Chinows2005, Home Buyer in Evergreen Park, IL

what is an average down payment on a home?

Asked by Chinows2005, Evergreen Park, IL Tue Apr 3, 2012

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Chinows2005: The down payment offered for a home would be determined on your finances at the time plus your plans for the future. The "average" downpayment for any area could be determined by past sales. My suggestion is this ... contact a mortgage lender to discuss the personal options open to you regarding a home purchase. If I can be of assistance, please contact me at your convenience. Best of luck ...
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0 votes Thank Flag Link Thu Apr 12, 2012

The average downpayment varies based on a number of factors, including the type of financing and the price range of the property. Here are a few examples. Get back to me with your situation and I will try to zero-in on your situation:

1. FHA financing calls for 3.5% down payment.

2. Conventional loans under $417,000 (this amount varies across the country) will likely call for around 10% down.

3. Buyers who do not want to pay mortgage insurance put down 20% because that is the amount which allows the buyer to skip mortgage insurance.

4. Non-conforming loans, i.e. loans over $417,000 (this amount varies across the country) usually call for at least 20% down.

5. Owner financing downpayments vary greatly, but 10% is minimum usually required. This requirement grows from the costs to close a deal, which often are around 9% of the purchase price.
0 votes Thank Flag Link Tue Apr 3, 2012
Its 25% for a non- conforming loan on a townhouse or condo in FL
Flag Thu Apr 12, 2012
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