How do you purchase a house with only 20% down?

Asked by Kevin Wang, Brooklyn, NY Fri Sep 6, 2013

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Michael Denn…, Agent, Queens, NY
Sat Sep 7, 2013
Hi Chen, your down payment is one of many factors to be considered when qualifying for a mortgage. Income, work history, credit score/profile, property type, are some of the other factors. Most reputable financial advisors recommend that you reach out to an experienced mortgage banker to get preapproved before speaking with a realtor.

I have extensive experience working with first time homebuyers in the boroughs and suburbs using VA, FHA and conventional loans. VA loans for veterans offer 100% financing, FHA requires 3.5% down while conventional loans generally require at least 5% down.

Please contact me directly at 917.699.0183 or to review your options and get a free no cost/ no obligation preapproval. You can read reviews from some of my clients on my Trulia profile page.

I value your opinion, please hit the thumbs up if my reply was helpful. All the best.

Michael Denniston
NMLS # 24076
1 vote
Anna M Brocco, Agent, Williston Park, NY
Fri Sep 6, 2013
Perhaps your question was cut aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore begin by visiting with any licensed loan officer who can explain your mortgage options...
1 vote
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Fri Sep 6, 2013
Chen, the 1st thing you must do is meet with a Loan Officer and get yourself pre-approved. This happens by allowing the Loan Officer to review your credit report, 2011 & 2012 tax returns, recent paystubs, recent bank statements and ID.

From here the Loan Officer can tell you exactly what you qualify for, how much downpayment you'll need (it can be 3.5%, 5%-20%, etc.) which depends on what loan program you qualify for and what's the best fit for you. Many buyers qualify for less than 20% downpayment, in fact most buyers have less than 20%.

If you're interested in meeting face-to-face and go over all your financing options, estimated payments, closing costs, loan programs available to you, etc., I'm available to meet in one of our Manhattan, Brooklyn, Queens or Long Island offices. 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
(516) 740-4478 Office
(516) 918-5383 Fax
1 vote
Gail Gladsto…, Agent, 11743, NY
Fri Sep 6, 2013

20% down should be more than enough. If you do not have extra funds for closing costs, you can request a seller's concession and your closing costs will be wrapped up in the mortgage.

Feel free to call or email me if you have further questions about this process.
1 vote
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Mon Feb 24, 2014
Unless you had more to add to this question, a 20% down payment will be more than enough. An FHA loan only requires 3.5% down and a conventional can require any where from 10%-20%. So in any case, you should be fine with your down payments so don't worry about that.

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
0 votes
Felix A. Gar…, Agent, staten island, NY
Thu Sep 12, 2013
you place as little as 3.5% down to buy a home the first thing to do is find an agent that you feel comfortable with make sure they will work on your behalf meaning they will be a buyers agent and follow there lead

Thanks Felix
0 votes
Jonathan Rob…, Agent, Lewiston, ME
Sat Sep 7, 2013
You can purchase a property with zero down. Please give me a call.

207 632 2110

Thank You,

0 votes
Madeline Pad…, Agent, Brooklyn, NY
Fri Sep 6, 2013
Hi Chen
you have to apply for a mortgage for the remaining 80%. If you need someone to talk to, contact me and I will give you some names. It will depend upon your income and credit score the total amount
you will be able to borrow. then you can go looking for a home.
should you have any other questions, just let me know
0 votes
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