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downpayment

How much does one pay for a downpayment when buying a house. Is it a certain %
  • February 02 2011 - Natomas Park
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Answers (7)

it can vary from 0-100%, it all depends on your credit report, your qualification and the type of loan you would like to apply for.  typical down payment is anywhere from 20-30%
  • February 02 2011
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USDA (rural only) and V.A. (veteran only) are 0% down. FHA is 3.5% down. Conventional is a lot more. Then you need to come up with more money for closing costs.
  • February 02 2011
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Profile picture for giberga
Thanks
  • February 02 2011
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Profile picture for Ofe Polack
It depends on many things.  Your credit history, the location of the home, etc.  If the property is on a USDA designated location and your financial profile fits their guidelines, you pay $0 down, FHA is approximately 3.5% and there are local agencies that also provide assistance.  I suggest that visit a lender's office and get a pre-approval letter before you start looking for a home.  Good luck!
  • February 02 2011
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Yes a downpayment is a percentage of the selling price. It is difficult to provide you with an exact percentage. There are programs that will allow buyers to put as little as 3% down. Lending programs vary based upon your income, credit score and home price.

Your best next step if you are considering purchasing a home is to meet with a loan officer that can provide you with a detailed view of what your purchasing power will be.

All the best!
  • February 02 2011
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Depending on your situation it's possible for someone to buy with $0 down payment, using products like USDA or VA.

However the most common minimum down payment situation for homebuyers is going to be FHA, which requires a 3.5% down payment. But FHA allows for that down payment to come from someone other than the buyer, so it can be a gift from a family member, community down payment assistance, or even a grant from a lender (there are a few lenders that offer 3% grants that FHA will allow to be applied to the down payment) so that it's possible to get an FHA loan with less than the required 3.5% as well.

It really all depends on what you are eligible for. Everyone's situation will be different.

I hope this information helps...

Sincerely,
Greg

  • February 02 2011
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If you are a veteran, the VA loan is 0% down. An FHA loan is 3.5% down, and conventional loans are typically 20% down, although I have seen conventional loans for 10% down or even less. If you put down less than 20%, you must pay mortgage insurance.
  • February 02 2011
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