can you buy with less than 20% down?

Asked by jnjhoffman, 94595 Sun Sep 22, 2013

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19
Ali Qureshi, Agent, Pleasanton, CA
Wed Nov 13, 2013
It depends! Do you own any other properties? If you do, you must have at least 30% equity to claim it as your rental and qualify to buy a owner occupied with less then 20% down. Rossmoor is a beautiful community and I am assuming that you're looking to buy to live in it. If that is the case, you can buy with as little as 3.5%.
1 vote
Rosi Prieto, Agent, Concord, CA
Sun Sep 22, 2013
Yes. It really depends on the seller, however. There are lots of options open to buyers right now.
1 vote
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Wed Feb 19, 2014
Yes! There are loans that allow you to buy with as little as 3.5% down. I recommend you speak with a lender like myself if you would like to know more about loans that will work best for you. I am a lender based out of Southern California and I would be more than willing to speak with you to help you get the loan you need. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes
Holly Christ…, Agent, Discovery Bay, CA
Tue Oct 29, 2013
Absolutely... There are plenty of options. You can find out more about financing here.... It's a loan agent that has financed other buyer's i've worked with as there Real Estate Broker. http://www.summitfunding.net/kmethvin#sthash.oZv7v1ca.ckqhG3…
Let me know if I can Help with more info!
0 votes
Steve Comfort, Agent, Walnut Creek, CA
Mon Oct 28, 2013
I see you've gotten quite a few responses from people regarding your question. Are you still looking for a loan? If so, my mortgage broker (right here in Walnut Creek) has a loan that no one else below offers. It's a conventional loan with NO mortgage insurance and only requires 5% down. It's much better than an FHA loan, and is cheaper and quicker too. My clients love this option, and usually close within 20 days. Plus you often will get a credit from the lender that will cover many if not all of your closing costs. If you'd like more info let me know. Best of luck to you!
0 votes
Randall Ortiz, Agent, Sacramento, CA
Wed Sep 25, 2013
Yes you can, there are a few different options. You can contact me if you need more help with this.
916-529-3707
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Mon Sep 23, 2013
jnjhoffman,

It is possible to purchase with less than 20% down. On the government loan side, VA and FHA will permit 0% and 3.5% down payments, respectively.

On the "conforming" side, you can put down as little as 3%, with a loan amount up to $417,000.

Usually, if you put down less than 20%, however, you will pay a type of mortgage insurance, or you will need a second mortgage to facilitate the purchase. I cover all of this in a free monthly webinar that I host and the next one is on Oct. 8. If you'd like to join us, the registration link is below.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes
Alex Greer, , California
Mon Sep 23, 2013
Yes. You can have 3.5% down with mortgage insurance or you can have 10% down with no mortgage insurance.

If either of these intrest you, I can certainly help you out. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.


Alex Greer
NMLS #1056079
0 votes
Nicole Fedor…, Agent, Santa Ana, CA
Mon Sep 23, 2013
Yes you can! Its best to consult a mortgage professional, and get pre-approved based on your individual circumstances.
Nicole Fedorchek, Realtor
Tarbell, Realtors
714-914-5097
realtornicolef@gmail.com
0 votes
DeAnn J Simp…, Agent, Walnut Creek, CA
Mon Sep 23, 2013
Yes, of course, if you qualify with terms & conditions of loan financing. I have a team of professional ready to help! With 30+ years in the industry I would welcome the opportunity to assist you! Please call today so we may get started in locating the perfect home for you! DeAnn J Simpson #01138722 -
Better Homes & Gardens 925/974-7653
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Mon Sep 23, 2013
Maybe, if you meet the other requirements, down payment is only a tiny piece of what is required. Some people will not qualify for a standard mortgage if they have half down.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference:  http://jamessimms.com/
0 votes
Cindy Davis, Agent, San Diego, CA
Mon Sep 23, 2013
Absolutely, you can buy with less than 20% down if you qualify for the terms of the loan. I suggest contacting a local mortgage broker to complete a mortgage application and review your eligibility for different programs.

Good luck.
0 votes
Gene Riemens…, Agent, Brentwood, CA
Mon Sep 23, 2013
I think there are conventional loans as low as 3% down, FHA is 3.5% down. VA and a few others are 0 down. You need to speak to a good lender. Call me or email if you need a referral.
0 votes
The Medford…, Agent, Fremont, CA
Sun Sep 22, 2013
There are many options available, as pointed out below. I recommend you connect with a local lender to find out what options you qualify for and which are the best for you.
0 votes
Pacita Dimac…, Agent, Oakland, CA
Sun Sep 22, 2013
Yes you can....but what are you buying? Are you interested only in Rosmoor --- because they have certain restrictions there, too.

And what kind of loan can you get?

If you qualify for an FHA loan only, note that some properties (some condos, for example) may not be FHA approved.

And some properties are in such condition that it may require cash only.

Best thing to do, if you haven't yet --- speak to a mortgage broker, find out what you can afford to buy, based on how much cash you have in hand (for downpayment and closing costs), and what you're comfortable spending. Then you can start looking.

Good luck.
0 votes
John Wojciec…, Agent, Lafayette, CA
Sun Sep 22, 2013
The answers you received are accurate however the size of the loan amount can limit your options.
0 votes
Suzanne Look…, Agent, Lafayette, CA
Sun Sep 22, 2013
Absolutely! There are many options for less than 20% down. I can refer you to an excellent lender who can explain your choices. Please email me if you would like the lender's contact info.
Regards,
Suzanne Looker
Web Reference:  http://www.suzannelooker.com
0 votes
Craig Bosse, Agent, Walnut Creek, CA
Sun Sep 22, 2013
Absolutely. We have 3% down conventional and 3.5% down FHA programs. Some cities will even grant you down-payment funds.
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Sun Sep 22, 2013
Sure. FHA requires 3.5% min down and conventional loans require 5-10-or 20%. Below 20% on any loan will cause there to be insurance (MIP or PMI) added to the loan payment. If you have a credit union they have more 0% down options.
0 votes
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