General Area in Capitol Hill>Question Details

philpruitt, Home Buyer in Washington, DC

What is the typical downpayment right now for houses on Capitol Hill? Are most buyers really coming up with 20% down?

Asked by philpruitt, Washington, DC Sun Apr 15, 2012

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7
Hi Phil,

There is a mix of FHA purchases and conventional. Some of the conventional purchases are less than the 20% you noted above on the Hill.
0 votes Thank Flag Link Fri Aug 30, 2013
Depending upon your credit score we have programs where you would need only 3% down. I would love to speak to you about how we can help you. 443-303-7573

thank You
Joseph


Joseph A Ray
NMLS # 204912
Branch Manager Maryland Licensed in MD, DC
Sutherland Mortgage Services, Inc. NMLS # 9891

10015 Old Columbia Rd, Suite B215 Columbia, MD 21046
cell +1(443)303-7573 fax +1(866)833-4210 office +1(410) 290-6244 http://www.sutherlandmortgage.com

2013 – RECEIVED THE “PINNACLE AWARD” BY THE BBB, WHICH IS THE HIGHEST HONOR IN REAL ESTATE CATEGORY
2012 – AWARDED AS “WINNER OF DISTINCTION” BY THE BBB.
0 votes Thank Flag Link Wed Aug 28, 2013
Its best to speak with a mortgage broker to see what products are out there. You can get into a home with 3.5% FHA, or as low as 5% down for Conventional. On Capitol Hill Large down payments are normal but not a requirement.
0 votes Thank Flag Link Tue Aug 27, 2013
Did you find your new home philpruitt? I actually live in the Capitol Hill area. I can help you.
0 votes Thank Flag Link Fri Apr 20, 2012
FHA is only a 3.5% down payment required. VA loans are zero percent down if you have military service. There are grants like HPAP in DC that provide most of the down payment for you. It is an income based program. Please contact me for more details and for qualification.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
0 votes Thank Flag Link Mon Apr 16, 2012
Ms. Jones is correct, I believe; if you are buying a home to live I in, then you can get by with as little as 3.5%
Burt for a second home, investment loan, acquisition and construction loan, commercial, multi-unit, etc.; 20 even 30 is common.
0 votes Thank Flag Link Sun Apr 15, 2012
Hi Philpruitt.

It really depends on what type of loan and how much you really want to put down. An investor would put at least 20% down. Ultimately, you can get a loan such as FHA loans for much less down.

Are you looking for a REALTOR
I can help you.
CONTACT: Miekeba Jones 240.715.8284 or miekeba@heymannrealty.com
0 votes Thank Flag Link Sun Apr 15, 2012
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