Moving in 44118>Question Details

Jasmine Dool…, Home Buyer in Ohio

how much do i have to put down?

Asked by Jasmine Dooley, Ohio Mon Apr 2, 2012

hey, guys i was wondering how much do i have to put down on a condo that cost 175000? should i get a loan/mortgage to help lower the monthly payments. but cause i plan to move soon. an im trying to figure out whats good for me? help me out im new to this. an i dont want to be cheated out my money for a place. it would mean a lot. thanks any advice or something?

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The best way is always 20 percent down, but if you are a vet and can get a VA loan, that will help by not having a PMI factored into the payment each month. Other than that, what ever will work for you as far as money out of pocket, down payment requirement, and monthly payment.
Call you mortgage lender to figure out what will work best for you and your needs.
Good luck,
Duane Johnston,
Howard Hanna Real Estate,
330-752-4892
duanejohnston@realtor.com
0 votes Thank Flag Link Mon Apr 2, 2012
That depends! How much do you have to work with? It's possible to put as little as 3.5% down on an FHA loan however, the property will need to meet minimum FHA property condition requirements...like no peeling paint, for instance. Generally, there needs to be over 50% owner occupied units in the complex in the Dallas condo market or it's not possible to find financing unless the owner is willing to carry...there may be similar requirements in your area. It's possible to be "gifted" the downpayment money from a relative. It's also possible to ask the seller to pay up to 6% of your closing costs. So basically, if funds are low, this may be a good alternative for you. FHA qualifying ratios are more generous as compared to Conventional which is also helpful. There are numerous other financing possibilities with the most common being 10% down. Feel free to call me and I'll explain in more detail to give you a direction. It's free advice and I welcome questions!
0 votes Thank Flag Link Mon Apr 2, 2012
Your down payment will depend on the type of mortgage loan you go with. If you're a veteran, you could use a VA loan and get the entire home financed with no money down. An FHA loan requires a minimum down-payment of only 3.5% down. Then there are conventional loans that will require more down.

Your loan choice will be dependent on your needs, the type of home and your qualifications. If you're buying a condo, more than likely, you will need to use a conventional loan, since most condo associations do not approve for FHA lending.

I would be happy to discuss this with you in more detail and refer a lender to you to help you find the best loan for your needs.

Dominic Picione
Keller WIlliams
440-390-9510
0 votes Thank Flag Link Mon Apr 2, 2012
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