.
Best,
Susan Bo'ur Realtor
Susan@SusanBour.com
0 votes Thank Flag Link Sat Jan 12, 2013
This question is best left to your lender...

It depends on what type of loan you decide to go with. It could be anything from 0% to 30%.
My best advice to you would be contact your bank & talk about mortgage options.
0 votes Thank Flag Link Sat Jan 12, 2013
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