Whats the least amount a realtor will accept for a down payment on a house Vol. Southern Cali

548
10
Joined Feb 27, 2003
It's up you(loan) to see what you qualify for, there are some loans that require 3, 5, 10 percent, etc. Its not up your Realtor. So if you qualify forfannie, 3 percent of 250,000 is 7,500 down. But you figure you are getting 8k from govt and up to 10k from state. Borrow money from family and pay theminterest.
 
14,225
5,450
Joined Aug 23, 2007
depends on how much the house is, and how much your APR will be.

but like always, the more you put down, the better.

-smile
 
3,958
320
Joined May 25, 2008
yeah im honestly thinking of getting a house or condo if i stack my chips up i might be able to pull that 7500
 
548
10
Joined Feb 27, 2003
yeah im honestly thinking of getting a house or condo if i stack my chips up i might be able to pull that 7500
Good Luck to you bro, its a lengthy process buts it worth it. If you have any question hit me up.
 
3,958
320
Joined May 25, 2008
Originally Posted by amarusgear

yeah im honestly thinking of getting a house or condo if i stack my chips up i might be able to pull that 7500
Good Luck to you bro, its a lengthy process buts it worth it. If you have any question hit me up.



yeah man good looking out
 
4,096
12
Joined Feb 27, 2004
If your a first time buyer you might be able to recieve grant money for a down payment.

My boy was a first timer, and the gov gave him 7gs for a down P.
 
3,958
320
Joined May 25, 2008
Originally Posted by ISRAEL5EKLA

What part of SoCal?

Owning a house is a dream come true.

Im saving up for a house now.
good luck with that man

In the IE, Riverside maybe
 
2,891
10
Joined Aug 7, 2007
I think one of the hardest choices to make besides the money thing is the area you want to live in.
To me atleast.

Goodluck to you too.

you werent at the dodger summit where you? if not see you next month if you go.
 
96
10
Joined Jan 30, 2003
Me and the wifey are looking for a house right now. We've already been approved for $375,000 and now just need to find the right house. We're lookingin the Downey, Lakewood, Paramount area. Its just crazy the things the things that some people do to their homes, I mean building random bathrooms in thelaundry room, making the garage a living space... just stuff that makes you cringe. Its also hard because we're doing an FHA loan so we need to find ahouse thats move-in condition. Any tips from any souther Cal home owners out there? Our rate that our lendor is giving us is 4.7% which i think is pretty good.
 
3,181
13
Joined Aug 4, 2004
you should be able to get a goooooood rate, better than 4.7, US is going into a negative interest rate session.
 
538
12
Joined Jul 7, 2002
I hope that you've got some sound logic behind your decision and actually learned something from that sub-prime mortgage bubble that effed us all over.

That being said, if you've got the resources, it's a GREAT time to think about being a new homeowner.
 
3,134
10
Joined Jul 23, 2008
Originally Posted by AllDay AllNight

I hope that you've got some sound logic behind your decision and actually learned something from that sub-prime mortgage bubble that effed us all over.

That being said, if you've got the resources, it's a GREAT time to think about being a new homeowner.
word, don't be getting a house if all you plan on doing is making the down payment and working for the monthly payments
 
96
10
Joined Jan 30, 2003
Originally Posted by davidisgodly

you should be able to get a goooooood rate, better than 4.7, US is going into a negative interest rate session.

Better than 4.7%? Whos giving out better rates than that? I've shopped around and thats about as good as I've seen without buying any points. My creditscore is 810 and wifeys is 785. We're both 26. The reason we're doing an FHA loan is because we don't have enough saved up to comfortably make a10% down payment, let alone 20%. Its tough because we're also paying for our wedding in August all by ourselves too, but home prices are excellent rightnow. Its a good time to find a nice property, there are a lot of short sales and foreclosures out there.
 
9,999
200
Joined Sep 11, 2004
Originally Posted by dannyv23

Me and the wifey are looking for a house right now. We've already been approved for $375,000 and now just need to find the right house. We're looking in the Downey, Lakewood, Paramount area. Its just crazy the things the things that some people do to their homes, I mean building random bathrooms in the laundry room, making the garage a living space... just stuff that makes you cringe. Its also hard because we're doing an FHA loan so we need to find a house thats move-in condition. Any tips from any souther Cal home owners out there? Our rate that our lendor is giving us is 4.7% which i think is pretty good.


I saw this house that had the kitchen divided in half

and you had to go through a bedroom just to get into one half of the kictchen


house was priced at $400k
 
649
10
Joined Nov 11, 2007
FHA loan are giving 4.7-5% interest rates right now. Yea you just need 3.5% of the purchase price. To get the best rate, go to a bank. They been giving thebest rates(wells, BOA). For conventional loans, the rate is a lil lower, with a 10% down.

Buying a home, you'll get 8k from federal.
Buying a brand new home, you'll get the 8k and 10k from state. nice!
And if you lose your job Board of Realtors of Ca. will pay your mortgage for up to 6 months.

If you buying in River/mo valley. Just have patients cuz a lot of desent looking homes will have mulitple offers.

Yea if you have any questions. hit me up. I'm a Realtor in Rancho.

Davidisgodly- what you're talking about is the rate that the banks lend each other money. Not the same rate.
 
20,231
1,394
Joined Jan 19, 2002
damn...i know prices in mo valley are real good....but i cant see myself moving out there

im in the 562....which us close enuff to some things but still far enuff out. moving to the ie would make me go crazy i think
 
96
10
Joined Jan 30, 2003
Hey Beermann, what do you think is a good first offer on a house if it already has an offer or two? should you still offer 7-10% below list price? And how doesthat 10k work from the state? Only if its a 100% new home? Could it be like a townhome or a condo or does it have to be single family?
 
649
10
Joined Nov 11, 2007
Mo Val is far. Why not Rancho, Ontario, Claremont, Montclair, or Pomona? you can't forget that traffic on the 10 east, man that thing is brutal.

If a home has a couple of offers, it all depends. How bad do you want that house? My opinion is that you should offer the asking price. and if your willing,offer a lil more. If you're the highest offer, they'll talk to you first.

For the 10k, I believe its for single family. All I read was for single family residence, but I'll check the guidelines to see if townhomes and condosapply.
===============
Condos and townhomes don't apply.
 
3,661
1,578
Joined Apr 4, 2003
there are a lot of short sales going on in the market today, a good friend of mine is getting people into houses with no money down (this is in NY), i wouldadvise looking into that.
 
776
10
Joined Apr 21, 2001
I was going to say. You dont need to put down 10-20%. I'd just put the minimum down (3%), because you really won't see much of a difference in yourmonthly payments....Unlike cars, homes do not depreciate and will gain equity in the LONG run.generally speaking, of course.
Originally Posted by Beermann2

FHA loan are giving 4.7-5% interest rates right now. Yea you just need 3.5% of the purchase price. To get the best rate, go to a bank. They been giving the best rates(wells, BOA). For conventional loans, the rate is a lil lower, with a 10% down.

Buying a home, you'll get 8k from federal.
Buying a brand new home, you'll get the 8k and 10k from state. nice!
And if you lose your job Board of Realtors of Ca. will pay your mortgage for up to 6 months.

If you buying in River/mo valley. Just have patients cuz a lot of desent looking homes will have mulitple offers.

Yea if you have any questions. hit me up. I'm a Realtor in Rancho.

Davidisgodly- what you're talking about is the rate that the banks lend each other money. Not the same rate.
 
Top Bottom
  AdBlock Detected

Sure, ad-blocking software does a great job at blocking ads, but it also blocks some useful and important features of our website. For the best possible site experience please take a moment to disable your AdBlocker or head over to our upgrade page to donate for an ad-free experience Upgrade now