do i have to have thousands o dollars to put down on a home or how much?

Asked by Ltsmrv, Tue Mar 4, 2014

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15
Christine Ni…, Agent, Denver, CO
Tue Mar 11, 2014
No you don't have to have thousands of dollars to put down, and, if you are looking in many metro Denver neighborhoods there are programs to assist you with the downpayment if you fall within specific income guidelines. For instance, the Metro Mortgage Assistance Program will GRANT (yes, free money, not to be repaid) up to 6% of the purchase price to assist with the downpayment and closing costs. You must make under $91k a year, and have to attend an educational class, but it can be a great way to get you into your new home. Let me know if you'd like more info on that program and I will send you to the site. There are ways to do this. Best of luck.
0 votes
I woold like to have more info on this program. My email address is: italyparis12@gmail.com
Thx!
Flag Tue Mar 25, 2014
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Wed Mar 5, 2014
The amount you put down depends on the loan you have. On the other hand, down payments are still very important and necessary for most cases. Below I have listed different loan types and the required down payments.

FHA: 3.5%
Conventional: 5%-20%
VA: 0% (Must be a veteran)
USDA: 0% (Must be seeking a USDA approved or rural property)

As you can see above if you are a veteran or seeking a USDA approved property, then you will not need a down payment. Other than that, 3.5% is the lowest you will get. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes
Richard Foe…, Agent, Parker, CO
Wed Mar 5, 2014
Hello,

I have a lender that can do 100% loan programs (no money down).

Please give me a call or email me.

Rich Forster
Rocky Mountain Real Estate Advisors
720-530-5553
rich@thefoersterteam.com
0 votes
Julie Montgo…, , 80238
Wed Mar 5, 2014
Absolutely not. There are a variety of down-payment assistance programs throughout the Denver area. I know of two programs that are grants (do not have to be paid back) if the buyer qualifies. Though credit is still important, it is AS important when using a down payment assistance program. Don't hesitate to contact me for more information (never a fee or an obligation) at 303-906-3150 or email jmontgomeryandco@yahoo.com. Julie Montgomery, Metro Brokers http://www.jmontgomery.com
Web Reference:  http://jmontgomery.com
0 votes
Wisdom Real…, Agent, Denver, CO
Wed Mar 5, 2014
There are many different buyer assistance programs, government programs and loan programs out there. Some offering options to buy a home with $0 down. We are happy to walk you through all of your options to see if buying is the best option for you.

Feel free to check out our profile at http://www.trulia.com/profile/wisdom-real-estate-team-agent-…
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Ted Gonzalez, Mortgage Broker Or Lender, Glendale, CO
Tue Mar 4, 2014
Listed above was the opinion of one realtor who felt you shouldn't attempt to purchase a house if you did not have atleast 5% to put down. That is a somewhat biased opinion and should be taken with a grain of salt. While some realtors may know this subject with having worked with some borrowers in their pasts to help them through this subject matter - I'll give you an answer coming from a mortgage lender's point of view..

Unless you're trying to go for 100% financing, which comes in the form of government down payment assistance, either in a loan or a grant, you will most likely be looking at a few thousand down, no way around that. The days of the 100% financing, coming from one lender ended 7 years ago.

Now we're left with two distinct paths..

With The FHA loans, which are the more common first time buyer's loans, (insured by the gov't) are typically best suited for those under the 700 fico scores, haven't had a lengthy or perfect credit hisotry and those with a debt to income ratio that's over that 45% mark. These loans require the minimum 3.5% down.

Conversely, the Conventional loans, which usually cater to those with higher than a 700 fico score, and depending on the bank or lender, can sometime be more picky in your credit history, generally offer a lower over all payment month than the FHA (because of the cheaper mortgage insurance - another subject matter we can talk about) usually work with the atleast 5% down. But almost all of the conventional style loans are not eligible for the down payment assistance - atleast every institution I've researched. I could be wrong?

For down assistance programs, There is a CHFA loan, which works in conjuction to the FHA loan and covers that 3.5% down payment in the form of a second loan. These are subect to household income, counties you're looking in, and other minor factors. many times, if the sale and the loan is positioned most beneficially to the buyer, then I've seen first timers with a CHFA loan get there first home for around the $1000 program fee -and not money down. (seen other who put a little extra for a couple small things out of pocket)

AS Well there is the CHAC grant, which as mentioned in a comment above, is like the CHFA loan, can go up to $15k and is a grant you don't have to pay back. Again, certain income, credit criteria and other situational criteria apply.

As a mortgage banker myself, I'd be happy to talk to you in depth and provide you some more answers and estimates.
LEt me know!
720 362-2600
0 votes
Munish Rajpal, Agent, Greenwood Village, CO
Tue Mar 4, 2014
Well Fargo is offering a NeighborhoodLIFT program.

The program offers Denver home buyers the opportunity to attend a free event at the Colorado Convention Center on April 4th and 5th..

At the event, prospective buyers will meet with a home mortgage consultant and a local non-profit organization will process applications for down payment assistance grants of $15,000. 1 per qualified home loan in the city of Denver. The prospective buyer can find out if they qualify for the down payment assistance program and reserve their funds for 60 days - even if they haven't yet found a property. They will also be able to spend time learning about homeownership and preview features and prices of area homes for sale at Wells Fargo’s Affordable Home Tour®.


You can learn more about it on:

http://www.neighborhoodlift.com
0 votes
Justin Buller, Agent, Denver, CO
Tue Mar 4, 2014
A lender I work with has a $15,000 down payment grant he is a part of. There are qualifying factors but if you want his info email me. Jbuller@me.com
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Gregory Pond, Agent, Denver, CO
Tue Mar 4, 2014
There is a lot of great advice from the real estate professionals in this chain. As mentioned before, it depends on many factors and your situation. Are you in the military or were you in the military in the past? The VA loan is a great option and you will need very little money to put down. I would recommend talking with a few lenders to see what price point you should be looking at and the estimated amount of cash you will need to bring to closing. Good luck!
0 votes
Nicci Hyatt, Agent, Denver, CO
Tue Mar 4, 2014
There is a program called CHFA Plus which allows 100% gift money to be used, as well. However, that said, you might feel safer and more secure in your investment if you discipline yourself to save some money first. Many of the troubles that erupted in the last market meltdown happened to nice people who got in over their heads. Homeownership continues to cost money to upkeep a home & head off any unforeseen challenges. If you haven't been able to save at least some money each month toward the goal of a home purchase, rushing into it just because there is a program to help doesn't necessarily make it a good financial decision.
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Michael Glist, Agent, Colorado Springs, CO
Tue Mar 4, 2014
No you don't need a lot down and in some cases you don't even need anything down. We actually have a new program that gives you a 5% grant towards your down payment and closing costs. Feel free to reach out to me for more info or with any questions.
0 votes
Michael Glist, Agent, Colorado Springs, CO
Tue Mar 4, 2014
No you don't need a lot down and in some cases you don't even need anything down. We actually have a new program that gives you a 5% grant towards your down payment and closing costs. Feel free to reach out to me for more info or with any questions.
0 votes
Luther Baumer, Agent, Arvada, CO
Tue Mar 4, 2014
As Brian Said there are so many programs to help with down payments. I would like to talk to you and but in touch with some great people to get you into the house that you would be looking for.

You can contact me at

Luther Baumer
720-988-3490
baumb52@kw.com
0 votes
Marina Bay, Agent, Greenwood Village, CO
Tue Mar 4, 2014
Hi, you will generally need to have 5% - 20% down payment to be able to purchase a home. However there are down payment assistance programs available to first time buyers, where a down payment is given to you at a certain interest rate. The best way to find out what you can do in your particular situation is to talk to a loan officer and start a pre qualification process.
0 votes
Don't forget FHA, which is 3.5% down payment. More and more 1st time buyers are leaning towards this in today's economy.
Flag Tue Mar 4, 2014
Brian Smith, Agent, Centennial, CO
Tue Mar 4, 2014
Hi there.

The short answer to your question is no. There are so many programs available to you that provide down payment assistance. For instance, I just helped my client close on a home where he actually got money back at closing.

If you would like to discuss it more, you reach me at any of the contact information below.

Brian Smith
(720) 490-1687
Briansmith@themeridianteam.com
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