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

3 Responses to “First Time Home buyer. Can someone tell me how much down I would need for a $175,000 in CA?”

1. rhlkale on January 7th, 2010 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.

2. Nash P on January 8th, 2010 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

3. Brian P on January 10th, 2010 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.

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