jaypot9207, Home Buyer in Muscle Shoals, AL

what is the down payment?

Asked by jaypot9207, Muscle Shoals, AL Wed Jan 4, 2012

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This question is about this property: http://www.trulia.com/property/3061646835-305-W-Michigan-Ave…

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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.
Brandy Gargis
256-762-1694
Coldwell Banker Elite Properties
0 votes Thank Flag Link Wed Jan 4, 2012
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