how much down, and what would be the payments.?

Asked by Andrea Stewart, Colorado Springs, CO Sun Nov 16, 2008

This question is about this property:…

Help the community by answering this question:

+ web reference
Web reference:


Lamont Andre…, , Kannapolis, NC
Fri Nov 21, 2008
Lynn 911 gave some very good advise.

Because there is no cookie cutter answer to your question without seeing you on paper...
To protect your "Best Interest" it is best for you to seek out a professional REALTOR in your area.
Web Reference:
0 votes
Tino Martinez, , Illinois
Sun Nov 16, 2008
standard is 3% down payment on an FHA loan, rate will be determined by Credit scores.
FREE pre-qualification by calling or emial.

Tino Martinez
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Nov 16, 2008
You need to work with real estate agent and mortgage broker who have all your financial documents to determine what is in your best interest.
Web Reference:
0 votes
Melanie Pren…, Agent, Colorado Springs, CO
Sun Nov 16, 2008
Hi Andrea,

If you are a first time home buyer, you could get a loan through CHAFA and put only $1,000 into the transaction. At that loan amount your monthly payments would be approximately $1356.48, not including homeowners insurance and taxes. CHAFA has a good first time home buyer program but their interest rates are running fairly high right now. If you got an FHA loan, you would have to put down $5,850 (3%), which could include your earnest money. You would also have to calculate in approximately $3,500 to pay in closing costs or ask the Seller to pay them for you. I am making these calculations based on a full price offer. If the purchase price was less, the payment would be less. The FHA loan monthly payment with 3% down would be approximately $1,195.56 again, that is only principal and interest without home owners insurance and taxes. I would be glad to go over all the different options with you as well as help you locate a trusted lender. Please feel free to contact me by email: or visit my website for more buyer information or to search all the listings in the Colorado Springs area. If I can be of further service or if you have other questions please feel free to contact me. Sincerely, Melanie Prensner
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more