Profile picture for yslee

What % of the down payment needs to be paid when a new house buying? Is it related to the income?

  • June 08 2011 - Dublin
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Answers (7)

As you can see by the varying answers below, the amount of money you will need for a down payment is tied to the 'type' of loan you are using for your financing.

There are many options available to you for financing - it would be in your best interest to do your own research regarding each program to determine which one best suits your needs.

It is also worthwhile to look into down payment assistance grants provided by your local municipality, as well as by the State of Ohio.

Best of luck to you in your search for a new home.  Happy Holidays!
  • December 22 2011
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Profile picture for sryan1980

in general, downpayments do not change whether the house is new or old. the mortgage program determines the downpayment

  • December 07 2011
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Profile picture for Jared Lowe
Truth is, you will need to speak with a lender to get the best idea of what you qualify for regarding your financial situation. There are so many programs out there that you really need have a professional find what you qualify for. Find a lender who knows what they are doing and don't be afraid to shop around! You will be surprised as to the number of lenders out there with crazy rates and/or fees.
  • June 15 2011
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Your income doesn't have a relation to the percentage of down payment to get a loan.  It has to do with the type of loan (FHA or Conventional), credit score, type of property you are buying (Single Family Residence, Duplex, etc), and weather you are going to occupy the property or not.

Assuming that you are buying a SFR, and it will be your personal residence generally:
FHA requires 3.5 % down payment
VA doesn't require down payment
Conventional down payment depends on your credit score, but I believe after the meltdown of our finance system, is at least 10%.

Another reason why you would want to give a higher down payment would be to lower your ratios.
  • June 15 2011
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If you buy in a rural area you can get 100% financing and literally buy with $0!  Any earnest deposit you pay at the time of contract can be refunded to you at closing.  This program requires a minimum 620 credit score and 2+ years in the same line of work.   I close a lot of these loans.  They can close 2-3 weeks from contract date, seller permitting.  Please let me know if I can help you further.  ~Melanie  (706)265-2203.  www.DestinyMortgageLending.com
  • June 09 2011
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It depends on the loan. A FHA loan requires 3.5% down and a conventional loan requires 5%-20% down. On a conventional loan you need a higher credit score to be eligible. If you are looking for a good lender I have a recommendation, Raub Warner at The State Bank. He is located in Dublin and helped 90% of my buyers last year. His number is 614-571-0626. Let me know if I can help you find a home!
  • June 08 2011
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Profile picture for wetdawgs
The percentage depends on the mortgage type.

USDA rural loans and VA loans will accept 0% down.

FHA loans 3.5%.

Conventional loans vary, but a nice break point is 20% where PMI is not required. 

Remember there are closing costs beyond the down payment.

  • June 08 2011
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