5% down on Bay Area home

Apple
AvDN10

Go to company page Apple

AvDN10
Apr 15 22 Comments

Has anyone in the last 24 months purchased a home in the Bay Area with only 5% down? If so, what tips or advice do you offer for someone looking to buy here with 5% down?

TC 500k

22

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 TOP 22 Comments
  • Samsara
    ucfL61

    Go to company page Samsara

    ucfL61
    But why would you do that? If you can’t get close to 20% down, you probably can’t afford. There will be PMI in most cases at 5% down
    Apr 15 4
  • Apple
    AvDN10

    Go to company page Apple

    AvDN10
    OP
    So far I have spoken with KeyPoint and BofA. Neither do 5% down on a 2m purchase. Really struggling to find a lender who will do 5% down on 2m. I do see a lot of lenders who claim to do 5% until you fill out the form and then they tell you what their limits are. Such a pain!
    Apr 15 3
  • New
    asdf1212

    New

    asdf1212
    I think your rates are based off your credit score. You will have to pay PMI though.
    Apr 15 1
  • Apple
    dpJT52

    Go to company page Apple

    dpJT52
    Always pay lowest downpayment you can. Extra cash with you is always useful and if invested can yield high returns
    Apr 15 0
  • Wipro / IT
    hakUna 😳

    Go to company page Wipro IT

     hakUna 😳
    We did with 10% down and we realized that we always got higher interest rates even after refinance. You will get better lower interest rates after 20% down payment is done imo.
    Apr 15 0