tipsy pixie
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Between 5% and 10% to get anyway decent rate so, 4,500- 9000. The higher the better at the minute though because it's getting harder to borrow. |
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monicanena
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20% is the minimum. Otherwise you'll have to pay mortgage insurance. |
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Megz
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If you could get 20% down ($18K), that would be great b/c you wouldn't have to pay PMI. |
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kja63
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With lenders tightening their belts because of the mortgage crises, new home buyers should have very good credit or better and at least 20% for the down-payment. |
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gavmel259
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Most mortgage companies now have raised their required deposits from 5% to minimum 10%. |
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♥brutal♥
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10% - 9k |
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Me
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10% is usually good. |
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tiger tiger
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as much as you can afford. first time buyers usually need minimum 95% but the more you can put down the better |
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cdrates
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If you are a first time home buyer you can get a loan through the FHA and only have to put down 3%, otherwise you will have to put down 20% to aviod paying Private Mortgage Insurance, PMI.
Your credit score and history will also determine if you can get a mortgage and the interest rate you will pay, on a $90,000 home you will probably qualify for a conforming loan, a loan one of the federal agencies will buy from a bank, meaning you will get a better rate, probably around 1% less then a non conforming loan, this article has some good information on the process http://www.monitorbankrates.com/mortgage-closing-costs |
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the_sio_monster
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10-15% |
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silver coast surfer
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Put down a 10% deposit at least and then have enough money back to pay solicitors stamp duty moving fees etc etc.
Then keep a good bit of money back for things that will happen when you move i.e you will need new pieces of furniture and want to do stuff to the garden. So hold back at least a grand and put it in a safe account and only to be withdrawn by both signatories and only when you really need it. You will thank me for this advice one day.
Good luck. |
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bob
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around £4,500 as most places are only offering 95% mortgages so you'll need to come up with at least 5% of the value of your property. |
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open4one
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Well, you've asked for a match and I'm gonna tell you how to build a fire, but here goes.
A Deposit is the amount you pay when the contract is formed to secure your promise to actually come to closing and pay the balance. Generally, if you breach and don't close through your fault (changing your mind, for example), the Seller keeps the Deposit as Liquidated Damages (sometimes they can sue for more, but let that pass. Suffice to say you can lose your Deposit if you walk.)
A Down Payment is not the same thing. The Down Payment is the difference between the Sales Price and the total amount of Loans you will take out to close the deal. Assuming you Close, the Deposit will either become part of the Down Payment, or may be refunded to you if you choose 100% financing (if available).
So... keep your Deposit as low as possible, but bear in mind that the size of it reflects on your seriousness as a Buyer.
Your Down Payment is a decision to make based on your ability to make a strong Down Payment, and your needs to maintain available cash for other reasons. A larger Down means lower monthly payments because of a lower loan value, and may save PMI or otherwise get you a lower interest rate.
My main point here is the difference between Deposit and Down Payment. They are not the same thing at all. |
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yummymummy
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what i want to know is where in the UK can you buy a whole house for 90K ?????? cause im moving there!! |
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tyneham
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Advance deposit as much as you can to help reduce monthly repayments over several years. However, start from 10% plus. |
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boohoo
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That depends on what you want your monthly payment to be. Plug some numbers into this: http://www.mortgage-calc.com/mortgage/simple.php
It also depends on what your credit score will qualify you for. |
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Carol1841
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The standard deposit needed is 10% of the purchase price, but in the current market situation, it would certainly go in your favour to have anything above this. Shows your are serious about buying. |
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Biggie @ Arbor Mortgage
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3% down & you can possibly get an FHA loan. |
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