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 leeelliot61
Joined: 13 Sep 2009
Posts: 189
20.14 Dollars($)
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 Posted: Wed Nov 04, 2009 6:01 am Post subject: What is the minimum down payment needed for a home? |
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| What is the minimum down payment needed for a home? |
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savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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| Posted: Wed Nov 04, 2009 6:21 am Post subject: |
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Hi,
The minimum down payment required for an FHA loan is 3.5% of the purchase price of the home. For conventional loans, you're expected to pay 20% down payment. If you pay less than 20%, you will have to pay mortgage insurance. However, in this market most of the conventional lenders would want you to make a down payment of at least 10%. |
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jveenstra
Community Experts
Joined: 10 Nov 2008
Posts: 340
Location: River Edge, New Jersey
85.80 Dollars($)
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| Posted: Wed Nov 04, 2009 9:43 am Post subject: Down Payment |
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leeelliot61, if you would like to note in which state the property is located, we can better answer your question.
As savior70 correctly noted, in this market there are states and areas within states that are considered to be "declining market areas." In such areas the Private Mortgage Insurance (PMI) companies will often, not always, provide the required PMI for down payments less than 20%. The only reason for noting what state the property is in would be if you are able to put a down payment of 5% or more of your own money.
As noted, the FHA mortgage requires a down payment of 3.5%. If that meets your needs, no need for you to inquire further as to what any conventional mortgage might be.
The FHA mortgage has maxiumum mortgage amounts by county. We do not know the county or what mortgage amount you are looking for, so, the mortgage amount needs to be within the maximum mortgage linits for a given county.
_________________
John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
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cupplesjonathan71
Joined: 04 Nov 2009
Posts: 16
2.61 Dollars($)
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| Posted: Wed Nov 04, 2009 10:49 am Post subject: |
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yes. fha loan offers you lowest downpayment
it is 3.5% |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Wed Nov 04, 2009 12:23 pm Post subject: |
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leeelliot, you continue to pretend to be a consumer who knows nothing; then turn around and answer questions as if you have all the answers. please stop it.
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George M. Akerley
Loan Consultant
860-221-5044 |
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