What is the minimum downpayment for a first time home buyer?
543593
There are many programs available for first time homebuyers.  I closed on my first house for $300 out of pocket.  The county made my downpayment for me.  Talk to a Realtor.  He/she will be able to tell you what programs are available in your area.
2569
FHA loans for first time home buyers do offer some no money down loans. Talk to your loan officer of choice. These loans may have higher interest rates, and certainly include PMI (premium mortgage insurance) that will increase your payments.
1082974
My husband and I were truly blessed we we bought our home. There is a program called Ameridream and if you are a first time homebuyer or a minority, the government will cover your downpayment. No gimmicks or paypacks. It was awesome. We saved 5k on the downpayment. We got an interest rate of like 6% and if we did a 80/20 the rate would have been 7.5%.
353503
YOU CAN GO ON DUN AND BRADSTREET'S WEB SITE AND THEIR RATE ALL BUSINESSES.  BUT, BEFORE YOU BUY RIGHT OUT, IF YOU QUALIFY FOR A MORTAGE FROM THEM, THEN YOU CAN QUALIFY ANYWHERE.  CHECK WITH YOUR CITY OFFICE AND SEE IF THEY HAVE PROGRAMS.  IN COLUMBUS, OHIO THEY HAVE A PROGRAM WHERE THEY PAY THE DOWNPAYMENT AND ALREADY HAVE LENDERS THEY WORK WITH.  ALSO CHECK FOR FORECLOSURES, HUD, AND AUCTIONS.  YOU MAY GET A BETTER DEAL.  ALSO GO ONLINE AND SEE WHAT OFFERS YOU GET.  IF YOU FEEL WORRIED ENOUGH TO ASK ABOUT THEM, MAYBE YOU SHOULD LOOK FOR ANOTHER LENDER.\n\nJJ
753849
Usually the amount you can borrow is around 2.5 times your salary, or in your case you and your friend's salary combined\n\ne.g. if you earn 40,000 between you, you can borrow 100,000\n\nYou need to go to the bank and ask for advice, and they will give you details of which mortgage will suit you best. Then you can shop around and try and get a lower interest rate!
1144600
FHA guarantees loans for first time home buyers and can often offer solutions even to people with bad credit.  Shopping around for a good realtor and lender if very important.\n\nAsk friends and family who they have used.  In the market as it currently sits, almost anyone can get a mortgage, everything depends on how much you want to pay and what property you want.\n\nWhen looking for homes, make sure your realtor knows that you are a first time home buyer and interested in FHA loans since only certain houses qualify for them and some will be automatically ruled out.\n\nWhen shopping for a lender (don't JUST go with the one the realtor recommends but DO at least check them out), inquire about FHA loans and what type of points and interest would be available for someone with a credit rating of X.  find out what your credit rating is from the 3 major credit bureaus BEFORE you shop for a lender.  You want to know what they are going to be seeing before they do.\n\nThe more information you have the better.  Don't be afraid to ask questions or to walk away if it isn't what you want.\n\nStandard disclaimer: This is not legal advice nor financial advice.  If you wish to have legal or financial advice, you shoudl contact a licensed professional in your area.
484925
That's pretty low.  They maybe will if you have a big down payment and agree to a huge interest rate.
1065748
Basically you add a certain amount to the mortgage that you want to use for the closing costs, say $5,000.  This $5,000 is then given to the seller by the bank which they then give to you to use for the closing costs.  You are basically financing this additional amount with the bank.  There are limits on how much you can do this for and the bank must allow it but most do.  If you make an offer of $205,000 with $5,000 of sellers assistance your offer is really $200,000 for the house.  I do not believe this money can be used for the downpayment because you have to have the downpayment with you at the settlement before the seller can give you the seller's assistance amount back.
576019
I think you have a lot to take into consideration here. First and foremost you should know how your credit report looks if you have a spouse you'll need his too. You'll also need W2's from the last 2 years from your job,tax W2's will do, proof of income and earnest money to put down when you sign a contract at least but no more than $1,000.00. The most important thing to look at right now is the interest rates. The better your credit the better the rate you'll get. Please go to a local bank or other surrounding banks and see if they could lock in a low interest rate for you why you shop around. They don't have to know exactly when you're going to buy. When buying your home always ask the seller to pay for your down payment and closing costs. The way to do this is to give him or her close to the asking price when you bid and stipulate in the contract that they are to pay your down payment and closing costs. Usually if they are getting close to full asking price they'll take the offer because they were leaving room to come down anyway. When looking at homes don't show to much emotion especially if you really like a house because if you do they'll know you really want it and they may not be willing to negotiate with you. Showing a lack of interest while your in the home is always better, even though you're dying inside to make an offer. It'll be in your best interest to wait till you talk to the realtor if you choose that route to show your enthusiasm. You can always buy a forsale by owner home too! It's less complicated and easier all the way around. The seller will and should be the one to get the lawyer to handle everything. This is quite simple, because you can call the lawyer and see how everything is going to. They do the appraisal, title search, closing and anything else that needs recorded and done. Before you know it you'll be sitting in your new home. I'd start now so you have everything in order. The loan already approved is the most important thing of all. Ask some people who have mortgages with banks not mortgage companies for referrals. Mortgage Cos. have a lot of hidden fees that you have to pay where as a bank doesn't. Good Luck...Happy House Hunting.
218095
You don't need a downpayment.  Most banks offer loans for people that make less than $50k/year.  I know that Fifth Third Bank has a loan called the Good Neighbor loan.  There's no down payment and no PMI required.  Check it out at www.53.com.
1019918
My husband and I bought our first home with a VA no money down, all we needed at the time was earnest money, which is basically good faith money you give to seller to know your serious about the purchase. (some sellers require a certain amount down. like $500.00)Also when we bought we had to offer the seller, their asking price plus closing costs, to cover all of our fees and put it all in the loan.Good luck and if you have ANY questions definitely talk to your lender and realtor!!Good Luck!!
634179
Never offer the full asking price. I would start out offering 10,000 less than they are asking. They'll probably negotiate with you till you come to a happy medium. Happy house buying!
94422
Get on the phone and get good faith estimates. It will take a while to give them all the info but may be well worth it. Get at least 5 if you really want to be sure you have a good deal. You might also try a mortgage broker, they can take your info and hook you up with the best lender they have access to for your particulars.\n\nThe problem with strictly trying for a lower rate is that someone can give you higher fees and a lower rate no problem. \n\nIf you are not financially savvy and just love crunching numbers into the wee hours of the morning with your spreadsheet program then just compare the APR of each offer. This is actual percentage rate which takes the fees into account. \n\nThe same lender can give you multiple options if you have a particular need such as fewer up front costs. They can raise the rate to lower the fees in the for of points. Then you can compare apples to apples between lenders and see who really has the best offer.
1166208
600 gets u a home with 10-20% down...anything above that ur less likely to put ANYTHING down.  Below 600 it is still possible to get a home, but u have a higher down payment with crappy rates and a high mortage.  We lucked out on ours having a score of 558 with down payment being covered by the owner, but would cost us $2000 a month for mortage. We didn't buy but it was worth a shot. Shop around...someone WILL work with u.
1165633
If your debt to income ratio (all of your monthly debt, credit cards, car payments, student loans etc PLUS the principal, interest, insurance, taxes and housing association dues if applicable DIVIDED by your monthly income) is under 50%, you should be able to qualify.   \n\nFor example - \n\nIf your total monthly expenses (including the new home) came to $3,000, you would need to show $6,000 a month in income to qualify.\n\nDebt To Income = Debt / Income\n\nDebt = 3000\n\nIncome = 6000\n\n3000/6000 = .5 or 50%\n\nYou will, however, need to put 15% down on the purchase plus have the cash to cover closing costs.
723950
Your mortgage payment should be around 35% or less of what your income is.\n\nIf you want specifics, tell me your income and I'll tell you how much house you can afford.
595011
There are plenty of options available to you.\n\nThere is a great free report at http://www.first-time-homebuyers-loans.com that will point you in the right direction.  It is very helpful, but to big to copy it here.\n\nGood luck,\n\nGreg