Profile picture for cczz

What down payment amount/percentage for a should I make on a 275K home?

I am making a contingent offer on a home and need to know what amount I should be planning on for a down payment. I know 20% is ideal but what's the least amount I can make and get a great rate for having pretty good credit?
  • May 16 2012 - Marysville
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Answers (3)

Best Answer

Profile picture for JimTrueblood

A lot has to do with your personal finances.  I would talk to a buyers agent and a lender.  As a rule of thumb, you can get FHA financing with 3.5% down and conventional loans now at 3 or 5% down.  You have to pay mortgage insurance unless you get to 20% down.  Mortgage insurance is quite a bit higher right now on FHA loans.

  • May 16 2012
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If you had a Realtor representing you, they'd give you that recommendation.  I don't know where there's anything published about 20% down being ideal.  Many of my cash buyers put as little as $1000 down.
  • May 16 2012
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Profile picture for daveskow
FHa loans  allow for as little as 3.5% of the purchase price  for down payment

  • May 16 2012
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