what kind of house can i get into with a $3000 down payment?

Asked by Dallas Jakeman, Sunset Arcre, Garden Valley, Morningside, Shreveport, LA Sun Feb 28, 2010

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7
Dianne Hicks, Agent, Rancho Bernardo, CA
Wed Apr 21, 2010
There truly is not enough info to go on. I suggest you go talk to a lender (it won't cost you anything) and they can tell you where you stand and what you need to do to get yourself in the purchasing power position.

Good Luck!!!
Web Reference:  http://www.di4homes.com
0 votes
Dan Krohn, Other Pro, Bossier City, LA
Wed Apr 21, 2010
If you don't have the credit, you could always try Rent to Own, and plan ahead to refinance while renting.
Web Reference:  http://krohngroup.com
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Mar 1, 2010
Your mortgage broker is person who can determine purchase price of home

All is based on credit scores, debt to income ratio, 2 years employment history.

Lynn911
Web Reference:  http://www.lynn911.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Mar 1, 2010
Not knowing any of your financial details--Why not visit with any qualified loan officer(s) and see exactly what your budget can handle and check your credit score--FHA loans do require a minimum credit score of 620 and 3.5% down.
0 votes
Heather Good…, , Shreveport, LA
Mon Mar 1, 2010
Hi Dallas,

I see from your profile that you're interested in the Sunset Acres/Garden Valley area of Shreveport. You should be able to buy a home in either of these neighborhoods for $3,000 if you can qualify for an FHA loan. Making a quick phone call to see if you can qualify is the first step in the home buying process. If you would like the names of a couple of mortgage lenders, please give me a call, and I'll be happy to connect you.

I can also provide you with a list of homes that might meet your needs.

Heather Goodwin
318 918 8248
0 votes
ian cockburn, Agent, New Orleans, LA
Sun Feb 28, 2010
$3000 should cover most of your closing costs. You ought to first get preapproved to get a basis on what you can borrow and how you should borrow.

Act soon so you can take advantage of the $8000 tax credit, even with owner financed properties.
Web Reference:  http://iansellsnola.com
0 votes
Sonsie Conroy, Agent, San Luis Obispo, CA
Sun Feb 28, 2010
An FHA loan can require no money down...a standard 30-year mortgage might require as much as 20% down. As important as your down payment is your credit score, which goes a long way toward determining what loan you can get...the no-down-payment one, or the conventional financing. So it's tough to answer your question from the little information you gave us. Sorry!
0 votes
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