Hello, A down payment obviously is based on the price of the property. If you can you should consider a Government Loan as FHA or if a veteran a Vet Loan. Assuming you have pretty good credit in the 600's, your downpayment for a FHA loan could be as low as 3% of the purchase price, if a Vet loan, no down payment except for closing costs and many sellers are willing to help with those closing costs. If you decide on a conventional loan , this is a loan with a bank or mortgage company, and again if your credit OK, you are looking at 5-8% of the purchase price. If you are undecided as to what you should do or which way to go, I recommend going to a mortgage broker who will lay out for you all the possibilities and any new programs that are in force and most important let you know what kind of mortgage you could afford based on your income and debts. Knowing ahead of time before you start to look for your dream home what price is in your budget will save you tons of time and disappointment as you can find a house that you love and then find out you cannot afford the loan. So start out with a pre-qualification in hand, look at all the possibilities the mortgage broker lays out for you and then the process will be less demanding on your time, your energy, and your pocketbook.
Eva White - HELP-U-SELL serving Mohave Valley, Golden Shores, Fort Mohave and Bullhead City AZ