Property Q&A in Amesbury>Question Details

Ana Maria Re…, Home Buyer in Stamford, CT

i will like to ask, how do you know how much is the down payment in this properties?

Asked by Ana Maria Retana De la Cruz, Stamford, CT Thu Dec 2, 2010

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Hi Ana, this is a question for the mortgage/lender you are dealing with along with down payment you need to question the lender on the amount needed for your closing costs, also ask if these closing costs can be rolled into your mortgage or if you must bring them to the closing table, other mortgages allow for a percentage of your down payment to be a gift, if so find out who is eligible to provide you with this gift, also can the seller contribute to your closing costs, escrows and any other expenses associated with your loan? these are all questions for your lender, different credit scores qualify you for different loan programs and of course different loan programs have different loan/downpayment/escrow/closing costs. Lots of specifics regarding your own loan program. A good loan officer will offer you different options specific to your own profile.
Should you need good recommendations for lenders in your area, please do not hesitate to call on me. I do not receive any kind of compensation for these recommendations. My recommendations are made strictly on my past client/customer satisfaction levels and the service which is provided.

My real estate license is specific to Massachusetts but you may be interested in Conneticut. Should you need referral for a good agent in Connecticut or if I may be of assistance to you in Massachusetts please do not hesitate to call on me. Good luck with your new home purchase it is the first building block of your financial success!
0 votes Thank Flag Link Thu Dec 2, 2010
You should really go over these issues with your mortgage professional for the program you are approved for as well as your buyers agent to balance it with your offer & local customs for the offer. They can give you the best local & specific details for you to craft your offer.

Hope this helps,
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0 votes Thank Flag Link Thu Dec 2, 2010
You need to sit down with someone to go over your options. You should know the answer to this question before you start your home search. --Mike
0 votes Thank Flag Link Thu Dec 2, 2010
It depends on the type of financing you are getting. If you are getting an FHA loan then it would be 3.5% of the agreed upon purchase price. If you bought the house for the asking price the down payment would be $16,797. If you were obtaining conventional financing then the minimum would be 10% down or $47,990. Your best bet is to speak to a lender to get preapproved for a specific type of loan so you know exactly what you need to put down and what your closing costs are going to be. I have some great contacts I can refer you to if you would like to contact me. If you have any interest in this property or want more information let me know. I would be more than happy to help you. I was in mortgage lending prior to becoming a real estate agent so I can assist you with all aspects of the purchase. I can be reached at
0 votes Thank Flag Link Thu Dec 2, 2010
Your down depends on what type of financing you require, what you can afford, or both. - FHA require a certain percent and you bank may require another percentage, you should talk to your financial advisoto better understand what works for you, putting down too much can actually be a bad thing in some cases.

Call me if you need anything, I am here if you need anything, J

Jamin Jones
0 votes Thank Flag Link Thu Dec 2, 2010
Hi Ana with a house price of 479,000 if you get an FHA loan you could buy this house with a 3.5% deposit not including closing costs. That would equal $16,765.00 I hope that help you. Please let me know if you have any questions.
Heidi Zizza
mdm realty
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0 votes Thank Flag Link Thu Dec 2, 2010
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