what is the minimum down payment for this house?

Asked by Erkan Yrekli, Annapolis, MD Thu Sep 5, 2013

This question was asked from http://www.trulia.com/property/3112665690-1006-Monroe-St-Ann…

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bks, Home Owner, 21403
Sat Oct 12, 2013
Neighbor within stone's throw of property in question, Annapolis, MD

Not applicable. This was a CASH transaction sold at Auction-by-owner c.o A.J. Billig Co. Bidders needed 10% (maybe even 20%) on the day of the auction. The winner of the auction had to come up with an addtional % within 24hrs and then the entire amount (no mortgage) within 45 days or lose all their money.

The new owner, however, may have financed the property after-the-fact.
0 votes
John Dean, Agent, Boston, MA
Fri Sep 6, 2013
That would all depend on which mortgage program you are planning to use. Have you spoken with your Realtor or your mortgage broker ? Those are your 1st steps.
0 votes
Bridgette Ch…, Agent, Philadelphia, PA
Fri Sep 6, 2013
Hi Erkan!

If you are interested in this property, I would recommend that you contact a mortgage broker and real estate agent to assist your purchase.

If you have additional questions, please don't hesitate to contact me.

I hope this helps.

0 votes
Richard Tayl…, Agent, Annapolis, MD
Thu Sep 5, 2013
That depends on what loan program you use. If you are an eligible veteran, you could qualify for a zero down payment loan. FHA minimum is 3.5% of the sales price. You may be eligible for other programs but we would have to chat to determine that...
0 votes
John Newman, Agent, millersville, MD
Thu Sep 5, 2013
Depending on which loan program you qualify for it could be as little as 0.00. You should consult with several mortgage professionals as they may have different programs available
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