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How Much Do You Need To Put Down On A House All Locations : Nationwide Real Estate Advice

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Showing results for How Much Do You Need To Put Down On A House [Clear search]
Sun Sep 24, 2017
Bobbie Ehrenpreis answered:
Depends on your interest and your budget. Condos and planned unit developments are usually less expensive than home purchases - there is less that you are buying - you are not buying land. However, there is a homeowner's association fee per month to manage the land and other commonly held assets. I usually consider the monthly fee a good deal for the homeowner as the same services would cost an individual homeowner more. You have to come to our area and look to see what your purchasing power will buy you and see what would be of interest to you. A good investment usually depends on LOCATION! Buy a reasonably priced home or condo in the best location you can afford! ... more
0 votes 6 answers Share Flag
Sat Feb 28, 2015
Linda Lorenzo answered:
Depends on your area. There are some programs like a VA loan or a USDA loan that do not require down payments. You need to check with a local lender as they can guide you in what you need to do. Good luck. ... more
0 votes 12 answers Share Flag
Sun Apr 14, 2013
George Pangburn answered:
There are many programs that allow for low or no down payment when purchasing a home in Millville or anywhere in New Jersey. It's best to sit down with a "Realtor" and discuss your situation with them so they can direct you to the program and/or lender that fits your exact need. Since everyone's circumstances are different this is the most practical first step, other wise most people would be lost in the confusing world of real estate financing. Realtor's are educated in this aspect and can guide you through it to your advantage. You won't have to worry about payment for this service as Realtor's work on commission and get paid usually only when your transaction is completed from the Seller's proceeds. ... more
0 votes 4 answers Share Flag
Tue Jun 18, 2013
answered:
Do you have continuous employment?

Banks won't approve you for a mortgage without proving stability of employment and income.
0 votes 11 answers Share Flag
Thu Jun 25, 2015
Elena Talis answered:
http://www.trulia.com/blog/PaloAltoRealtor/2012/06/how_to_be_a_buyer_in_a_seller_s_market

Still relevant.
0 votes 10 answers Share Flag
Fri Aug 2, 2013
Hector Gastelum answered:
Of course they do, First time buyers have a good chance if they have the right REALTOR and said REALTOR having the right offer and relationship. A serious buyer has to have all its ducks in a row:
-Letter of approval from the lender
-Proof of funds
-DU Results, Credit Report

Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
hectorgastelum@yahoo.com
619-954-2225
efax 619-270-2516
... more
0 votes 19 answers Share Flag
Sun Apr 14, 2013
TheRegerGroup answered:
Bart,
Some people are lucky enough that they can afford more than one home at a time, but a majority of people are like yourself and will not purchase a new home until they are able to sell their current home. Once you do get an offer on your current home the key to finding your next home is speed. We have three agents in our group that just show homes, they are online everyday many times a day looking for new listings. When they find a great home, that's when the speed comes in to play. They is always one of my agents that can show you the home right away. Feel free to contact me with any other questions you mat have. ... more
0 votes 10 answers Share Flag
Wed May 18, 2016
Richard Shapiro answered:
Fri Jul 19, 2013
Morgan Larson answered:
You'll need to check your original lease agreement. Your terms generally stay the same with the onset of a new owner, meaning that in this case the new owner would not need to give you an additional notice to move.

Your lease agreement may say something different. So please review agreement and speak to legal counsel with specific questions.
... more
0 votes 7 answers Share Flag
Thu Nov 17, 2016
Luke Constantino answered:
Good morning Antonio,

The average price for a brownstone in Bed stuy has recently went over the million dollar mark, It very hard to find any for less. As for the return on your investment, that would depend on the amount of money you spend, to the amount being brought in, to the cap rate.

My best advice to you is to speak to a mortgage broker, raise more capital and keep your credit exceptional. The mortgage rates are starting to go up and the majority of upper Brooklyn is being outpriced to the average buyer.

I suggest looking for other venues in the Brooklyn area based on the 250K you have to work with... Give me a call anytime.


Luke Constantino
Realtor
Keller Willams Real Estate
Commercial/Residential
Direct: (212) 300-3919
lukeconstantino@gmail.com
... more
0 votes 7 answers Share Flag
Thu Sep 26, 2013
answered:
With 20% down you do not need pmi. Online lenders are dicey. You need a Sonoma county lender that realtors know. You are in a very competitive market and who you lender is can help or hurt you. Don't just compare by rate. You need to compare rate and the lenders fees On my website there is a free booklet that answers a ton of home buyer questions. ... more
0 votes 10 answers Share Flag
Thu Apr 11, 2013
Dan Tabit answered:
rgastald,
Lenders look at credit first, income second, the asset next. If your income is part time, chances are it isn't very much. If its part time and short time, which many part time jobs are, they will have a hard time expecting it to be permanent enough to rely on.
Hard money lenders are also called equity lenders. They want a lot of cash into the deal and the rest of the deal has to make sense. They charge higher fees and rates than conventional or portfolio lenders. You have to still show them you have the capacity to pay them back. Hard money loans are also typically short term, so you'll need to have permanent financing lined up in 3-6 months in many cases.
Adding that this is likely to be a non owner occupied property only makes this more complex. NOO loans generally require 25% down to start and they still want the income and assets to make sense.
You can talk to some mortgage brokers; ask if they have portfolio products which offer different guidelines than conventional. I'm not aware of any way to do what you are asking, but that doesn't mean it doesn't exist.
Decide a few details before you proceed though. Will you live in it or not? How much will you put down and what will you have in reserve? Can you go to full time employment or get a second part time job?
... more
0 votes 4 answers Share Flag
Tue May 7, 2013
Vincent Paige, P.A . answered:
Mirtha,

Typically FHA likes to see 640 or better. I have seen other types of loans with 620. Give me a call or send an email and I can refer a great mortgage lender to you!

Vincent Warren Paige, Jr.
REALTOR® | RE/MAX Showcase
Certified Broker Price Opinion Registered Agent (BPOR)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
... more
0 votes 10 answers Share Flag
Fri Apr 12, 2013
Ron Thomas answered:
Having taken a college course in COMMUNICATION, I learned that when there is a breakdown in communication; it is my fault! Seriously!

Your Agent failed to break-down the different Closing Costs: He is the expert, you are the CLIENT.
He should have been more explicit.
But he wasn't trying to bamboozle.

Both parties normally have their own Closing Costs.
... more
0 votes 5 answers Share Flag
Thu Apr 11, 2013
Philip J. Cunningham Sr answered:
As i have been advising folks please deal with and obtain advise in you market area. I feel that a 4 month pre-approveal is too long since the Mortgage provider is going to require new credit checks and income statements about every 30 days so there will be an increase in cost to you and the market in Philadelphia does not have Seller willing to wait 120 or more days to go to settlement. You should be able to locate a house in 30days and settle in another 30 to 45 days. Maybe you should wait anther month and the look. A Realtor should be able to refer you to someone that can give a good idea of what you can afford.

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700X49
philcunningham2004@yahoo.com
... more
0 votes 5 answers Share Flag
Thu Apr 11, 2013
Ray Akers answered:
Be careful of infomercials and get-rich-quick seminars held at airport hotels. It sounds like you need the advice of an experienced agent. Start by asking friends, family, and co-workers for a referral to an agent. Someone you know already knows an experienced agent that can assist you. An agent will help you navigate through all the hype and nonsense and focus on the priorities that will help become a homeowner. Good luck. ... more
0 votes 5 answers Share Flag
Thu Apr 25, 2013
Kevin Cloutier answered:
Hi Sjea

You should interview several agents first and pick the one you feel the most comfortable with. Then you should get pre-approved and share your Realtor's info with your lender because they need to be able to communicate with each other to maximize the services each bring you.
The lender will tell you and your Realtor your financing limit and actually provide each of you a letter indicating so.
Then tell your agent all your needs and all your wishes and let them search potential matches for you.
From there you will have your agent set up showings of the properties you are interested in.
It should be an enjoyable experience, so do the first thing right and be very picky who you select as your agent, that's the key.

Good Luck

Kevin Cloutier, Realtor
A HouseSOLD Name
Southern Premier Realty
239-246-6639
... more
0 votes 11 answers Share Flag
Wed Feb 8, 2017
Louis Urbina answered:
It should be 3 years after all the proceedings were finalized. But it also only effects whoever was on the mortgage, so for example if your wife was not on it she would be able to buy. But no worries, millions and millions of people are in the same situation. You'll be able to buy in no time!

Louis Urbina
Real Estate Consultant for EWM
786-355-7423
... more
0 votes 15 answers Share Flag
Tue Jan 21, 2014
Jim Mitchell answered:
Hello cnlmiller. Congratulations on working with a lender before you start searching for a home!

You've put yourself one step closer to purchasing and owning a home!

Some buyers want to immediately start looking for a home without knowing the exact amount of a new mortgage they can qualify for and end up getting disappointed when they finally do get around to talking to a lender. By doing this up-front, you can set realistic expectations and eliminate homes that are outside of your price range and focus only on the homes that you can afford. This saves a TON of time and ENERGY.

Back to your question...the biggest difference in these areas would simply be the location in relation to the rest of the Valley.

Maricopa is appx. 22 miles from Phoenix while the San Tan Valley/Queen Creek area is appx. 35 miles from Phoenix.

Both areas offer some shopping (Maricopa is a bit limited on retail but has some restaurants, supermarkets, etc) but the Queen Creek/San Tan Valley area boasts a fairly new hospital called Banner Ironwood Medical Center that is minutes from most residential communities in that area. The nearest hospital to Maricopa would likely be in Chandler which is at least 20-25 minutes away.

Also, both areas offer newer communities/subdivisions (most being built after 1998) and newer schools.

As for transportation, getting in and out of both Maricopa and San Tan Valley/Queen Creek is a bit limited. HWY 347 is the best bet to travel to and from Maricopa. while US60 to Ironwood RD is the top option for driving from metro Phoenix/Mesa (and the rest of the Valley) to get into San Tan Valley/Queen Creek.

Any one that lives in either area will tell you...there WILL be traffic in the peak times (morning and evening). Expect some average to long delays during those times, but that's not much different than the rest of the Valley.

Homes in either area typically range from $110,000 to $160,000 for a single-family, 3bed/2bath/1500 sq-ft home in a subdivision of other similar homes. Of course, most of these communities also have a homeowner's association (HOA) which comes with certain rules that must be adhered to.

At this time, there are 336 homes listed as 'ACTIVE' on our MLS in Maricopa that are at least 3bedroom/2bathroom/1500 sq-ft. They range from $100,000 up to $789,000. Here's the link to those 336 homes: http://www.flexmls.com/link.html?zo2upim23nr,12,1

The same search in San Tan Valley/Queen Creek pulls up 419 homes that are 'Active' ; they range from $105,000 up to $1,900,000.
Here's that link: http://www.flexmls.com/link.html?zo2upp6goqd,12,1

Here are some market statistics from Queen Creek:
http://www.armls.rbintel.com/quickview/c/Queen%20Creek

And from San Tan Valley:
http://www.armls.rbintel.com/quickview/c/San%20Tan%20Valley

You can see that sales have increased since the first of the year while active listings have declined a bit. The Avg-Price-Sq/FT has also increased during that same time period.

Sales in Maricopa have also increased since JAN 1st as available inventory has declined. There's also been an increase in the Avg-Price-Sq/FT.

Here's the same market data for Maricopa: http://www.armls.rbintel.com/quickview/c/Maricopa

I would also ask your lender to check the latest USDA map to ensure that ALL of Maricopa and San Tan Valley are still included in the USDA program. There has been talk of the program borders being 're-written' over the past few months; also have him/her check the availability of funds. I know they get depleted from time to time and it takes weeks or sometimes months for them to replenish the fund.

If for some reason you cannot utilize a USDA loan, there is a fantastic grant program for Pinal County that will grant you up to 3% of the purchase price to use toward an FHA down payment OR your closing costs. It's a grant and does NOT need to be repaid. I can send you information about this program if you like; there are income/credit and debt-ratio limits that must be adhered to, but the program is open to buyers who purchase ANY type of home (bank-owned/REO, short-sale, HUD or REGULAR sale).

Feel free to contact me directly with any questions you may have. I've worked in both areas extensively over the past four years and I'm quite familiar with the specific subdivisions and surrounding areas.

*Keep in mind...there is NO fee to use the services of a 'buyers agent' to assist you in finding a home. That fee (commission) is paid by the SELLER, not YOU, the BUYER. The only costs you'll incur are things such as: loan fees that your lender charges to process your loan, title-escrow fees at closing, inspection fees, HOA fees, etc.

Thanks for the question! You'll love Arizona and all it has to offer!

Jim Mitchell
Realty ONE Group
PH: 480.231.6769
Jim@TheAZRealtor.com
... more
0 votes 7 answers Share Flag
Sun Feb 5, 2017
Terrell Peterson answered:
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