Posted on: 03rd Sep, 2013 12:13 am
Hello everyone... We are planning to buy a house but wondering what we need to do. How much should we save? We have been qualified for a 1.80,000 dollar loan but we have liked a home for 1.65.000 dollars. What do we need to pay out of the pocket? What will be the down payment?
Hi Sandra,
In order to get a conventional loan to buy a property, you will have to pay 20% down payment. Apart from that, you will have to pay the closing costs from your pocket. You should also have a credit score of 720-740 in order to get the loan.
Take care
In order to get a conventional loan to buy a property, you will have to pay 20% down payment. Apart from that, you will have to pay the closing costs from your pocket. You should also have a credit score of 720-740 in order to get the loan.
Take care
Welcome Sandra,
Get to know about closing costs from http://www.mortgagefit.com/know-how/shop-loan.html .
Get to know about closing costs from http://www.mortgagefit.com/know-how/shop-loan.html .
Your down payment will be 20% of the loan amount. You need a good credit score to get a conventional loan.