How much do you think is good to put down on a house? First time buyer and was looking for help.

Asked by ltuuaga, Anchorage, AK Tue Mar 25, 2014

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Trina Pomeroy’s answer
Trina Pomeroy, Agent, Anchorage, AK
Wed Mar 26, 2014
I recommend speaking with a lender in regards to this for the most accurate answer for your particular situation. I work with a great lender here in Anchorage and would be happy to forward his contact info on to you (and help you with your home search!)! My phone number is (907)223-7966
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Thank you I will be sure to call some time this week!
Flag Wed Mar 26, 2014
John Moran, Mortgage Broker Or Lender, Denver, CO
Tue Mar 25, 2014
This is a hugely debated topic. The minimum amount to put down is 3.5% for an FHA loan (unless you are a veteran or in a rural area, which may allow you $0 down). However, FHA loans can have costly mortgage insurance fees, both upfront and monthly. If you can swing it, the next tier would be 5% down, which would be a conventional loan. The conventional loan doesn't have upfront mortgage insurance and the monthly fees are lower, lowering the overall payment even if the rate is slightly higher. From there, the more you put down, the better your loan terms will be until you get tot eh magic number for down payment - 20%. With 20% down, you can avoid mortgage insurance altogether.

I hope that helps a little. You should really have a more in depth conversation with a mortgage professional in your area.
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Alain Picard, Agent, Puyallup, WA
Tue Mar 25, 2014
I would talk to some lenders and see what different programs they have for you and your situation. If you qualify for loans such as FHA you can put down as little as 3.5% but you will need Mortgage Insurance which will add to the cost of your loan.
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