Depending on the price of the house you want to purchase, $8,000 may be more than enough for a down payment. However, you also have to consider other additional expenses to close and make settlement.
Consider that you get pre-approved for an FHA mortgage, where you need 3.5% Down Payment. Your $8,000, would allow you to possibly purchase a home for as much as $220,000. Your 3.5% Down payment requirement would be $7,700.
If you lack the funds for the additional closing costs, up to 6% could be possibly built into the purchase amount. However, take note that whatever you add to the price as a Seller Assist increases your Down payment requirement. Let's say you buy the house for $220,000. You need the full 6% Seller Assist, so you would in essence be offering approximately $234,500 and asking for about $14,000 returned to you in the form of a credit from Seller toward your closing costs at settlement. Your down payment would be 3.5% of $234,500 = $8,207.50.
Hope this helps answer your questions. Please feel free to call me with any other questions or concerns. I'd be happy to assist you in finding your next home and negotiating a good deal for you.
Looking forward to speaking with you soon.
All the best,
REALTOR, Property Manager
Your Real Estate Resource For Life
Direct Cell: (267) 254-7994
This depends on the type of house and the type of mortgage program you are looking into buying/applying.
If FHA - then it should be 3.5% downpayment (as other agents mentioned). In this case, the house you'd be buying will cost 228.6K. Another story is if you want to buy a house that costs 228.6K, or if you feel it is affordable for you...Yet, because there will be mortgage insurance in any program that you would go through unless you put down 20% (in FHA it will be called MIP and in conventional mortgages it will be called PMI), and mortgage insurance is not tax deductible - maybe you should use 8K as a larger downpayment. As an example, 8K could be 20% down if the property costs 40K...
The more you put down, the smaller PMI you'll pay.
Please consider that there are other expenses involved in buying a houses - like home inspections, home/flood insurance, moving expenses, unexpected repairs after you buy, closing costs, and many banks require reserves (money left over, in case a person looses their job).
It's really great that you are planning your purchase - and collecting info that will help you do that.
Getting together with your agent, as well as a mortgage person and asking them to go over the buying process (from beginning to the end, so there are no surprises) will be another good thing to do.
Ask your mortgage person for GFE (Good Faith Estimate) of closing costs and other costs.
Hope this helps,
Beachfront Realty, Inc.
The answer is YES.
Call us for a confidential talk.
We can get you through the process with a smile :-)
All the Best John + Sheri Curci RE/MAX Properties 215-757-2889
Honestly, it depends on the price of the home. If you need a mortgage in order to purchase the home you have in mind, FHA will allow you to put the least amount down (3.50% of the purchase price).
If you need to discuss the details of this transaction, please feel free to reach out.
Timothy M. Garrity | REALTORÂ®
U S Spaces, Inc. | #RS314897
267-879-2716 - Call & Text
R. Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
Century 21 Advantage Gold
Coldwell Banker Realty Corp
I would suggest talking with a mortgage professional and finding out what you can qualify for and how much cash you need to have on hand.