For a first time home buyer, is there a minimum 20% down payment required?

Asked by anptestmail, East Islip, NY Fri Aug 17, 2012

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De Vonte Wil…, Agent, East Point, GA
Fri Aug 17, 2012
It is always on a case by case basis. Feel free to contact me, and I will put you in touch with our In House Mortgage Advisor.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Mobile: (631)384-3695
"I Stand Behind Getting You Results!"
1 vote
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Fri Aug 17, 2012
Not really. I work with mostly first time home-buyers. Today it's all Conventional & FHA loans. For the most part, you can get into a house with as little as 3.5% down payment with an FHA loan, or 5% with a Conventional loan. If you are looking to purchase a co-op, for example, you are subject to the co-op board's minimum down payment requirements, which can be 20%. If you're looking to buy a single family property in East Islip, or somewhere else in Suffolk or Nassau, you'd have the option of putting as little as 3.5% (this doesn't mean it's your best option).

The right and most efficient way to approach this is to meet face-to-face with a licensed & experienced Loan Officer. You guys can talk about what and where it is you're looking to buy, and go over your credit, 2010 & 2011 tax returns, recent pay stubs & bank statements. This will allow him/her to not only give you a full explanation on the loan programs that are available to you, but which one fits you best and why. This is the only way you will find out what you qualify for, and if there is something that prevents you from qualifying, you'll learn what you can do about it, if anything.

If you do not know a Loan Officer, I would be happy to set a time we can meet at my office in Woodbury. Good luck!

Javier Meneses
Senior Loan Officer
Sterling National Bank
(516) 606-9648
1 vote
Anna M Brocco, Agent, Williston Park, NY
Sat Aug 18, 2012
Downpayment will depend on the type of loan one acquires, therefore if you haven't done so yet visit with any licensed loan officer to determine qualification; be aware that a mortgage pre-approval letter is necessary to determine your price rnge and for any offers to be taken seriously.
0 votes
Gail Gladsto…, Agent, 11743, NY
Fri Aug 17, 2012
Call my mortgage banker, Brian Tom at 516-448-2434; he is Director of Sales for Cliffco Mortgage Bank.

The answer to your question is no, there is no requirement; there are many types of loans based on your scores, income, etc...a mortgage banker is who to discuss this with.
0 votes
Thomas Brady, Agent, Plainview, NY
Fri Aug 17, 2012
There are many different programs and qualifications. Your best bet is to sit down with a mortgage professional (for a free consultation) and go over your situation so they can recommend the best product for you.
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes
Susan Vignat…, Agent, East Islip, NY
Fri Aug 17, 2012
No, if you are buying a stand-alone home and you qualify, you could get an FHA loan and put down as little as 3.5%. If you were considering buying in a condo or co-op association - each community may have their own requirements for down payment, and you cannot get an FHA loan for a co-op. A conventional loan does require that you put down 20%, but that would alleviate the need for PMI (mortgage insurance).

If you have just started your search, you should consider speaking with a loan officer to find out what you will qualify for, and what payment you would be comfortable paying each month. I would be happy to help you get started - Feel free to call me (516) 848-7996.
0 votes
Thank You for the information! I am not familiar with the process, of course being a first time buyer, but am looking to buy a starter home in the Islip Terrace area for myself and two children, as I prefer East Islip School District. Unfortunately, my credit score was terribly affected when my husband passed away and I incurred a significant amount of debt. However, my father, who has a triple A credit score, is definitely willing to cosign for me. Also, due to a terrible accident I was in, I just received a settlement which, although quite large, I do not wish to spend completely on a down payment as I expect that my price range would require buying a home that needs some TLC, which is absolutely fine with me. Would this be an issue?
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