Kendal,

There really isn't a "norm." It has more to do with what your specific situation is and what you are tying to accomplish (in addition to your fico scores and your financial situation). As an example, if you have little cash to make a down payment, and can qualify for an FHA loan, you can make a down payment as little as 3.5%. However, you would also have to pay an "up front mortgage insurance premium," which could be financed into the loan.

If you have more cash to make a larger down payment and can qualify for a a conventional loan, you would need to make a 20% down payment. By doing so, you would eliminate the need for mortgage insurance further reducing your monthly payment; saving you more in the long run.

I would recommend you speak directly to a good mortgage person about your specific situation/goals and come up with a program that is best suited to you. After the initial conversation, you would have a much better idea what your options are and what would be most beneficial for you.

Contact me if you wish, and I can put you in touch with someone who is what I consider to be an expert in this area.

If you are buying a 2nd home then you will need to put down around 10% on that. If you are buying an investment property, then 20% down will be the minimum.

Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

Apply Online: flagstarloans.com/lallison