Home Buying in 29834>Question Details

Wayne, Home Buyer in 29834

whats the least % you have to put down when purchasing a home?

Asked by Wayne, 29834 Fri Jun 8, 2012

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6
The other side of the coin is, the less you put as a down payment the more it costs you with higher interest rates.

Best of Luck

Tom
0 votes Thank Flag Link Fri Jun 8, 2012
Here are the rules for dropping mortgage insurance: http://www.trulia.com/blog/elliott_r_oliva/2011/07/rules_for…

Here are some more details on the USDA program: http://www.trulia.com/blog/elliott_r_oliva/2012/04/100_usda_…
0 votes Thank Flag Link Fri Jun 8, 2012
Agree, Agree, Agree, and I'l add, mortgage insurance terminates at the point when you have 20% equity so it's not forever and 0% down USDA or 3.5% down FHA are great deals right now with interest rates so low.
0 votes Thank Flag Link Fri Jun 8, 2012
I agree with both these answers, you should also be aware there is mortgage insurance which is added to your payments when paying less than 20% down.
0 votes Thank Flag Link Fri Jun 8, 2012
For an FHA loan the least you can put down is 3.5%. However there are still a number of Credit Unions who will do 100% financing. If you have access to a Credit Union in your area, this may be an excellent alternative for you.
0 votes Thank Flag Link Fri Jun 8, 2012
Depends on the type of loan. FHA requires 3.5%, USDA is still 0% down and conventional is 20% down. Those are minimums, you can put down a bigger down payment if you want to reduce your mortgage payment.
0 votes Thank Flag Link Fri Jun 8, 2012
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