The average downpayment varies based on a number of factors, including the type of financing and the price range of the property. Here are a few examples. Get back to me with your situation and I will try to zero-in on your situation:
1. FHA financing calls for 3.5% down payment.
2. Conventional loans under $417,000 (this amount varies across the country) will likely call for around 10% down.
3. Buyers who do not want to pay mortgage insurance put down 20% because that is the amount which allows the buyer to skip mortgage insurance.
4. Non-conforming loans, i.e. loans over $417,000 (this amount varies across the country) usually call for at least 20% down.
5. Owner financing downpayments vary greatly, but 10% is minimum usually required. This requirement grows from the costs to close a deal, which often are around 9% of the purchase price.... more
Yes there usually are programs like that. For example in the county that I work in there is a program that will give assistance to buyers as long as they plan to occupy the home as their primary residence and they don't have to pay the assistance back unless they sell the home. I would talk to a local real estate agent or a local bank and ask them about it.... more
Hello C. Wilson:
Though I'm not from IL I could not help but respond to you. Though HGTV can help to a degree, I fear that the general public can also be mislead by these programs. They can sometimes make the process of purchasing or selling a home seem like a walk in the park...which is not always the case. So keep doing all your research and be sure to find an agent who is has experience working with first time home buyers.
All the best,
Elizabeth Cianciatto, ABR, e-PRO, CNMS, CNRS
Coldwell Banker Res. Brokerage
Flower Mound, TX
469.441.8371 (c)... more
Closing costs include lender fees, escrow fees, title insurance, among others. You should expect to pay 2-3% of the purchase price as closing costs.
With a short sale, the seller is not getting any money out of the deal so I don't think they would be too keen on helping with closing costs.
BRC Realty Group... more
I'd need some more specifics. How many bedrooms, bathrooms, upgades etc? Will this be on an already purchased lot, is there a tear down involved? Feel free to contact me any time to discuss further.
Have a Great Evening
I am not sure if they passed it completely yet, but call my friend Bill Chu at American Chartered Bank and he should be able to help you with the question or to prequalify you. His number is: 708-203-2258.
Baird and Warner