House Loans and Down Payments

Forum|Forum|7 years ago
December 13, 2018
3 replies
19 views

OK I HAVE 0 DEBT I HAVE JUST THE NORMAL BILLS TO UTILITIES RENT ETC ETC AND I WANT TO BUY MY FIRST MY CREDIT SCORE IS 768 DO I REALLY A DOWN PAYMENT..? OR I HAVE THE OPTION TO FINANCE EVERYTHING AND JUST PAY FINALS CLOSURE.

Carl

Level 11

That's up to the lender and whatever their lending requirements and policies are. Most lenders require 20% down. But I know my son made his first home purchase in Jan 2017 with only 15% down. I was told the reason for the reduce down payment requirement was because of a combination of his debt to income ratio, high credit score, and high income.

DaveT315

Level 4

Depends upon the loan programs in which you meet the qualification criteria. If you are a veteran with a VA loan entitlement, then you may be able to qualify for a no-down payment loan. If you are purchasing an owner occupied primary residence, you might qualify for a 3.5% down payment FHA loan. If you are a police officer or a teacher and want to purchase a home in the area you service or the school district where you teach, there are HUD owned homes you can purchase at a discount and use a HUD loan program. Spend some time Googling these topics, then talk to your bank's loan officer about what they offer.

annawrk

Level 5

I work for Turbo and am looking to learn more from consumers who have been through a loan experience. I would love to chat more with you if you are willing - let me know and we can DM. Thanks!