how much $ would i need for a down payment on a home worth $200,000.00 And what kind of credit? I have never owned a home before.

Asked by Michelle Roberts, Rancho Cucamonga, CA Tue Jun 26, 2012

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Steven Ornel…, Agent, Fremont, CA
Wed Jun 27, 2012
Hi Michelle:

As Janna and Suzanne together have indicated, you certainly have financing options in order to buy a home. USDA's 0% down program awesome for 1st time Buyers; however, the location of the homes may not be the most convient (see link below); however, FHA's minimum 3.5% downpayment requirement ($7K) is a great option for those buyers who have not amsassed the conventional financing standard of 20% down ($40K).

Regarding the 0% down USDA program, see the following link to find the areas NOT in the program:…

There's a right way and a wrong way to go about buying a home.If you are serious about making an informed decision regarding your financing selection first obtain a “True Pre-Approval” so you absolutely know the price point you can afford. Moreover, understand the numerous benefits of taking this most important step:

Regarding where to have your Pre-Approval performed, while there are occasional exceptions in service level; I would recommend avoiding the Retail banks for your Pre-Approval. Please see:
"Retail Banks vs. Mortgage Broker/Bankers"… target="_blank" rel="nofollow noreferrer noopener">…

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Suzanne MacD…, Agent, Succasunna, NJ
Wed Jun 27, 2012
It depends on what type of loan you get. For an FHA backed loan you would need 3.5% or $7,000. For a USDA loan (and dont let the name fool you, you'd be surprised how many areas qualify) you don't need any money for a down payment. And, for a conventional loan you need 20% or $40,000.

The best thing to do is talk to a local mortgage banker to discuss your options. Basically, once you get past the 3.5% mark it's what you have saved and are comfortable paying. You want to make sure you have a monthly payment you can afford also. So, you may want to make a bigger down payment to keep the monthly payment low. Or, you may find a home that needs a little upgrading and prefer to use the money to do the upgrades. It's really a matter of choice.
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Janna McRoy, Agent, Rancho Cucamonga, CA
Tue Jun 26, 2012
Hi Michelle, I just answered your other question about the eviction you had 1 year ago.. So you've been on your job 1 year? What did you do before that? I can tell you that FHA requires 3.5% down, and there are other programs you may qualify for that can help bring the minimum down payment lower. Most importantly, there are some questions I have about your credit and income situation. I'd love the opportunity to speak with you and align you down the path of homeownership.. it may not be as difficult as you think. Call me and we'll figure this out!

P.S. I guarantee you'll get a TON of random answers on here tomorrow, etc.. The best thing to do is to call a professional and get a game-plan, rather than random advice from people who really don't know your situation. Best of luck, Michelle!

Janna Piper-Frailing
Horizon Real Estate- Rancho Cucamonga
(951) 903-3134
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