Home Buying in 69363>Question Details

Bob, Home Buyer in Gering, NE

What would be the downpayment on a $60,000 home? What would be the payments over a 15 or 20 year payment?

Asked by Bob, Gering, NE Mon Oct 8, 2007

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As other realtors have stated, it depends on the loan! If you are using the property as a rental, most lenders require 20% down. If it is to be owner occupied, and you qualify for a USDA loan, you could get into the home for no money down, BUT the home has to be in good condition and meet USDA criteria. With a FHA loan, you could buy the house with as little as 3.5% down, which would be $2100, plus closing costs. If you give me a call, I could give you more details on local loan options. Vicki Begley Cebntury 21 http://www.vickibegley.com
308-641-1138
0 votes Thank Flag Link Mon Oct 25, 2010
Depends on the loan program you use. Is the house liveable? Is it owner occupied? If it is an investment, then plan on 20% down or $12000.
0 votes Thank Flag Link Mon Oct 8, 2007
Hi Bob. Below is a link to a mortgage calculator that also lets you prepare an amortization schedule and includes estimated insurance and property tax payments. I hope this helps.
0 votes Thank Flag Link Mon Oct 8, 2007
Ute Ferdig -…, Real Estate Pro in New Castle, DE
MVP'08
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Most lenders want to see 20% down. That would be $12,000 leaving a balance of $48,000 at 6.5% a 15 yr payment would be ~418 and a 20 yr payment would be ~357. That's without taxes and insurance, though which you will have to factor in as well.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Oct 8, 2007
For example purposes only:
A 5% down payment would leave a balance of $57,000 If the interest rate was 6.5%, Payments would be $425 over a twenty year period.
0 votes Thank Flag Link Mon Oct 8, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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