What is the ideal down payment percentage for buying a home?

Asked by Trulia Jacksonville, Jacksonville, FL Wed Jan 23, 2013

Help the community by answering this question:

+ web reference
Web reference:


Roland Vinya…, Agent, Sprakers, NY
Thu Jan 24, 2013
Ideal? - buying for cash every time. You don't get in trouble, there's less hassles, no payments to make... and so on. Now, if you can't do that, like most people, then read the other answers which address the subject of downpayments quite well.
1 vote
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Jan 24, 2013
See below 97% LTV with. NO. PMI

Also there are 100% with no pmi scenarios

contact me at 10:00 this morning
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Thu Jan 24, 2013
While there are many different programs available for different buyers, ideally 20% down will get you the best rates and terms as well as being a good indicator that you're buying something you can in fact afford.

There are still Zero% down programs as well as others starting as low as 3%, 3.5%, 5%, and 10% but all of these either include PMI (Private Mortgage Insurance) or will have higher rates and more fees attached to them.
0 votes
Advancewindo…, , Los Angeles County, CA
Thu Jan 24, 2013
I think down payments are good. But it is not fixed and vary from zero percent, 5%, 10%,20% and so on and also varies from state to state. I think the market should set them. However most lenders support home buyers to pay at least 20 percent of a home's rate as a down payment to qualify for a mortgage.
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Jan 24, 2013

.....ZERO % down is the best percent down for most borrowers who:

1. have other Non Tax Deductible Debt that they’d rather pay off and want a bigger interest tax deduction too

2. don't have enough in retirement savings and need to diversify and invest in fully funding their IRAs, Roth IRAs, Annuities, mutual funds, etc.

3. may want to purchase more property as prices are predicted to go up 6% in 2013

4. may want to have the security of more money in the bank

Below are some of the best programs from A to Z available, including the all new Stated Income Alt Loans for Self Employed borrowers

After reviewing these programs below, please email me at Steve@pro-option.com with the ones you'd like more info about:

1) 100% LTV- VA - pay off debt at closing on a purchases too!

2) 100% LTV- USDA - 12 mo. into Chapter 13 BK…OK Too!

3) 99% LTV- FHA

4) 97% LTV- NEW- No PMI -No FHA 1.75% MIP Fee!

5) 95% LTV- NEW-No PMI!

6) 95% LTV- NEW-CONDO Loan

7) 90% LTV- NEW-No PMI -2nd Home

8) 90% LTV- New-Jumbo w/cc

9) 85% LTV- NEW- No PMI to Super Jumbo

10) 80% LTV- Rental Property

Stated Income Alt Loan programs

11) 80% LTV- to Super Jumbo

12) 80% LTV- FIX n’ FLIP Invest. Prop. – No min. credit!

13) 75% LTV-to Mega Jumbo

14) 75% LTV- Foreign Nationals-to Super Jumbo

15) 75% CLTV-after Short Sale, BK, Foreclosure to Super Jumbo

16) 70% LTV- Hard Money to Jumbo

17) Lot Loans / Land Loans Too!


0 votes
Rosina Eisen…, , Jacksonville, FL
Thu Jan 24, 2013
What a great question! There are so many loan programs available these days. The best way to be informed is to sit down with your mortgage lender and review the best fit for you. If you are military, there is a VA loan with zero down and specific requirements for both the buyer and the seller. There is FHA, Bond, USDA, Conventional, just to name a few.

It can be overwhelming. If you do not have a trusted mortgage banker, I work with several reputable ones in the state of Florida who are licensed nationwide. Feel free to contact me for their names for you to interview. Then when you are prepared to buy, I would love the opportunity to assist you locate your new home!
0 votes
thelendingte…, Mortgage Broker Or Lender, Clearwater, FL
Wed Jan 23, 2013
There are many down payment options. Mortgage money is very inexpensive right now and I would suggest making as little of a down payment as possible to suit your needs. Everyone has different needs and depending on your qualifications you could have to put down as little as zero or as much as 20%.

I would be glad to discuss all options with you.

Andrew Kashella
0 votes
Lenee' Purdy, Agent, Jacksonville, FL
Wed Jan 23, 2013
Hello there, It really depends on what type of Financing you choose to do..
There is FHA which requires 3.5 % down payment of the sale price.
Conventional which could be several different ones there is a 5 % down payment to a 20% down payment.
Then there is VA which is a 0 down payment but has a 2.5 percent funding fee
Are USDA which is a 0 down payment the home must be in a USDA area and there is a 2% funding fee. Please contact me if you have any other question.. Good Luck Lenee'

0 votes
Search Advice
Ask our community a question

Email me when…

Learn more