The general down payment on a conventional loan is 20% of the purchase price. That is approximately $16,000 of this $79,900. Some loans qualify for a 10% down payment on a conventional loan. There are even a few kinds of loans that will finance 100% of the purchase price. The type of loan depends on the property being purchased and of course credit score. Different homes qualify for different kinds of loans, but a conventional loan will apply to anything. But, as I said, it usually requires a 10%-20% down payment depending on your credit score and a few other things that a mortgage company would be better suited to explain. Again, the average down payment for a conventional loan on this home would be approximately $16,000. In the event of owner finance, the seller will determine the down payment, other wise you will be working with a bank. Please contact me if you need any more help with homes in this area.
Coldwell Banker Elite Properties