wangusdewayne, Home Buyer in Sacramento, CA

how much do i need down to get a 150.000 loan

Asked by wangusdewayne, Sacramento, CA Fri Jun 28, 2013

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Wed Jul 3, 2013
Well there have been a lot of good answers and many from realtors. I would say you need your realtor and your lender working together on this one.

The thing is there are a number of subtle differences, the questions need to be asked.

If all we have is the minimum down, where are the closing costs going to come from, that is assuming you do not have the money for those.

1. Your agent can negotiate for the seller to pay these when they make your offer.

The problem is that the competition fof houses is such doing so can hamper your ability to get and offer accepted.

2. As a lender, I can raise your interest rate a little bit and make your closing costs go away. This has been a good option lately as mathematically it makes sense to pay say $20 mor a month rather than pay the $2000 in closing costs.

On conforming mortgages the interest, taxes and insurance really needs to be paid for by you. But when you consider the mortgage insurance options it is a better deal than going FHA. But, on FHA the seller can pay these items or I as the loan officer can pay for them out of rebate.

Based on the price I may guess that the home may qualify for USDA financing. This has no money down and lower MI costs than FHA. Also if you happen to be a vet, that is the best deal of all.

If you like give me a call and I can tell you if you can get the USDA loan.

Rich Littlefield
949-930-1210
WCS Lending
nmls 287206
0 votes
Jaime Becker, Agent, Sacramento, CA
Fri Jun 28, 2013
There are a few different kind of loans out there. If you only have so much cash to work with and can only put a small amount down, then there is the FHA loan and 3% Conventional.

FHA requires 3.5% down but you will also need at least 3% for closing costs.
The 3% conventional is only 3% down and you will still need money for closing costs.
After that you can put as much money down as you'd like for a conventional.
Interest rates differ for each loan, which means your payment will differ as well.

The only thing missing from this scenario is the purchase price of the home.

In order to be competitive in this market, especially anything $250,000 and under, you will need to cover your closing costs and a sizable down helps too.

Once you talk to a lender, you will get a better understanding as to which loan is best for you and which loan you qualify for.
0 votes
Keisha Mathe…, Agent, Elk Grove, CA
Fri Jun 28, 2013
Yes, Thank you Mike for the market update! =)
0 votes
Mike Garozzo, Agent, Sacramento, CA
Fri Jun 28, 2013
CHDAP IS A GOOD PROGRAM, HOWEVER, A NEW RULE GOES IN EFFECT JULY 1ST LIMITING QUALIFICATIONS TO 43% BACK END INCOME DEBT RATIO. IF YOU HAVE LOW CREDIT CARDS, CAR PAYMENTS OR OTHER LONG TERM PAYMENTS IT WILL NOT AFFECT YOU AND THE SILENT 2ND FOR 3% MAKES YOUR DOWN PAYMENT ONLY 1/2% WHICH IS EXTEREMELY LOW AND A GOOD DEAL.
Michael Garozzo, Broker.
0 votes
Mike Garozzo, Agent, Sacramento, CA
Fri Jun 28, 2013
FHA is 3.5% down, not including closing costs. Conventional 5% down, not including closing cost.
Ask your lender for closing cost estimate and if you don't have one contact me and I can give you a couple references. 916-600-8176 or call Christina 707-646-1852. Hope this helps.
Best Regards,
Mike
0 votes
Keisha Mathe…, Agent, Elk Grove, CA
Fri Jun 28, 2013
"There are no down loan available" Dan, not sure what you mean by that. But in teh event you were referring to my comment, just to clarify, I am referring to the CHDAP program (http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm) which is a "silent second" DPA (Downpayment Assistance Progam) that will contribute 3% down and the buyer comes in with 0.5%. I have used it many times for many of my buyers.

FYI, CHDAP is not the only DPA out there. You just gotta know where to look and who to ask! ;0)
0 votes
Dan Parisi, Agent, Sacramento, CA
Fri Jun 28, 2013
There are no down loan available. FHA and conventional lenders have the 3.5% down ($5250). To avoid PMI or MIP you can put 20% ($30,000). Check out this web page for more information. http://housingsacramento.com/real-estate-loans-mortgage/mort…
0 votes
Keisha Mathe…, Agent, Elk Grove, CA
Fri Jun 28, 2013
I agree with Elizabeth. In addition, there are other loan programs you can use in conjunction with the FHA that may further minimize how much you need to come in with or put down. Speaking with an experienced mortgage banker will help you better understand your options more thoroughly.

I recommend:

Phillip J. Hinojaza
Branch Manager
Land Home FInancial
(916) 549-9536
(916) 273-5663
philliph@lhfinancial.com
http://www.yourlenderapproval.com

Cedric Washington
Mortgage Banker
NMLS# 841002
Cherry Creek Mortgage Company
5751 Sunrise Blvd.
Citrus Heights, Ca 95610
916-517-8842 DIRECT
916-864-3988 OFFICE
866-422-5820 FAX
email: cwashington@ccmclending.com
http://www.cedricmwashington.com

Hope that helps!

Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
SAR Masters Club Member 2012
SAR Masters Club Steering Committee
Mathews & Co. Realty Group
@ Century 21 Landmark Network
keisha.mathews@century21.com
http://www.SheSoldItForMe.com
(916) 370-1803 cell
lic#: 01439130
0 votes
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