can we buy any propaty 10% down payment?

Asked by Shigeo Matsubara, Van Nuys, CA Tue Jan 5, 2010

we are looking house around $200,000.00 3 bedroom & 2 bathrooms in van nuys area. we have $25,000.00 for down payment.

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Emelia Sanch…, , Ontario, CA
Tue Jan 5, 2010
Dear Shigeo,

The minimum for a single family residence is 3.5% down going FHA; for a 10% down conventional you need really good credit scores. Financing/underwriting for condos is getting strict and most lenders would like to see 15% down. So for your answer; you can buy "A" property but not "ANY" there may be some limitations. Everybody is different so you need to speak to a lender and see what is best for you.

Good Luck!
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Jan 5, 2010
Only a mortgage broker can make that determination what is your best interest. GREAT you have down payment however mortgage is based on amount you owe, income, credit scores, employment history. If you "fit within lender guidelines" YEAH you can purchase a home.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Merlin Barri…, Agent, Valencia, CA
Tue Jan 5, 2010
Dr. Mr. Shigeo,

Yes you can, buy with 10% dowpayment.

There are programs available.

You need to get prequalified first, to see how much the bank will approved you for?

For 200K, you can purchase a condo. In Vannuys area.

If you are not yet represented by any Realtor or Mortgage Company , feel free to call me. My husband and I are a team who can assist you with getting you prequalified and your new home. I am familiar with all the Sanfernando Valley and Santa Clarita Valley. Call me I am here to assist you!

I wish you Good luck!

Merlin Barrientos
Realtor Associate
Keller Williams Realty VIP
9324 Reseda Blvd.
Northridge, CA 91324
direct 661 7138780
0 votes
Grace Morioka, Agent, San Jose, CA
Tue Jan 5, 2010
Moshi-moshi Shigeo-san:

If you credit scores are high enough and this will be your primary home, there are mortgage products out there that are "conventional" (FNMA and FHLMC), rather than FHA, that allow for 10 percent down with 90 percent financed. In fact, one of my clients just got this very loan last week for a home they purchased up here in Northern California.

To learn if you can get a similar loan, contact your trusted mortgage broker for more information. The loans are definitely out there in California and are available to those with the proper credit scores, however, please keep in mind that you will be required to pay for mortgage insurance (or "MI") because the down payment is less than the required 20 percent.

If you cannot find someone down there in SoCal to help you, please send me a note, and I'll give you the name of the individual who did the work for my client up here in Northern California. Typically, a lenders are not restricted by geographically, so the same lender who handled the loan for my client may also be able to provide you with a 90/10 loan in Van Nuys.

Good luck!!

Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
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Jenny A. Le, , California
Tue Jan 5, 2010
Based on your criteria described above, yes, you can buy a condo in Van Nuys...take a look at these:

FHA insured mortgages require 3.5% and Fannie Mae mortgages require minimum 3% down payment.

If you would like a single family home, it is possible. However, the home may be in fixer condition. Is fixer-upper property is a possiblity for your consideration?

Let me know if you would like to see any of the condos or would like to be notified when a SFH in your price range is available.

I hope the information helps.
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Liliana Alfo…, Agent, Studio City, CA
Tue Jan 5, 2010
You can buy a house with as little as 3.5% down with a FHA loan. The first step would be to get pre-qualified. Please contact me directly if I can be of further assistance, I specialize in the San Fernando Valley.

Liliana Alfonso
Dilbeck Real Estate
Sherman Oaks
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Richard Schu…, Agent, Los Angeles, CA
Tue Jan 5, 2010
Yes, if you qualify for a loan, you can buy a property with as little as 3.5% down using an FHA loan. The loan is fixed for 30 years at a rate, currently in the low 5% range. If you have any questions, or need a real estate broker to help you get a home and a loan, call me at 310-482-0173.

Richard Schulman
#1 Buyer's Representative for Keller Williams Los Angeles Region
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Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Tue Jan 5, 2010

If this is going to be the home in which you live, you may be able to finance 90%. Maybe the best way to do it will be with an FHA loan, but let me know if I can help you get a good idea of rates and other costs.

Good luck,

Rob Spinosa
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Jennifer All…, Agent, Mentor, OH
Tue Jan 5, 2010
I suggest contacting a lender in your area to see if you qualify for a loan with the payments you would like per month. Congratulations on having $25,000 to use as a down payment. There are other factors that will determine what type of loans you will qualify for. I am unsure about the housing market in the VAn Nuys, CA area. A local realtor would be able to help assist you through this process. There is much more involved in you purchasing other than just the loan....a realtor will be able to guide you through all of the necessary steps to purchasing a home. Best Wishes!
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