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jcrf5051, Home Buyer in Roswell, GA

hello... Is it mandatory to make the down payment?

Asked by jcrf5051, Roswell, GA Wed Mar 21, 2012

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If you are speaking about the Earnest Money, that is not mandatory, Earnest Money is the amount that you put with a contract to be held in escrow to assure you will close. It is not mandatory, but few sellers will take an offer without any Earnest Money from a buyer. They do not want to tie up their asset with someone who will not close.

If you are speaking about the amount of money needed along with a mortgage to buy a house, that is required. Unless you are paying cash for a home, there will usually be some sort of a downpayment involved. There are some 100% loans available in the market through some government programs both national and local. Speaking with a good mortgage lender who is familiar with the various government programs will give you an opportunity to see if you qualify for some of the 100% finaincing programs that may not require a downpayment.

In addition to the downpayment for financing, funds to pay for escrow requirements for taxes and insurance and inspections may be needed to close on your home purchase. A good agent will be able to go over all the costs involved.
0 votes Thank Flag Link Wed Mar 21, 2012
Yes, unless you are using VA or USDA for financing, then all mortgage loan programs have a minimum borrower contribution amout that must be met.

With an FHA mortgage, there is a 3.5% minimum down payment requirement. On HUD REO's, its only $100 down though when using FHA.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Wed Mar 21, 2012
Only if you want to buy it.
0 votes Thank Flag Link Wed Mar 21, 2012
It depends on the type mortgage you are seeking, jcrf5051. Talk to a good Lender. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com
0 votes Thank Flag Link Wed Mar 21, 2012
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