how much do i need to put down on a 450,000 mortgage?

Asked by Loach311, Logan Circle/ Shaw, Washington, DC Tue Jan 10, 2012

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Sat Apr 21, 2012
Good morning Loach311,

If you are a Veteran of the Armed Forces and you qualify for VA Guaranteed mortgage financing, then eligible Veterans are permitted to finance up to 100% of the purchase price of the home. That means no down payment.…

For other HomeBuyers, Non-Veterans, the program for qualified Homebuyers with the lowest down payment requirement currently is the FHA or Federal Housing Administration. The FHA Insures mortgages made by banks and Mortgage Bankers and allows for a down payment of only 3.5%.

After FHA, Conventional financing through either FannieMae or FreddieMac allows for a minimum down payment of 5%. Your Lender would have to obtain approval from a Private Mortgage Insurance (PMI) company to complete the loan approval.

The best way to have these questions answered is to locate a local Mortgage Banker with at least 15 years experience. Mortgage professionals like myself who work for local Mortgage Bankers are Licensed as opposed to the registered status of sales people at regular banks. Thus you will receive a higher level of service which is just what a First Time HomeBuyer needs.

I hope that helps!
Trevor Curran NMLS #40140
0 votes
Miekeba Jones, Agent, Silver Spring, MD
Fri Apr 20, 2012
It depends on what kind of loan you use. An FHA loan requires 3.5%. Do you need help purchasing a home? I can help you.
0 votes
your answer should be effective enough to market yourself. Do not bug everyone
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Jeff Holloway, Agent, Sebastian, FL
Tue Jan 31, 2012
Always ask 3 diiferent lenders... that way you get a good feel for it.
0 votes
Graham Pruitt, , Capitol Hill, Washington, DC
Mon Jan 16, 2012
You can do as little as 5% down on a conventional loan and pay no mortgage insurance.

The investor ratio can even be over 50%.

80-15-5 loan structure. Other lenders may tell you that you need to put down 10 or 20% or do an FHA and pay mortgage insurance. It's no fault of their own, their limiting factor is they don't have 2nd trust money.

2nd trusts are great for a number of reasons, for example; the interist is fully tax deductable and there is no pre payment penalty so you can pay it off as fast as you want.

Graham C. Pruitt | Loan Officer Extraordinaire | NMLS # 521186 | Acacia Federal Savings Bank
Capitol Hill Residential Mortgage Office: 659 C Street, SE, Washington, DC 20003 | p: 202.543.6830 | c: 703.501.1777 | f: 202.543.6833 |
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Melissa Bark…, Agent, Washington, DC
Sat Jan 14, 2012

It depends. Is the building FHA approved and are you using an FHA mortgage? If that is the case, than 3.5% if this is your primary residence. For conventional it depends, many lenders I have seen are asking for at least 10% down. If you put at least 20% down you can avoid PMI.

Please let me know if you need any assistance.


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Elliott R. O…, Agent, McLean, VA
Wed Jan 11, 2012
It also depends on whether you intend to occupy the property or not, if is a warrantable or non-warrantable condo, credit and may other factors.

I am in the DC metro area so if you wold like to talk about what programs are available to you I would be more than happy to help.

The pre-approval process is key so take a minute to read this:…

For questions or details please contact me at your convenience.

Elliott R. Oliva
Mortgage Banker
Primary Residential Mortgage
202-681-1636 direct
"Se habla Espanol
0 votes
Craig Abney, Agent, DC,
Wed Jan 11, 2012
You will need 3 1/2 percent down on FHA loan which is $15.750.00. Veteran loan you need $0.00 down call me or email at 202.321.1385 always a pleasure.
0 votes
Annette Levi…, , New York, NY
Tue Jan 10, 2012
It depends upon where you are buying and what mortgage(s) you qualify for.
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