Property Q&A in Pendleton>Question Details

Don Mort, Home Buyer in Pendleton, OR

what would be the required down payment be?

Asked by Don Mort, Pendleton, OR Wed Feb 29, 2012

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Hi Don,

When I bought my first home (1966) there was only one kind of home loan - 20% down, 30-year fixed and the same rate for everyone. You either qualified or you didn't.

Today, there are so many different ways to finance a home purchase (including the ones previously mentioned), and they change so frequently, that your question is best answered by a mortgage broker.

More information is in my blog post…
0 votes Thank Flag Link Thu Mar 1, 2012
It is going to depend on many things. One being your credit score. Two the type of home and land so that you know what kind of loan that it will qualify for and 3rd what kind of loan you can qualify for. So without all of that information - it is difficult to give you the right answer!
0 votes Thank Flag Link Wed Feb 29, 2012
There isn't a required down payment for a particular property. The down payment has to do with the loan you qualify for. If you are a vet and qualify for a VA loan that is no down. USDA loans are 0% down. FHA is 3.5% down. You will also have closing costs to pay in addition to the down payment which are typically about 4.5% of the purchase price of the house.

You will also want to plan for out of pocket expenses like home inspections. So on this house if you did an FHA loan and paid full price the down payment would be around $5946 plus an additional $7600 in closing costs on top of that.
0 votes Thank Flag Link Wed Feb 29, 2012
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