01-20-2012 03:54 PM
Welcome to the ZipRealty community! Thank you for posting in the forums.
I will contact one of the local agents to see if they are able to answer this question for you.
Client Care Specialist
01-24-2012 09:24 AM
Thanks for your inquiry. The down payment required will depend on the home you are buying and the type of loan you will be getting. The amount can be anywhere from 3% to 20% of the purchase price. However, there are also some restrictions on the home you will be buying. This is just a general answer. To be more specific, more information is needed from you. If you want to discuss this futher, please feel free to call me at 480.219.8299 and I will be happy to help you.
01-25-2012 10:06 AM
Really that is your answer you sound like a politician cmon be real i'll answer it the down payment on a $70,000 home does vary by the loan FHA or Standard whichever loan you go with the FHA is around this is just a close assumption $2400
on a standard loan which most people are not inquiring about cause they have $ and they already talked with thier banker is about $16,000 Realtors listen up HELP PEOPLE dont act complacent we need helpful advice!!!
01-25-2012 11:08 AM
Thank you for your reply. A HomePath loan requires 3% down or $2370. An FHA loan requires 3.5% down or $2765 for a $79000 loan. On a $70,000 purchase, the HomePath down payment would be $2100 and FHA would be $2450. A conventional loan will require anywhere from 10%-20% down or $7000 to $14,000 for a $70,000 purchase and $7900 to $15800 for a $79,000 loan, again depending on your credit and lender requirements. In other words, the down payment may be anywhere from 3%-20% depending on the type of loan you are getting. You and the home have to qualify for whatever loan you are getting and each lender will have their own criteria and costs for getting a loan. Are you considering making a purchase or are you just looking for information?