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Old 10-31-2011, 10:44 AM
 
56 posts, read 127,848 times
Reputation: 17

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Hi there,

Good (not excellent) Credit
400-600K Home
Denver Colorado.

I am not looking to commit to a lender or a realtor right now, I am just trying to find out the minimum % down for a home in Colorado above 400K. In California for example it is known that it is 20% down for all homes above 750K.

Again, not looking to run our financials, or speak to anyone about our credit, I am just trying to get a general idea. Is 10% fairly common? Is 5% possible?

Thank You!
Tanya
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Old 10-31-2011, 12:56 PM
 
171 posts, read 483,846 times
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I can only speak to what we paid. We paid 20% down on a $430K home two years ago. Even with the 20% down, the bank questioned EVERYTHING....very stressful time.

As long as you stay out of jumbo-loan territory, then I imagine 20% should be more than sufficient.
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Old 10-31-2011, 01:04 PM
 
Location: On the sunny side of a mountain
3,183 posts, read 7,030,292 times
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It really depends what types of programs you can qualify for there are too many possibilities to give you a good answer. I hate dealing with lenders too, but they are likely to be the only ones to factor everything into consideration.
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Old 10-31-2011, 01:40 PM
Status: "Celebrating 30 years as a Broker" (set 24 days ago)
 
Location: Just south of Denver since 1989
10,890 posts, read 29,331,250 times
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How much do you have? FHA loan limits in the metro area are $368,000 - so 3.5% down. Otherwise, 10% down, excellent credit 5% down.
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Old 10-31-2011, 01:49 PM
 
56 posts, read 127,848 times
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Quote:
Originally Posted by ucbedge View Post
I can only speak to what we paid. We paid 20% down on a $430K home two years ago. Even with the 20% down, the bank questioned EVERYTHING....very stressful time.

As long as you stay out of jumbo-loan territory, then I imagine 20% should be more than sufficient.
Wow. Yes, we are hoping to not need 20%. It seems like 10% is doable....

Thanks!
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Old 11-02-2011, 09:55 AM
 
78 posts, read 169,819 times
Reputation: 33
I think this depends on your credit score. Call a few lenders and see what you can find out. My lender is suggesting 5% down when I was looking more at 20%.

The simple reason is this. Hang on to your cash. If you put 20% down on $500k, that is $100k vs $25k. You could have $75k in savings. If you lose a job, you could go for some time without having to worry about missing payments. If you dropped $100K into the down payment and lost your job, you could potentially lose everything and have nothing in the end. No house, no large cash reserve. With interest rates right now, for every $10k loaned, you would pay about $30+/- a month. So an extra $75k down will have a minimal effect on your payment.

Just my two cents.
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Old 11-02-2011, 04:51 PM
 
56 posts, read 127,848 times
Reputation: 17
Quote:
Originally Posted by GuitarPlayr View Post
I think this depends on your credit score. Call a few lenders and see what you can find out. My lender is suggesting 5% down when I was looking more at 20%.

The simple reason is this. Hang on to your cash. If you put 20% down on $500k, that is $100k vs $25k. You could have $75k in savings. If you lose a job, you could go for some time without having to worry about missing payments. If you dropped $100K into the down payment and lost your job, you could potentially lose everything and have nothing in the end. No house, no large cash reserve. With interest rates right now, for every $10k loaned, you would pay about $30+/- a month. So an extra $75k down will have a minimal effect on your payment.

Just my two cents.
OH yes! We actually would love to put 5% down- But in LA that just isn't possible for a home in our price range.... But I am happy to hear we could put less down in CO
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Old 11-03-2011, 02:44 PM
 
2 posts, read 7,408 times
Reputation: 12
As a previous poster said FHA will require 3.5% down with a maximum loan amount of $368,000 meaning you could purchase a home with a sales price of $381,347. Otherwise 5% is doable in most situations and 10% down gives you a little more financing flexibility. For the most part Colorado's real estate market has stabilized. All the best!
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Old 11-03-2011, 03:12 PM
 
56 posts, read 127,848 times
Reputation: 17
Quote:
Originally Posted by Denver Mortgage Authority View Post
As a previous poster said FHA will require 3.5% down with a maximum loan amount of $368,000 meaning you could purchase a home with a sales price of $381,347. Otherwise 5% is doable in most situations and 10% down gives you a little more financing flexibility. For the most part Colorado's real estate market has stabilized. All the best!
Thanks so much!
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