HUD foreclosures in many areas have the option of putting only $100 down.
VA loans carry no down payment requirement.
Tom Inglesby, Broker
RE/MAX Equity Group
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Tom Inglesby, Real Estate Pro in 97239
I used to work for one of them.
The typical answer is going to be 3.5% down payment for FHA, $0 Down for VA and USDA
The Three Lenders that you are looking for do not have channels for brokers to get to.
Email me and I will help you find the right loan program as well as share with you the secret how to get your home paid off in 6-10 years without refinancing or paying any more than you are set up to pay.
The first and most common way to pay for the MI is to simply pay the premium monthly. This is simply added to your payment. A second options is called Lender Paid Mortgage Insurance (LPMI). LPMI is paid by the lender and charged as a one time, lump sum fee. You can either pay the fee up front or raise your interest rate a little to cover the cost. This is cheaper than the monthly MI but unlike monthly MI the rate on the loan will never go down.
If you do find a home that can be financed FHA then you will only need 3.5% down payment but recent changes to the cost of the monthly mortgage insurance have made it a more expensive option than a conventional loan so only use it if it's all you qualify for. Many loan officers have a knee jerk reaction to use FHA first and cost their clients thousands of dollars over the life of the loan.
Good luck and if I can help in any way just let me know.
Ideas on neighborhoods to live in Portland, check out this easy to navigate neighborhood guide containing every home for sale in your chosen favorite neighborhood. One of the easiest ways to search for homes.
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When you are ready to view, give me a call, my days area available and I have some great recommendations you will love in that price range.
M Realty LLC
As far as the closing costs go many buyers will opt to roll it into the offer and have the seller pay them or you can opt for a slightly higher rate and receive a rebate from the lender.
Once you have a paystub showing the new higher rate of pay you can qualify using that income.
Some will say go FHA, well you'll find that with a house for $350K or above, it won't make sense, the loan officer can tell you why when you do the math.
All in all, don't expect to walk away paying less than about $50K - $60K for a home in that range.
You will hear a lot about Cash offers, etc. My advice - Be patient and diligent. Also, depending on where and why, stay away from Townhome condos UNLESS you know the association is ACTIVE. I wasted over 3 months on a short-sell, only to find the association wasn't active, which means you can't get a loan. You need the association because parts of a townhome are shared - like the roof. Good luck
And when the lender provides you with the answer you can contact a real estate agent to find a property based on your needs. There are good deals on the market these days but you don't have to jump on the first one you see. This is not a purchase you make every single day. With this kind of market you should probably need to live in the house for the next 5-10 years in order to see some appreciation. But with a smart decision you can purchase a property where you can have already some equity (due to a lower price). Patience and perseverance is the right way.
I can provide you with at least 3 reliable lenders in the area. Just let me know if you'd like this info. Also, feel free to contact me with any other question you may have.
All the best.
1. 5% down NO Mortgage Insurance â€“ your best bet for good credit score buyers with little down is 5% down with NO mortgage insurance; we have a special program for these buyers with 680 scores or higher, as of 10/7/2011, rates start at 3.875% , APR 4.28% depending on credit score.
2. 20% down with good credit will always get the best rates for any program, , as of 10/7/2011 30 year fixed rates are 3.875%, APR4.17%.
3. FHA financing still allows 3.5% down, which is the lowest down payment option right now, it will have mortgage insurance. as of10/7/2011 30 year fixed rates are 3.75%, APR 3.87%.
4. 3.5% down owner-occupied Duplex, Triplex, Fourplex purchase allowed â€“ amazing deal for buying a partial rental property, you must live in one of the units, as of 10/7/2011, rates start at 3.75% , APR 3.87% depending on credit score.
Let me know if there are any properties you are interested in viewing or you would like to talk about buying/selling a home. For lending options, I've included Doug's contact info Below.
Doug Mendenhall Alpine Mortgage NMLS #205740 Equal Housing Lender Cell 503-317-9435 firstname.lastname@example.org
Yes you'll be making a great income, but if something unexpected happens at your company, would you be able to replace that salary at another company? You can get a lot more for less today and taking on a huge debt when you still have school loans to pay, is a consideration. Do you really need a place for $350k when there's very nice homes in good areas of the Portland metro for less? Make sure you look at the big picture in your budget planning and consider what's reasonable.
Most of the buyers I work with in that range have 20% for a down payment. You can do a 95% with only 5% down if you and the property qualify, but remember you'll need closing costs too. I would estimate 4% closing costs to be on the safe side, it depends on type of loan, annual property taxes and other factors. FHA is 3.5% down as said before, with potentially higher closing costs. You'll also need moving expenses and a buffer in savings, which will likely also be required by your lender.
It's an exciting time for you....congratulations! You're definitely fortunate to be able to buy at a time when the prices and interest rates are in your favor.
Best to you,
I'm writing this to remind people who don't have such a high score (850 is top) that it can be a key factor in not only the mortgage rate, as you would expect, but the amount of down payment.
Also re-read what the first answer said about debt-to-income ratios. If your debt is 60% of your income (being ridiculous to make a point), you're going to find it hard to get a loan at any price no matter what your FICO score. If your debt is 10% of your income, you are in a much better position to shop for a good rate (unless your FICO score is too low (below 700).
Does this sound complicated? It is. That's why you need to have your conversation with a mortgage broker, not a Realtor (nice as we all are). If you need recommendations, I have two for the asking.
Jewel K Stockli, Real Estate Broker, and "Jewel Of The Rock"