How much money will I have to put down??

Asked by Mzproducer89, New York, NY Wed Feb 26, 2014

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Sherry Kupper, Agent, Oakdale, CA
Wed Feb 26, 2014
There are some great loan programs available and some specific to the area in which you are wanting to purchase. Definitely contact a local Lender to go over the specifics. But generally speaking, conventional loans require as little as 5% down, but keep in mind that anything less than 20% down may require mortgage insurance. FHA loans require 3.5% down and mortgage insurance. VA 0% down, no mortgage insurance. I hope that helps.
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Anna M Brocco, Agent, Williston Park, NY
Wed Feb 26, 2014
If purchasing with a mortgage the downpayment will depend on the type of loan you qualify for, therefore if you haven't done so yet, visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. If purchasing in cash, discuss with your agent.
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Patty Harris…, Mortgage Broker Or Lender, Naperville, IL
Wed Mar 5, 2014

If you are purchasing in Illinois, I would be happy to help you. If you are VA eligible, you do not need a down payment. Other programs require 3.5-5% down; some of theim will take all gift from immediate family member.

Please click on the logo next to my name to give me more information.

I look forward to hearing from you.

Best regards,

Patty Harrison
Smart Mortgage
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Robert Hanson, Mortgage Broker Or Lender, Olney, MD
Wed Feb 26, 2014
depends on the program you will qualify for. You may also qualify for local down payment loans or grants. I can helkp you with the financing questions, and a realtor would be a better resource for understanding what down payment grants you may qualify for in the area.

I am available to help you at your convenience if you wish.

I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
NMLS# 695929

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