It really comes down to the type of loan you would be applying for and the property you're looking to buy. For FHA loans you'd be looking at minimum 3.5% down, an FHA loan on a HUD home purchase you can currently purchase the home for $100 down if you qualify. Conventional loans typically require 20% down. Depending on your credit score and other qualifying factors conventional loans may sometimes be purchased for 5% down. USDA qualifying homes can be purchased for $0 down and be financed up to 110% of the home's value (to cover closings costs and other expenses). It would be best to contact a local lender to help sort through the choices based on your personal qualifications.
If you'd like to be referred to some trusted local lenders or need any help with your home search, feel free to contact me any time. Best of luck!
Down payment can depend on the type of loan that you choose. Each type of loan has it's own down payment requirement that goes with it. Below are the different loans and down payment requirements that go with the loans. FHA: 3.5% Conventional: 10%-20% VA: 0% (Must be a veteran) USDA: 0% (Must be seeking a USDA approved property I recommend that you speak with a lender directly to help you get started on some type of loan. I would be glad to speak with you to help guide you to the loan that best fits you. Good luck! Brian Nguyen Sr. Mortgage Banker Phone: 949.667.2887 firstname.lastname@example.org
This is a very good question. Great idea, before making decisions to purchase your next home, understand what are the current and the best finance options available. Often the down payment is based on terms of contract and/or purchase arraignments. So, best to discuss available finance programs with your preferred Lender/Loan originator. And, another good resource is to work closely with your preferred licensed real estate buyer's brokerage company. Here's a good place to start your search: Tallahassee Board of Realtors: http://tbrnet.org/
Joan E Smith, ABR, BUYERSIDE REALTY
219 E 5th Ave | Tallahassee FL 32303
850-597-3905 | Joan@BuyersideRealty.com
Down payment varies on a bunch of different factors such as, credit score, income, job stability, how fast you want to pay off a loan...etc. Some sources say putting 20% down is a good choice, but others say it can range anywhere from 0-20% 10% being the average.