Great question There are several different programs which would help you decide on purchase price, and monthly payment and certainly loan qualifying. The minimum down payment to purchase a house anywhere in Sonoma County’s 3.5% which would be on an FHA insured government loan program. If your income is $92,000 per year or lower, and you’re open to purchasing a home in a more agricultural area, you can look at USDA financing which allows you to purchase a house with no money down, literally 100% financing. There is no catch to that particular loan program so long as your income is in with the proper thresholds and you are purchasing a home in a US Department of agriculture certified area only.

Another choice for many would-be home buyers is conventional loan financing. In which case you would need 5% as a down payment. If your purchasing house for $300,000 $15,000 would need to be from your own funds. Try our mortgage payment calculator to see what kind of mortgage payment you could expect.

No matter which mortgage loan program makes the most sense for you, conventional financing, FHA financing or USDA financing, each program allows for gift funds. That’s right, mom or dad, on uncle, relative etc. can gift you funds to purchase a home. On both USDA and FHA financing, the full down payment can be the gift in other words you don’t have to have any down payment funds in your own name.

Start your home buying process by getting a complementary mortgage rate quote and choosing from the right loan program to meet your needs. You can also give us a call at 707-217-4000 eight.