Property Q&A in Naugatuck>Question Details

Erika Heylig…, Home Buyer in Naugatuck, CT

how much down payment do you need to purchase this property?

Asked by Erika Heyliger, Naugatuck, CT Mon Feb 22, 2010

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This question is about this property: http://www.trulia.com/property/1004857912-Apt-Condo-Twnhm-Na…

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2
Hi Erika,
The amount of the downpayment will be determined by the type of financing you are receiving. Most first time buyers are using FHA or CHFA which currently requires a minimum of 3 1/2% deposit. Do you fall into this category of buyer? Feel free to contact me with additional questions.
Jennifer
0 votes Thank Flag Link Tue Feb 23, 2010
Short Answer: Anywhere from $0 to about $25k

Long Answer: Depending on the type of loan you get for a property, you can put anywhere from zero money down, to about 20%.
CT's Housing and Finance (CHFA) offers loans starting at 0% down
The Federal Government offers FHA loans starting at 3.5% down
Most banks offer conventional loans with 20% down (but I've seen 10% and 5% first time buyer programs from banks offering conventional loans)

I'm a full time real estate agent in the area and I'd be happy to help you look into financing options. Feel free to contact me directly at 203-815-9118 or Scott@CTProperty.com
Web Reference: http://www.ctproperty.com
0 votes Thank Flag Link Mon Feb 22, 2010
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