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Mai, Home Buyer in Lakewood Village, Long...

how much i have to put it down for this house?

Asked by Mai, Lakewood Village, Long Beach, CA Sun Sep 12, 2010

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Lourdrie McNamee, MRP’s answer
Mai,

As Shel-lee mentioned, your question is not linked to a property. If there is a particular property you are interested in, please email me at loubandb@ca.rr.com and it would be my pleasure to give you the details of that property. I grew up in Lakewood and have been a part of the Lakewood/Long Beach community for over 40 years.

Best of luck in your home search and hope to hear from you.

Lou McNamee
Coldwell Banker
562-879-9677
0 votes Thank Flag Link Sun Sep 12, 2010
There are several different types of mortgages that require different down payment amounts. Your first step should be to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. They can tell you what percentage you will need down and what your interest rate may be.

Good luck with mortgage search
0 votes Thank Flag Link Sun Sep 12, 2010
Mai:

Your question does not link to the property you are interested in, so it is impossible to speak to "this house" specifically. I will speak, instead, in general about programs which offer low down payments and downpayment assistance.

1. FHA requires 3.5% of the purchase price as a down payment. These funds must come from the buyer or can be a gift from a relative.
2. As of September 7, 2010, CalHFA has come out with a low interest 30 year fixed mortgage. When teamed with a CHDAP (California Homebuyer's Downpayment Assistance Program) silent 2nd, the 1st Time Homebuyer needs to come up with 1% of their own money towards the purchase of their home. (NOTE: There are income and home price qualifying limits on this program. This program DOES have funds available at this time.)
3. Fannie Mae HomePath requires as little as 3% down payment.
4. The City of Lakewood DOES NOT have any 1st Time Homebuyer Programs at this time.
5. The LA County Community Development Commission (CDC) DOES NOT have any funds available at this time for 1st Time Homebuyer Programs.

I have lived in Long Beach for the past 15 years and know Lakewood very well. I also know some great local lenders who can help you with CalHFA/CHDAP, FHA, or HomePath loans and would be happy to introduce you to them. It is always prudent, before you start looking at homes, to get pre-approved for the financing you want to use and find out how much home you can afford. Please contact me directly, either by phone or through my profile, and let's get started. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
0 votes Thank Flag Link Sun Sep 12, 2010
Much will depend on your finances, the type of loan you qualify for, etc., visit with any qualified loan officer(s) first, see if you do qualify for a mortgage, how much, and then go from there.
0 votes Thank Flag Link Sun Sep 12, 2010
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