Home Buying in 08034>Question Details

anita.rodrig…, Home Buyer in Cherry Hill, NJ

When you are putting 20% down on a conventional loan is it 20% of the offer price or 20% of the loan amount (that you will borrow)?

Asked by anita.rodriguez, Cherry Hill, NJ Wed May 1, 2013

Help the community by answering this question:


Hi Anita, I am located right in Cherry Hill. Please read my profile and do some research on your mortgage lender. Once that is done, I would be happy to discuss any questions you may have regarding financing.

Web Reference: http://www.7thlvl.com
0 votes Thank Flag Link Sun Jun 23, 2013
It would be 20% of the agreed upon sale price. So, $20,000 for every $100,000.
If you need a mortgage contact, let me know and I can help
0 votes Thank Flag Link Wed May 8, 2013
Great answer Robert! If your looking for a great lender we have one that we use for all our transactions. Also we are based out of Cherry Hill. We have done hundreds of transactions in the South Jersey area. Please feel free to contact us.

We look forward to hearing from you.

The Rifkin Team

office - 856-321-1212
cell - 856-261-0616
0 votes Thank Flag Link Thu May 2, 2013
Aloha Anita,

When you put 20% down for a property, it would be 20% of the purchase price. For example, if you are purchasing a property for $200K and you planned to put 20% down, your down payment amount would be $40K and your loan amount would be the difference of $160K.

Hope this helps!
0 votes Thank Flag Link Wed May 1, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer