i paid everything off on my credit i been saving my money and now im tring to get this house. please help
2007-01-15 17:37:56 · 13 answers · asked by bigboyd65 1 in Business & Finance ➔ Renting & Real Estate
A 20% down would be good already. See if you can qualify even with a 5% or 10% down.
2007-01-15 20:01:18 · answer #1 · answered by Oliver 3 · 1⤊ 0⤋
If you've paid off all of your credit cards your credit will probably start improving within the next month. You're also saving money to get into a home, but you should only put down what you can afford, taking into consideration that you will also be paying closing costs. Many lenders (and I am one) offer 100% financing, usually with a minimum mid-credit score of 620. If you do not meet this criteria, then you will likely have to try to save up at least 5-10% ($7,500-15,000) for a down payment plus closing costs which are approximately 3-4% of your loan amount (in your case, maybe $4,500-6,000). So in total, you should expect to pay down about $12,000-21,000 at closing and hold a mortgage of $129,000-138,000. Your estimated payment will likely be about $900/month, not including property taxes or insurance. Hope that helps.
2007-01-16 01:49:06 · answer #2 · answered by Dean L 1 · 3⤊ 0⤋
If you have your credit score in good standing and if your middle score is over 680 then you may not need to put any down payment.As you said that you have paid everything off.I am a loan officer for 5 years.I have all different programs to suit your need.If your are curious to know more drop me a n email:
ppandya_1@yahoo.com
Patrick
2007-01-16 16:07:07 · answer #3 · answered by Prakash 2 · 1⤊ 0⤋
Depending on your credit situation, you may not have to put any money down. There are many lenders who are flxible with the % if a down payment is needed. If you go to http://www.justgetaloan.net you can use tools to acces your personal situation and also get a free quote. For additional assistance you can also contact me at jfreeman@justgetaloan.net
2007-01-16 14:25:56 · answer #4 · answered by justgetaloan 1 · 0⤊ 0⤋
you want to pay at least 20% down. then you avoid paying private mortgage insurance.that is expensive. the more you put down then that, the less you pay in interest. 20% is 30,000. how much you have to put down for a minimum is up to the bank, but make sure that you come up with a budget for this house, and they give you a total amount due each month, (they required to by federal law) before you sign, so that you do not get in over your head.
2007-01-16 01:44:11 · answer #5 · answered by Jen 5 · 2⤊ 0⤋
The highter the amount the better really. That means less for them to lend to you. You might also want to have some in the bank so they can see that you have a savings.
2007-01-16 01:57:50 · answer #6 · answered by gord's360 3 · 1⤊ 0⤋
As much as you can possibly afford. It will reduce your payments and give you a better chance at a good loan. Try for at least 20%.
2007-01-16 01:47:19 · answer #7 · answered by Anonymous · 2⤊ 0⤋
No one can answer you accurately without knowing your 3 credit scores.
2007-01-16 11:55:27 · answer #8 · answered by Anonymous · 0⤊ 0⤋
$25,000 would be a good guess at a down payment. It all depends on the bank's requirements.
2007-01-16 01:42:40 · answer #9 · answered by Anonymous · 1⤊ 0⤋
i would say about ten percent of the house that u want good luck i hope u live out ur dream
2007-01-16 01:44:37 · answer #10 · answered by bigbreastedbitch1979 2 · 2⤊ 0⤋