how much is down payment?

Asked by Wmonekejetson, Mobile, AL Mon Oct 17, 2011

1st time buyer intrested in this home.I know this house and neighborhood.how can i apply to purchase this house,and what kind of downpayment is needed,my home number is 251-287-0785--mrs.willie jetson

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This question is about this property: http://www.trulia.com/property/3063173096-950-Summerville-St…

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4
Barry Lynn M…, , Trussville, AL
Sat Oct 29, 2011
USDA and VA
100% loan Credit scores from 620 and up
FHA
10% with under a 600credit score
5% under 620
3.5% over 620
Conventional
97%-95%-90%-85%-90% depending on credit
0 votes
Barbara Stan…, Agent, Mobile, AL
Tue Oct 18, 2011
Hi Mrs, Jetson,

Usually, the minimum down payment is 3.5% of the mortgage amount. However, in this instance, the house is a foreclosure and needs some repairs in order to qualify for an FHA loan. It still may be possible for the property to be repaired so that you could purchase it. But that would need to be worked out with the company that currently owns the property.

There are several different factors to consider and the best place to start is with a mortgage person! Let me know if that is what you would like to do.

Best regards,
Barbara Stanton
0 votes
, ,
Tue Oct 18, 2011
An FHA mortgage will require a 3.5% down payment. If you are interested in purchasing a home, then you first need to get Pre-Qualified. You can submit your Pre-Qualification request online at http://www.rodneymason.com. Once reviewed, this will let you know where you stand on your ability to purchase a home.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference:  http://www.rodneymason.com
0 votes
Parrish Walk…, Agent, Mobile, AL
Tue Oct 18, 2011
Dear Mrs. Jetson,

If you qualify for an FHA loan, you would only need to put 3.5% down. If you purchased this home for $45,000, that's only $1575. I will call you after 8am or feel free to call me before that and I will help you get pre-qualified. You can reach me at 251-459-4764.

I would love to help you purchase this home! I look forward to hearing from you. Parrish Walker
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