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Guest

hi

can u tell me how the down payment amount is calculated,or can the buyer put down any amount?
in other words,whats the least u can put down as a down payment?

laphillips · Posted: Fri Aug 01, 2008 9:41 am Post subject: down payments

Welcome Auto.096,

The simple answer to your question is the amount of the down payment depends on two factors: 1) The cost of the property, 2) the loan program you choose.

There are federally insured loan programs such as FHA that offer 97% LTV meaning they will loan 97% of the value of the property & the down payment is 3%; i.e. on a $300,000 home the down payment would be $9,000.

Loan & underwriting requirements have become tighter* in the last couple years & it is necessary to have a 10-20% down payment BUT be aware that borrowing anything larger than 80% LTV requires that private mortgage insurance - this is different than your hazard insurance - be added to your loan causing your monthly payment to be increased possibly as much as $500 or more.

*Qualifying for a home loan has become more difficult

Guest

thanks,you were very helpful

gmakerley · Posted: Sat Aug 02, 2008 4:55 am Post subject:

anto, you didn't indicate where you live, but in many states there are programs that are run by state agencies allowing for no down payment at all. this, of course, depends upon your precise circumstances.

just for example, in connecticut, we have a bond program run by the connecticut housing finance authority. we will make a first mortgage of 97% of the purchase price or appraisal, whichever is lesser. if a borrower has less than $5000 of available cash to do the transaction, however; there is the availability of a down payment assistance loan. in this situation, it is possible for a borrower to actually obtain more than 100% of the price of the home in the form of two loans.

not every state that has bond programs offers the same set of circumstances, but it is definitely worth investigating what might be available in your state.

chrisburns · Posted: Mon Aug 04, 2008 4:54 pm Post subject:

Also (at least for now) down payment assistance is allowed for the 3% that FHA requires on a purchase.

You can basically finance the 3% into your loan.

Guest

Hi I am currnetly in the process of trying to buy a home. I am a first time home buyer that is looking to buy a home in Bloomfield, CT. I have been told that i qualify for a CHFA loan. Just wanted to know if I wanted down payment assistance how do I go about applying and will it increase my mortgage payments?

smithsussane · Posted: Mon Jan 05, 2009 12:57 am Post subject:

Hi Guest!

Welcome to forums!

Your query has been answered in the given link:
http://www.mortgagefit.com/homeloan/chfa-downpayment.html

Please take a look to know more.

Sussane

eric1 · Posted: Mon Jan 05, 2009 5:29 pm Post subject:

There are also a few banks that will lend 100% of the purchase price. Of course, the credit guidelines are strict. If you are working with a broker who has a relationship with one of those banks, then you are in luck.

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