How much do you need for a down payment for first time home buyer for a home no more than 200 000?

Asked by: of Charlotte, NC on 2011-11-03T14:43:13Z

Best Answer:

Lashern Congrats on starting to achieve your dream of being a home owner. As stated by many agents already it would depend on some factors such as the loan type the lender and the condition of the home you would purchase. There is also where the home is located. Some other loan's not already mentioned is VHDA which requires no downpayment however your income is a factor. Also USDA which is loan in Rural areas such as a small farm. The best advise from me is for you to find a good lender and start working through them and see where you stand. I hope this was of some help to you. Contact me if you have some other questions. Good Luck.

2011-11-03T16:05:26Z

Lashern It greatly depends on both your credit situation as and the geography of the purchase. Give me a call or email to discuss. -Bill Ahls

2011-11-03T14:46:41Z

It depends on other variables involved such as credit score income and type of loan. There are many different packages out there so talking to a lender that can determine your qualifications is the only way to get a firm answer on that. Believe it or not there are still some 100 financing deals. Most likely though you will need to put money down. Call me if you would like a couple good referals for lenders.

2011-11-03T14:49:54Z

It depends mainly on the type of loan and can be anywhere from 0 VA loan to 3.5 FHA loan to 20 conventional loan. Best to speak with a mortgage lender about this. Call or e-mail and I will help you work through this.Helen Honeycutt

2011-11-03T14:52:18Z

Hi Lashern There are different loan programs available but if you are purchasing a home with an FHA loan your down payment would be 3.5 down or 7 000 of a 200 000 home.Please contact me and I can provide you all the different programs available to you.Angela Badgett

2011-11-03T14:54:45Z

Depends on what kind of loan you can qualify for. Please contact me directly for more information

2011-11-03T15:44:07Z

Lashern Congrats on starting to achieve your dream of being a home owner. As stated by many agents already it would depend on some factors such as the loan type the lender and the condition of the home you would purchase. There is also where the home is located. Some other loan's not already mentioned is VHDA which requires no downpayment however your income is a factor. Also USDA which is loan in Rural areas such as a small farm. The best advise from me is for you to find a good lender and start working through them and see where you stand. I hope this was of some help to you. Contact me if you have some other questions. Good Luck.

2011-11-03T16:05:26Z

Good morning Lashern:There are loan programs for 100 down 500 down 1 000 down 6 000 3 down 7 000 3.5 down and of course you can choose to put more down if you want to. There is also 100 financing that requires you to have 3 of the purchase price in savings. Each loan has different requirements and limitations.Several special programs are available in NC that provide down payment assistance of up to 7 500 8 000 15 000 and 25 000. There is also a program which provides matching funds for your down payment. What is probably more important than the down payment is that for the last 12 months everyone who will be on the loan has been paying every bill that comes in their name on time every month. Generally every person on the loan will need to have a minimum 580 FICO credit score although there are some programs that are not credit dependent. The best thing to do is to find a Realtor who works with first time buyers and who knows the financing options available.

2011-11-03T16:32:22Z

There are a lot of variables such as your credit score location of home and your debt to income ratio. You really just need to call a lender they could answer your questions over the phone in just a few minutes

2011-11-03T16:32:42Z

lashen There are many variables that affect yoru down payment. however if you are going to do a FHA lona you will need a minimum of 3.5 of the selling price down. if you decide to do a USDA loan only if the area qualifies for that type of loan you can do 100 financing.On a conventional loan you would need between 5 to 20 or more down.Youe down payment is based on the price of the house and not so much your credit score...You will still need to qualify for a house based on your income and credit.

2011-11-03T19:13:26Z

That depends on the type of loan you are getting FHA 3.5 also count on 2.5 in closing cost. But as a 1st time buyer get a Seasoned Agent who can negotiate with the Sellers for closing cost. Also don't fall for just the eye candy make sure the home was built well and maintained well. Another reason to hire a Seasoned Agent

2011-11-03T19:50:02Z

You will need at least 3.5 percent for an FHA loan or no down payment for a USDA loan. However USDA loans are available only for houses in specific rural areas so check with a lender or a real estate agent. However there are closing costs even where there is no down payment so you will have to bring some money to closing. Again you need to talk to your lender. Best Ron Rovtar Boulder CO

2011-11-04T15:27:56Z

The safest bet is for 3.5 down. Then you can ask for closing costs if you need them. This way you will be covered. It is a great time to buy

2011-11-04T19:36:27Z