Is a $60,000 down payment a must?

Asked by Kathy, 11756 Wed Feb 5, 2014

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Thu Feb 6, 2014
Kathy, this isn't true. Obviously, the more you have available for down-payment the better it is for you because you'll have more options to keep your monthly payment the most affordable possible. There is no one dollar amount it MUST be. Maria is correct in that almost always your minimum required down-payment is between 3-5%. This can vary depending on what loan program you're going with. Consider meeting with a Loan Officer and they can let you know what you'll need for down-payment and where this money can come from. Good luck!

IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 310 Crossways Park Drive • Woodbury, NY 11797 • • (516) 606-9648 Cell • (516) 740-4478 Office • (516) 918-5383 Fax
1 vote
Joseph Roraff, Agent, Onalaska, WI
Thu Feb 6, 2014
No, it is not a must. There are some loans you can do with 0 down.
0 votes
Fritz Walter, Agent, Milford, CT
Thu Feb 6, 2014
Hi Kathy, talk to a few Loan Officers and give them your full scenario. Once you get the information you need to make an educated decision then go with the Loan Officer you trust the most.

I hope this helps.

All the best,

Fritz Walter
0 votes
Thomas Brady, Agent, Plainview, NY
Thu Feb 6, 2014
I suggest calling Javier (he responded below). You need an exact response to your question, the Q&A forums are set up to provide more general responses.

Thank you

Tom Brady SFR, e-PRO, SRES, BPOR
Licensed Associate Broker
Notary Public, Retired N.Y.P.D. Lt.
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 208
Plainview, New York 11803
0 votes
Laura Carroll, Agent, Garden City, NY
Thu Feb 6, 2014
Hi Kathy,

For one it depends upon the home you are going to buy, how much you would like to put down, and what the general trend is for the area. Some areas will require 20% down, whatever the home price is and that is just to stay competitive against other offers. It also depends on your own financial situation and what you are able to put down. Speaking to a loan officer as well an agent to get a trend of what is going on in the area that you are interested in.

If you need any other help please feel free to contact me.

Laura Carroll
Licensed Real Estate Agent
0 votes
Maria V. Kaf…, Agent, Plainview, NY
Thu Feb 6, 2014
Hi! No all that is required is between 3.5-5% of your purchase price. If you want to eliminate mortgage insurance, you should put 20% down. Please feel free to contact me with any questions you may have.
0 votes
Sivya Weis, Agent, Hoboken, NJ
Wed Feb 5, 2014
Agreed, there are a lot of other questions that need to be answered first. First step is to consult with your lender. But it is a good plan to consider a minimum of 20% down payment to avoid other costs and to take advantage of good interest rates. Usually the more you put down, the better chance you have to take advantage of good interest rates. Best of luck with your home purchase. Sivya Weis RE/MAX Gold Coast (201)951-8306
0 votes
Gail Gladsto…, Agent, 11743, NY
Wed Feb 5, 2014
That question cannot be answered without a lot of information.

There are a lot of mortgage products available, ranging from 3% - 20% dependent upon your situation.

Do speak with a loan officer at a mortgage Banker, mortgage broker, or bank. .. or all three.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Feb 5, 2014
If purchasing with a mortgage, it really depends on the type of loan you qualify for; therefore if you haven't done so yet, visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. If purchasing in cash discuss with your agent...
0 votes
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