Home Buying in 27713>Question Details

shaneilyabro…, Renter in Durham, NC

How much money does someone usually have to put down on say a townhouse going for $150-160,000?

Asked by shaneilyabrodie, Durham, NC Sun Mar 24, 2013

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5
Hello
It looks like you have received a lot of good answers to your question. I would agree with get a Realtor to represent you and they will recomend several lenders for you to speak with, rule of thumb is going to be 3.5% down minimum.
Good Luck,
Michael
0 votes Thank Flag Link Tue Mar 26, 2013
Typically in this price range a diligence fee would be in the range of $100- $200 and the earnest money deposit (paid the day your diligence period ends) would be an additional $1300 - $1800.

I specialize in buyer side brokering, you can check out my profiled her on Trulia, or simply Google my name. If I can be of any additional assistance feel free to reach out to me.
0 votes Thank Flag Link Sun Mar 24, 2013
Your question is a great question for a mortgage broker. I know several good mortage brokers and will be happy to give you their information.

However, with my experience with buyers, you could have a down payment of 0% to 20% depending on the type of loan, your credit score, income, location of the property, and the type of property you are purchasing. In addition to the down payment, the buyer has closing cost (expenses) in purchasing a home.

The process sounds difficult but it isn't. A good lender and REALTOR can guide you through the process with ease. It is worth it!!

Sincerely,

Candy McLain
0 votes Thank Flag Link Sun Mar 24, 2013
It depends on your situation and the type of loan you qualify for. In general FHA requires 3.5%; conventional loans 20%. USDA (rural areas) 0 down. Ask your agent for the name of a good mortgage broker to help you
0 votes Thank Flag Link Sun Mar 24, 2013
Hi Shannellyabrodie,

Well, much depends on whether the complex is approved for certain types of loans and what sort of financing is acceptable to the seller. However, here are some scenarios 1) FHA loan you will need to put down 3.5% but the complex must be FHA approved and the seller willing to accept this type of financing 2) If you're a veteran, you can get a VA loan with zero down 3) Conventional financing of 20% down 4) Lastly, there are many types of loan programs with as little down as 5%,10% or 15%.

I would suggest contacting a lender in your area and discussing all the various loan options with them to find out which one would work best for you.

Good luck with your house hunting!

Barbara Grandolfo
0 votes Thank Flag Link Sun Mar 24, 2013
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