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How much do I have to pay for down payment?

If I want to buy $300,000 house, how much do I have to pay for minimum down payment? Can I buy a house 0% or 10% down payment?
Please, reply me ASAP.
Thank you
  • March 21 2013 - Albuquerque
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Answers (5)

In California we usually base the down payment on the loan type, FHA is 3.5% and convential can be 10% or 20%. It really depends on the type of loan. The Earnest Money Deposit here is typically 3% or at least $2000
  • April 05 2013
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5% is the minimum down payment for that Purchase price to get the better rates for a $300 k purchase price.  FHA is not an option since the Max loan limit is $271050.
 3% down is also an option for Conventional, but the rate is a bit higher. 
  • April 05 2013
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Hi there!  The most common loan types are an FHA loan and a CONVENTIONAL loan.  

You'd be required to put a minimum of 3.5% down for the FHA loan - but keep in mind that with less than 20% down you'd have to pay "mortgage insurance" at approx. 1.3% for the life of the loan.  In other words, you'd have your interest rate (approx. 3.75% today) PLUS your 'MI" of 1.3% = 5.1% total over 30 years.  Still a GREAT rate compared to historical rates.  

If you have a little more cash, you should try to put 20% down with a CONVENTIONAL loan - saving you the mortgage insurance which would not be required.  This would save you SIGNIFICANTLY on your monthly payments.  I'd suggest talking with a lender who can give more accurate information / details - but in the meantime - I hope this helps!  Your first step before looking at homes would be to get 'pre - qualified' with a lender so you can manage your expectations when looking for homes. I have some EXCELLENT lenders I could recommend, just let me know . 

Have you found a local Realtor to help you find a home?  I'd love to help you out if not.  
  • March 22 2013
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Hi Albuquerque - There are various loan products out there based on your situation, credit scores, debt-to-income ratios, and more.  Get with a local Realtor who has a good relationship with a few lenders and then go and talk to the lenders.  See who you like and hit it off with and take stock of the various programs and products the lenders have.  Answer = yes, given the right factors.  Hope this helps.  Cheers.
  • March 21 2013
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Call a Lender in your area and see what you can do. That is the only way to find out.
  • March 21 2013
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