 Does a down payment get you a better interest rate on your Mortgage? |
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Additional Details
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toya_sheneysek21 | What is the average percentage needed for a down payment in order to buy a home? |
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tnerb52
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In order to avoid paying mortgage insurance (which can be quite costly) you need 20% equity in a property. This can vary from state to state and by company.
Some subsidized loans will get you in the market for next to nothing (0 to 5%).
If you can't come up with a minimum of 10% without help, you shouldn't be buying, you should be saving instead.
I feel that 20% down should be a minimum. Tough but better for all involved in the long run.
Look at the mess the past 5-10 years of "easy" credit has gotten thousands of borrowers. The default rate is criminal and people are losing their homes and saving through "creative" financing.
I've seen dozens of foreclosures, bankrupcies and people just walking away from a home where they have spent 10 years and $150K to leave with ZERO.
Minimum qualifications and gadget loans are trouble for a very large % of consumers. |
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its_kristy
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Most people put down 10-20%. 20% is the minimum to avoid PMI. With the mortgage industry in the dumps, it would be difficult and expensive to find a 0 down loan. |
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Landlord
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I don't know about average, but all of my life I have put down 20%. |
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Anthony
 |
There are several programs that allow for various downpayment amounts. Credit, loan amount and the income documentation that you provide are the major factors in determining what your downpayment should be.
There are programs such as My Community Mortgages, Flex 97 and Flex 100 offered by Lenders via Fannie Mae. These programs are designed for loans within conforming limits with those borrowers providing full income documentation. You can receive up to 100% with these programs plus sellers' contributions to closing costs. Downpayments are allowed from government and agency grants. Reserves requirements also need to be sourced, not seasoned - so they can be gift funds, mattress money, sous-sous funds, etc that are verified by placing those funds in a bank account.
However, if you are a first time homebuyer purchasing a property outside of the conforming loan limits, be prepared to place a minimum downpayment of 10%. |
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Nicki W
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3% or less. It really depends on your income and credit score. Do you have a home picked out? With a 620 credit score, you can get 100% financing. I suggest Hometown Banc Corp. My mom used them. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at www.totaldebtsolutionsllc.com and a Hometown loan officer will contact you . |
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flyrah
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It all depends on the price of the house, but no matter what $10,000 is a good amount.... 10-15% would be a great amount. |
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Jason G
 |
It depends on your credit, if you can put down 20% then you are golden. if you can put down 10% you should be okay. If you can hardly afford a down payment then check out the FHA website. |
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Ken
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Many first time home buyers purchase through FHA with 3% down. There are other first time home buyer programs with nothing down. This doesn't mean you have to bring nothing to the closing. There are costs associated with the closing that range from a low of 1% to as much as 4 or 5% of the purchase price. These vary greatly depending upon your loan, the prepaids (taxes and insurance), and the cost of the other items associated with purchase (inspection, appraisal etc.).
For more information see the fannie mae website at:
http://www.fanniemae.com/homebuyers/findamortgage/becoming/started/index.jhtml;jsessionid=XKENUTGWV5L0TJ2FECISFGA?p=Find+a+Mortgage&s=Becoming+a+Homeowner&t=Getting+Started
If you are a first time homebuyer (usually defined as having not owned a home in a set period of time-say 5 years) check out the first time home buyer programs from a HUD approved housing counsellor:
http://www.hud.gov/buying/localbuying.cfm |
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paul
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i thought it was 10%
but i could be totally wrong |
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