How much of a downpayment do I need?

Asked by chris_simms, Indianapolis, IN Tue Jun 4, 2013

How much of a downpayment do I need?

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
karelspat, , Indianapolis, IA
Wed Jun 5, 2013
the old house need new shingles, and wire system needs work and the abstract needs old house is 10-13-71 that old the house is or older. its a one single house. no car garage, just a house. This need a lot of work. not been lived in since 19 or 20 years., not the owner just some informations about the single 1235 front street garner iowa 50438
0 votes
Kolsky Realty, Agent, Long Beach, CA
Wed Jun 5, 2013
Chris~

Based on your question the answer not simple, without more info it is tough to advise. Although, there might be a way for "you" to qualify and a home without a "down payment" needed. But what ever the case "until there's more information it is impossible to assist you with a fair answer....If you need anymore assistance please ask away or just call...I hope all is well, thanks!
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Tue Jun 4, 2013
that depends...........at the very least, you'd need 3.5% of the purchase price to go for an FHA loan...but that amount can increase to 5 or 10+ % more.........with a 20% down payment, you will not have the added expense of PMI (private mortgage insurance).

The real question is - how much of a loan do you qualify for?

Based on your income and debit ratio,and factoring in property taxes and insurance, the mortgage rep will tell you how much you can borrow.

So, once you sit down with a lender and get pre-approved for a loan, you will know where you stand.......
Then, as far as the down payment is concerned - that will be the amount you add in, in order buy in your desired price range.
Don't forget to factor in closing costs, too.

Please remember to have a cushion in the bank to cover unexpected repairs.............a minimum of 3-6 months of living expenses is recommended by most financial advisers..

Best wishes..........
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more