Mzproducer89, Home Buyer in New York, NY

How much money will I have to put down??

Asked by Mzproducer89, New York, NY Wed Feb 26, 2014

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There are some great loan programs available and some specific to the area in which you are wanting to purchase. Definitely contact a local Lender to go over the specifics. But generally speaking, conventional loans require as little as 5% down, but keep in mind that anything less than 20% down may require mortgage insurance. FHA loans require 3.5% down and mortgage insurance. VA 0% down, no mortgage insurance. I hope that helps.
1 vote Thank Flag Link Wed Feb 26, 2014
If purchasing with a mortgage the downpayment will depend on the type of loan you qualify for, therefore if you haven't done so yet, visit with any licensed loan officer; 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. If purchasing in cash, discuss with your agent.
1 vote Thank Flag Link Wed Feb 26, 2014

If you are purchasing in Illinois, I would be happy to help you. If you are VA eligible, you do not need a down payment. Other programs require 3.5-5% down; some of theim will take all gift from immediate family member.

Please click on the logo next to my name to give me more information.

I look forward to hearing from you.

Best regards,

Patty Harrison
Smart Mortgage
0 votes Thank Flag Link Wed Mar 5, 2014
depends on the program you will qualify for. You may also qualify for local down payment loans or grants. I can helkp you with the financing questions, and a realtor would be a better resource for understanding what down payment grants you may qualify for in the area.

I am available to help you at your convenience if you wish.

I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
NMLS# 695929

Rate quote or live chat with me at the link below:
0 votes Thank Flag Link Wed Feb 26, 2014
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