First Time Home buyer. Can someone tell me how much down I would need for a $175,000 in CA?
tonyscourtside22 asked:
Hi. I’m a first time home buyer in Monterey County of Ca. I’m trying to figure out how much I would need to put down on $175,000 home in my area. I would greatly appreciate any insight or tips on buying my first home as well. Thanks a bunch.
Darryl
Hi. I’m a first time home buyer in Monterey County of Ca. I’m trying to figure out how much I would need to put down on $175,000 home in my area. I would greatly appreciate any insight or tips on buying my first home as well. Thanks a bunch.
Darryl
January 7th, 2010 at 6:52 pm
Judy
FHA 3%-5% = $5,250.00 – $8,750.00
Normal 20% = $35,000.00
Aim for 20%, but look in to FHA and remember closing costs are separateand to budget for them.
January 8th, 2010 at 3:16 pm
Tom
He’s right, FHA requires 3% total contributions. at least 2.25% of that have to be down payment and the other .75 can go to costs. Try and get a seller to conceed their 3% towards costs if you choose this route.
Some people will tell you not to buy a home unless you have 20% down and some will tell you that that money is better left in savings or investments since you wouldnt see it again until you sold the home. Personally, I think the FHA is a great way to buy a first home and carry interest rates right now around 5.25-5.75%
Know though, that all FHA loans require mortgage insurance (usually .5% of the loan amount amortized annually) and a large escrow desposit for taxes, insurance and mortgage insurance.
Hope some of that helps.
If you need some more detailed info feel free to call my office at 866-798-8940 ext2132
January 10th, 2010 at 10:29 am
Andrea
Now days, you need least 20% down payment to get a loan. You can ask seller for little help but it is hard to get a loan if you don’t have good credit score, job history, etc.