The min DEPOSIT is usually about 3% of the offer price. If you mean DOWN PAYMENT that can vary from lender and on the type of terms your loan has.
A deposit is funds a buyer will submit to escrow at the opening of escrow. It tells the seller you are a serious buyer. Your deposit can be lost if you fail to complete the sales transaction due to your fault.
The amount of your deposit is "part of" your down payment. For example if your DOWN PAYMENT is 5000 and you make a deposit of 2000 at the time of opening escrow. You will pay the remaining 3000 of your down payment at closing.
Also, please be mindful you will have closing fees. These can run to about 2-2.5 % of the sales price.
I wish you the very best in your home buying quest!
Kawain Payne, Realtor
Gail Mercedes Cole
please feel free to contact me direct for more information
I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. It only takes a few dozen questions to qualify you in minutes. How much do you have to invest into the down payment and closing costs of the purchase? I can go over the minimum out of pocket expenses to purchase with premium financing. Here are some links to study and consider.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
9am till 9pm 7 days
Your down payment is typically 20% but depends on the type of loan you qualify for.
Susan Bo'ur Realtor