how much do you have to put down on a house?

Asked by fletchmachine, Bullhead City, AZ Sun Sep 8, 2013

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Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Mon Feb 24, 2014
This depends on what type of loan you end up getting. For a conventional loan it can require anywhere from 10%-20% depending on your finances. For an FHA loan only 3.5% is required for a down payment which is relatively low. Lastly, if you are eligible for a VA or USDA loan that does not require any down payment at all. I would recommend speaking with a lender like myself to see what you loan would be best for you.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can!

Good Luck!

Brian Nguyen Sr.
Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
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BParker, CPA*, , Scottsdale, AZ
Mon Sep 9, 2013
Hi Fletch:

A few inaccuracies below from agents answering a lender question (funny, never see a lender trying to answer a real estate question...): FHA now has a minimum 3.5% down payment and conventional can be as low as 3% under the My Community program.

A "normal" conventional loan can be had with 5% down and Mortgage Insurance (MI). The more you can put down on conventional, in 5% increments, the lower the MI premium charged (80.01-85.00 is the lowest premium; 85.01-90.00 is a bit higher; etc.). This is not the case with an FHA loan--no matter how much you put down on a 30-year FHA loan, you still have to pay the MI, and now it is for the life of the loan.

So, how much one has to put down to buy a home is best answered by talking with a licensed mortgage loan originator and going over your specific situation.

Good luck.
Bill. NMLS #223607
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Johnelle Bil…, Agent, Bullhead City, AZ
Sun Sep 8, 2013
It really depends on what time of loan you are getting. There are several lenders available in the Bullhead City area and I would love to help you find the right one. If you are purchasing a stick built home most lenders are able to help you, if you are looking for a mobile home, then the selection gets a little lower. Type of home and location are some of the main items that the lender will need. Please feel free to call me at 928-39-9056 , Johnnie Billmire Keller Williams RCS
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Eva White, Agent, Bullhead City, AZ
Sun Sep 8, 2013
Hello, A down payment obviously is based on the price of the property. If you can you should consider a Government Loan as FHA or if a veteran a Vet Loan. Assuming you have pretty good credit in the 600's, your downpayment for a FHA loan could be as low as 3% of the purchase price, if a Vet loan, no down payment except for closing costs and many sellers are willing to help with those closing costs. If you decide on a conventional loan , this is a loan with a bank or mortgage company, and again if your credit OK, you are looking at 5-8% of the purchase price. If you are undecided as to what you should do or which way to go, I recommend going to a mortgage broker who will lay out for you all the possibilities and any new programs that are in force and most important let you know what kind of mortgage you could afford based on your income and debts. Knowing ahead of time before you start to look for your dream home what price is in your budget will save you tons of time and disappointment as you can find a house that you love and then find out you cannot afford the loan. So start out with a pre-qualification in hand, look at all the possibilities the mortgage broker lays out for you and then the process will be less demanding on your time, your energy, and your pocketbook.

Eva White - HELP-U-SELL serving Mohave Valley, Golden Shores, Fort Mohave and Bullhead City AZ
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Suzanne MacD…, Agent, Morristown, NJ
Sun Sep 8, 2013
It depends. If you can qualify for a USDA loan there are still zero money down loans. FHA requires 3.5% and conventional can be as much as 20% down. Talk to a good local mortgage banker, not one of the big banks, but a smaller firm that specializes in writing mortgages and find out about the various programs that suit your needs. Some even have special programs based on your job, for example union workers or public servants.
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