Do you have to put 20% down on a house in order to get approved?

Asked by Lisaanncm, Copiague, NY Fri Jun 14, 2013

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Anna M Brocco, Agent, Williston Park, NY
Fri Jun 14, 2013
The downpayment amount will depend on the type of laon you qualify for, therefore visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
1 vote
Melissa Goss, , Center Moriches, NY
Wed Jun 26, 2013
With FHA you now will have to pay for PMI for the life of the loan. On conventional you will also have to pay PMI, but if you put 20% down you can avoid PMI all together, which I would suggest if you can do so. It will lower your monthly payment significantly by being able to axe that PMI.
0 votes
Paul Marzolla, Mortgage Broker Or Lender, Fort Lee, NJ
Mon Jun 17, 2013
The home you're referring to may only require a 3% (conventional mortgage) or 3.5% (FHA) down payment. However, it is literally impossible to determine how much of a down payment YOU need without having a true understanding of your income and credit profile. There are certain pieces to the puzzle that must line up, and very well could, we would just need to get a better snapshot of your overall scenario to best determine your options.

The goal is to make your home purchase affordable from both a down payment and monthly payment standpoint. Please contact me at your earliest convenience so we can discuss your qualifications, weigh out some affordable options, and devise a plan of action.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Consultant
(201) 957-6768
0 votes
Gail Gladsto…, Agent, 11743, NY
Sat Jun 15, 2013
Lisa Ann,

There are various programs available; please contact a mortgage broker for assistance. You should get yourself fully pre-approved (not pre-qualified) before you begin to look around.

I recommend calling Brian Tom of Cliffco Mortgage 516-448-2434 or Brian can explain all of your options.
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Fri Jun 14, 2013
I love these questions. The answer is MAYBE! Depends on what you qualify for. Lenders new to review your credit, 2011 & 2012 tax returns, recent paystubs and bank statement. With this, a Loan Officer can tell you what you qualify for and let you know more or less what the monthly payments are, how much you need out of pocket, and your overall mortgage options.

It's not necessary to put down 20%. You can do FHA with a 3.5% down payment or as low as 3-5% with a Conventional loan, which is what most home buyers do. Consider speaking with a Loan Officer and see what your options are.

I'm more than happy to meet face-to-face with you. My office is in Woodbury, Long Island. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
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