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Married. Live in IL. Do not want his name on the title.
Additional Details
Buying a new house.... |
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hello all
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 Mortgage rates where are they going? |
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burlingtony | What is the standard amount you have to put down on a house if you are signing an agreement to purchase ?? |
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godged
 |
As a Realtor, I ask for 10% of the purchase price. But I have seen offers with $10 of earnest money.
There is no standard amount, but you want to put enough down so your offer is taken seriously. |
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Southern Girl
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Usually I about 10% of house sale price.
Earnest money is different. That is a deposit like a promise of intent. You can put $1,000 toward that and it counts as a down payment if you follow through with the deal and it is ALWAYS returned if you choose NOT to purchase unless it is stipulated in contract. |
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Blind_Freddy
 |
It depends on the terms the vendor , the vendors agent and the buyer agree on.
Usually 5 to 10% is considered normal but make sure there are things like "subject to finance" clauses added so then you do not loose the deposit if it all falls through. |
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in PA
|
Assuming you are referring to hand money or earnest money:
I have seen as little as $500 and as much as you want.
Is it a really hot house and you want to make a strong statement put down 5-10%.
Has it been sitting a while? maybe $1,000.
Low price area, $500
ask your agent too.
This does not apply to how much you have to put down for your mortgage which will vary depending on the loan program you are in. |
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Frankie Coletta
 |
My first house I built new in a new subdivision through the developer. I had to put down $1500 to reserve the lot and get the whole ball rolling.
This is after being loan approved ofcourse. I cant remember if that amount was based on the purchase price, percantage of total minimum down payment etc. etc.
My purchase price was 154k and I put 15k total down. That was 6 year's ago. |
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Locked & Loaded
 |
That would depend on allot of variables. You could be lucky and may only have to put 10% down, but most of any real estate deals require 20% down.
I have seen G.I. loans for our military and they can get into a house with no down payment.
Check with Veterans Affairs also. For example, I use to live in California and I had what was called a Cal - Vet loan. Not every State offers this type of loan, but it won't hurt to make a phone call to see if you qualify.
Good luck |
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survivansustah
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It seems to me it varies depending on who you go through or what your credit looks like. My niece went through FHA and only had to put down 3% and they paid the closing. She had very good credit. I on the other hand didn't have good credit and had to put down 10% and pay all of the closing. |
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Nave
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anywhere from 0% to 20% down. 0% if you are qualified for it, by all means go for it-- types of loans that are 0% include government sponsored loans, and Veteran's Loans. Don't be fooled by people that will tell you that you can't get a good rate without putting a lot down- your rate is only adversely affected in this way if you are applying for a sub-prime loan (a loan if you have bad credit). If you ARE applying sub-prime, the higher down payment you can put down the better as you can essentially chop down the rate by reducing the risk to the mortgage investor. |
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Beer and TV Olympian
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This is a common sense question. Look at what you can afford and don't overextend yourself. AND DO YOUR HOMEWORK.
The entire mortgage industrial is in a turmoil because they did not stick to the standards they created.
Ideally you would like to have 20% down plus closing cost.
This way with you being a 20% owner of your house, you can avoid the charge of paying for extra insurance lenders require because you don't own 20%.
This is one of those hidden charges that can add $75 a month to your payment.
Next get the lowest interest rate you can get (this is where your credit score comes in) and above all if your can't swing the loan in a 30 year mortgage, don't take it. 15 or 20 years would be better.
If your loan officer don't compare the the rates and years for you, walk and get another loan officer.
You have to take control because you are the one paying. |
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