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Having just bought a house in California - what is this "5% down" you speak of?
by scubbo 6y ago
Having just bought a house in California - what is this "5% down" you speak of?
- astura 6y agoFHA loans have a down payment requirement that can be as low as 3.5% https://www.hud.gov/buying/loans https://www.hud.gov/buying/loans Also, VA loans let you buy a house with no down payment. (For veterans)
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- toast0 6y agoThe credit union I borrowed from says their first time [1] home buyer program will do 95% LTV to $1.5M. Depending on where you are in california, that's likely enough (97% LTV to $850,000, but that doesn't get you much in the Bay Area). Of course, if you just bought your house, I don't think you'd be able to cash out refi down to 5%, and certainly not under a first time homebuyers program. Cash out refis may not be non-recourse in California either; I'm not sure. [1] I can't see the requirements, but usually it doesn't actually mean first-time, just that you haven't been a homeowner recently.