yellowkayak
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If its your first house and FHA loan requires 0% down, many loans require only 5% down the most important factor is your debt ratio and that is 40% I am closing on Monday and just went through all of this I went through this in Seattle two years ago so I know what I am talking about. Go on line and get with a company can englending.com they will get you the best rate and bank with your current credit and finances, a tip is to by an inexpensive fax machine because you will be doing a lot of it over the next couple of month but your fax will cost you under 40 bucks. |
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Bean counter
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Depends on the what the bank is willing to lend you. General rule is 20% of the cost of the property. In your example that would be 20K to 30K. If you put less than 20%, the bank will geerally make you take out an insurance policy until you get to 20%. This is so you don't default on the payments. The insurance called PMI is added to your monthly mortgage payment. |
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Diaboyos
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It all depends on how good your credit is. If you have very good credit you can get a 100% loan and put nothing down, and even get extra money on the loan for immediate home improvements. If your credit is extremely poor they may want you to put a significant portion down as a sign of good faith. It all depends on how good your credit is. Talk to a good mortgage person they can really tweak how much you'll need to put down. For example, even if you qualify for a 100% loan based on outstanding credit it might not be the wisest choice because the APR might be a few percentages higher than if you put down a mere 5%. Speak to a mortgage person they know all the tricks to the game. |
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Becky R
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Depending on your credit and whether or not you have ever bought a house before the down payment varies. My friends just got a house for 169k and applied for a first time homeowners loan. They didn't have to put anything down. It ranges from 0 to 10% and the interest rate varies based upon your credit and down payment. |
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Random Precision
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Typically a mortgage company wants at least 10%, but some will loan you the money for 5% or even zero down. If you can put at least 20% down you won't have to pay for Private Mortgage Insurance which would save you between $100-$200 per month. |
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Papa John
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It's harder to get a loan with 5 or 10 % down now, because the value may drop that much in the next year. You'd really be best to figure a way to put down 20%, so you can avoid the dreaded mortgage insurance. You can have some of that money gifted to you, but not loaned to you. |
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grgrynoel
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20% DOWN AND A PRAYER .FIRST TIME HOME BUYER 10% |
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♥fairygurl♥
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In TX you have to put at least 20% down. So if you lived here it would be about 20,000 for a 100k home and 30,000 for a 150k home. IDK anything about Ohio though. Try your local realtors most of them have web sites |
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tonalc1
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It depends on your credit rating and score, income, and the type of loan/financing you get. Anywhere from 10-40%. |
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Fartbuster
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Typically between 10-20%, but if you have a good credit score you can take out a second and have no downpayment. Having a down sucks. Who can save like that! |
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james_r_24
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If you have perfect credit you wont have to put any down. But it is best to put at least 10% down. That will make your payments cheaper. |
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Richard M. Johnston, Realtor
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depends on your credit. |
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