I LIVE IN SO-CAL, I WANNA GET A LOAN TO BUY A HOUSE (STATED INCOME), WHATS THE LOWEST DOWN PAYMENT POSSIBLE?

Say on a 350-400k house. All these genuine estate agents impute me to opposite loan officers who area all revelation me opposite things… a little contend i can put 0 down, and others contend “its a brand new law, you contingency compensate 20% down with settled income”…. so does any one know?

{ 7 comments… read them below or add one }

kemperk April 6, 2010 at 8:35 pm

there cannot be a downpayment law but
I read the same rumor. Each bank
creates its own lending policies.

YOU can get 100% financing
from some lenders and only 75% loans from
others; based on credit and employment
history, etc.

aydenmedia April 6, 2010 at 9:31 pm

you can put 0% down…. but you will have high monthly payments… 20% is always good

Jason D April 6, 2010 at 9:51 pm

In today’s market, it is exremely difficult to get a “No Doc” loan if you do not have 20% for down payment.

Can you find one with less? Sure. But odds are you will need to contact several (10 or more) lenders and when you do find one, expect to pay *at least* 2% higher than comparable loan with documented income.

*****
Ignore all of the answers that tell you to contact a lender via a yahoo or gmail address. Any legitimate lender will at the very least spend the $10 it costs to register a domain. These emails are notorious for being avenues for identity theft and mortgage fraud.

Gillian April 6, 2010 at 10:39 pm

Home loans are now available to many people for whom they would have been out of the question just a few years ago. You’d be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal you believe it to be, a bad credit home loan can stillinterest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!

Angela April 6, 2010 at 11:39 pm

For stated income….I would say 20%

John W April 7, 2010 at 12:05 am

I’m a realtor in so-cal. Good luck. The last time I saw a stated income loan was over a year ago.

Brown I April 7, 2010 at 12:56 am

Hi
I saw your question I have decided to help people out due to the fact that I myself has been scammed twice by fake lenders in my search for a loan but at last I got a reliable lender that gave me the loan($60,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. a faithful woman of God Mrs Fox Jenny, You can get to him via his email address: foxjenny31@yahoo.com, Or, Please tell him that BROWN IRISH he gave out a loan to me . I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.”
Thanks.

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