Philadelphia, Bucks and Montgomery Counties Real Estate. Tips for home buyers, home sellers by Gita Bantwal,Realtor at Re/Max Centre Realtors.

Down Payment Basics

Here are some down payment basics:

 

Conventional:  

  • Minimum is 5% (there are some 3% options), but the basic for everyone with no strings attached is 5% (this goes for condos, manufactured homes, modular and single family homes).
  • On a 2-family home, the minium down payment is 15%
  • Minimum on a single family investment is 15%
  • Minimum on a 2-family investment property is 25%.

 

FHA

  • Minimum Down is 3.5%. This is for 1-4 family, condos, manufactured and modulars
  • Investment properties are not allowed.

 

VA

  • This is NO Money Down. This is for 1-4 family, condos, manufactured and modulars
  • Investment properties are not allowed.

 

USDA

  • This is NO Money Down. This is for Single Family only (USDA will not lend on 2-family homes), condos, manufactured and modulars

 

In all cases, ALL of the money could be gifted from a family member (non-family members gets a bit tricky, but is doable and too much to type about, so call me and ask me further).

 

I am licensed in Ohio, Florida, Michigan, Illinois, Pennsylvania, Virginia, Georgia, Maine, Oklahoma, Colorado, Texas, Arizona, California and Washington.

 

I specialize in purchases with 5% down or less and work with people who have had prior bankruptcy, foreclosure, unpaid collections and recent job changes. Above everything, my service is second-to-none, I return phone calls like a maniac (call me on Christmas Day at high noon and watch). My phone number is 1-216-780-1103 and you can call or text to that number. Lastly, my company IS the lender, so no shopping around or waiting for answers. I am a loan officer and I also own the company and I am an underwriter (not a bad combination for people who want immediate answers which will not change later).

 

#khashtags

When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.

Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com

 

She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com

If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491

 Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others  in my post and comments is not to be construed to be  legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.

IF YOU WOULD LIKE TO SUBSCRIBE TO MY BLOG         CLICK HERE   OR EMAIL ME AT Gita01@aol.com

 

Comment balloon 12 commentsGita Bantwal • August 19 2018 12:04PM
Down Payment Basics
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