what is the down payment?

Asked by angie.criss, Houston, TX Tue Jan 29, 2013

This question was asked from this property: http://www.trulia.com/property/3024920816-12823-Porter-Meado…

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Persis Behra…, Agent, Cinco Ranch, TX
Tue Jan 29, 2013
Hi Angie, the property that you are referring to is a short sale, but currently under contract. You can keep an eye on it however, in case something changes.

Down payments vary according to each individual's choices and options. There are different types of loans and one may suit you more than the others. As my peers have mentioned you should speak with a loan officer and see what they will pre-approve you for, so that you know what budget you should keep in mind. Often times, when individuals start looking for homes without knowing how much loan they qualify for, they feel disappointed when they like a house and realize it is out of range for them, at least at that time.

If you are buying a home for the first time, please be sure to connect with a good realtor who will explain the process and guide you at every step. If you need to get an idea of how a transaction works, I will be happy to explain. I can also refer loan officers.

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Mark McNitt, Agent, Houston, TX
Tue Jan 29, 2013

Different loans require different down payments. A VA loan would require no money down, the only true zero down mortgage out there. Next would be a FHA loan, this is a government guarantee and typically has more fees attached, but allows you to get in with 3.5% down based on the loan amount. Both of these allow the sellers to assist the buyer with 3%-6% closing cost paid for the buyer. So, don't forget besides the down payment, you will have closing cost before and at closing.

Conventional mortgages typically ask for 5% down payment. And of course additional fees to get this loan. In addition to lender fees, their are inspections, setting up escrow accounts to pay taxes and insurance, a insurance premium and processing fees for the title company and others.

As always, it is best to get with a lender that will take the time to explain all the fees and make sure you understand the process. Visit my web site as I have a good list of lenders locally that can help you. If we can be of more help, let us know.

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
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Al Geffon, Agent, Houston, TX
Tue Jan 29, 2013
This home is under contract and no longer available. In any event, your first step in the home buying process is to sit down with a lender to determine what program would work best for you. Once you're pre-approved, we can begin the search. If you're a veteran, you'll need to obtain a Certificate of Eligibility through the VA. If you can qualify for FHA-insured financing, you'd need at least 3.5% down plus closing costs ... I generally figure 6% to 8% of the price, including down payment. Sellers may or may not contribute to your closing costs.

I would contact lenders quickly, since the market is active once again, and the good homes sell quickly. If you need assistance, I can recommend several excellent mortgage brokers. Best of Luck ... please get in touch is I may be of further assistance.

Regards ...

Al Geffon
(713) 213-6350
Web Reference:  http://www.har.com/algeffon
0 votes
Bobbie Wagner…, Agent, Conroe, TX
Tue Jan 29, 2013
The down payment will depend on what type loan you choose - the lease amount being 3.5% for FHA loan; 0 down for VA, etc. I can assist you in the finding the right loan for you. Please call me if I can be of further assistance.
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