Theresa Cannizzaro, Broker Associate
Prudential Fox & Roach, Realtors-Mullica Hill
Sure, 3.5% is an acceptable downpayment. Some people are ding 100% financing. But it does all depend on your credit and the type of loan you are looking to take out.
You should speak with a qualified mortgage consultant.
First Choice Bank
Mike will be able to discuss the mortgage process with you in depth.
Good rates also! Great Guy!
Broker / Manager
Orange Key Realty
An ideal down payment would be 20%. So if the purchase price is $120,000 it would be 24,000 (120,000 x .20 = 24,000); However, you can put down as little as 3.5%, which would be $4,200 for a $120,000 house.
You can also have the seller pay your closing costs for you so all you would have to come up with out of your own pocket would be the 3.5% downpayment.
I hope this helps, but feel free to contact me at 908-415-3958 if you have any more questions .