how much do i need for down payment to buy a house?

Asked by Jeff A., East Meadow, NY Wed Feb 27, 2013

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Feb 27, 2013
Jeff, as mentioned below, your required down payment amount is determined by what loan program you'll apply for and what your financial situation is like. FHA HomePath, My Community and SONYMA are among those loan programs who require low down payments, 3-3.5%. You also have Conventional loans that require a minimum of 5% down payment. Then you have closing costs to consider as well.

It's all about what program fits you best. I strongly suggest you meet with a Loan Officer and see what your options are. If you need a Loan Officer, I'm always available to meet face-to-face. My office is locate in Woodbury. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
2 votes
John W. Chang…, Agent, New York, NY
Wed Feb 27, 2013
The amount of minimum down payment required will depend on the type of loan that you choose. A VA loan requires No down payment. A FHA loan requires 3.5% for example for a $100,000 sales price, the minimum down payment is $3,500. And for a conventional is between 5-20%.
Good Luck!
1 vote
Anna M Brocco, Agent, Williston Park, NY
Wed Feb 27, 2013
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, therefore visit with any licensed loan officer; the downpayment amount will depend on the type of loan....
1 vote
De Vonte Wil…, Agent, East Point, GA
Sun Mar 3, 2013
Hello Jeff. You should consult a Mortgage Broker/Advisor who could assist you in this matter. With an FHA loan, you can purchase a home with 3.5% down. However, like any other loan, you must qualify.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!
0 votes
Michael Denn…, Agent, Queens, NY
Thu Feb 28, 2013

From 0% for VA to 3% for Conventional. We don't require 5% for Conventional as most banks do.
But keep in mind that there many other factors to be considered including your credit and financial profile and property type, just to name a few. It's best to meet in person with a licensed and experienced loan officer to review all your options. I have extensive experience assisting first time buyers with affordable mortgages throughout NYC and the suburbs. I have an office 10 minutes from East Meadow in Syosset. For more info, please reach me directly at 917.699.0183. Follow me on twitter @mdenniston247.

I value your feedback so please hit the thumbs-up tab, if my response was helpful.


Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
0 votes
Lynn Pisani, Agent, Garden City, NY
Wed Feb 27, 2013
Jeff, The first step in buying a property is to get pre-approved by a lender/bank. Depending on your assets and income, a loan officer will advise you as to what you can afford and what you should put down on a house leaving enough funds in your account for closing closts which usually run between 4-5% of the sale price. The standard minimum downpayment for Veteran loans is 0% down, for FHA government loans is 3.5% and a private conventional bank loan typically requires 20% ( might be lower depending on the bank's products and your assets.) The next step is to hire a professional real estate agent who can guide you in the home search process.
Feel free to call me if you have further questions.
Lynn Pisani
Licensed Associate Broker
Douglas Elliman Real Estate
0 votes
Thomas Brady, Agent, Plainview, NY
Wed Feb 27, 2013
Hi Jeff, Tim's answer below is very informative, in NY we also have SONYMA mortgages which are insured by the state. SONYMA also has a down paymrent assistance program. Please e-mail me if you'd like the contact information for a mortgage broker. You also need to be pre-approved by a lender in order to put in offers if you find something, and so that you know exactly what price range to look in. Good luck.
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
#1 Listing & Selling Brokerage in NY
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Wed Feb 27, 2013
Down payment is determined partially by the type of loan. VA & USDA require 0% down. FHA requires 3.5% and conventional is between 5-20%.

I can tell you have not gone to speak with a lender and that is your first step to buying.
0 votes
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