Jazzy426, Other/Just Looking in Kingston, NY

How much of a down payment is typically needed.?

Asked by Jazzy426, Kingston, NY Fri Apr 8, 2011

What percentage can you expect off the original asking price of $155,000 for a townhouse in kingston, ny

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Jolie Muss’ answer
I'm not sure I understand your question as there are two different ones and the answer you posted below does not compute.. Usually a bank requires 20% but if there is owner financing they make accept less. Are you talking about a contract downpayment ? That is usually 10% What percentage off to offer is something a local qualified licensed buyer's broker could help you with. I do hope you are represented by a buyer's broker and have an lpcal real estate attorney to review the contract and attend the closing!
0 votes Thank Flag Link Wed Sep 7, 2011
If you haven't done so yet, do visit with any qualified loan officer, after reviewing your overall financial information, a determination on qualification can be made, the type of loan, how much, how much down, etc.; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. Thereafter, before making any offers, do review comps with your agent, recently sold similar properties in the immediate are, see what the data suggests as to a fair price--there areally are no set standards as to how much below list price to offer on any property--do keep in mind that if a property is listed on target for today's market, or slightly below, multiple offers may occur.
0 votes Thank Flag Link Fri Apr 8, 2011
Do you have to do a down payment in order to pay make an offer on a townhouse?
0 votes Thank Flag Link Fri Apr 8, 2011
In todays market the banks are looking for 20% down on conventional loans. FHA requires just 3.5% and a VA loan can be 0% down. I have seen some 10% down loans, but the credit must be perfect. Speak to a local loan officer and ask them what they offer.
0 votes Thank Flag Link Fri Apr 8, 2011
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