how much money should i have to put down on a house that sells for $650, 000?

Asked by Joseph, Staten Island, NY Mon Aug 18, 2008

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Pascual Paul…, Agent, Bronx, NY
Wed Aug 20, 2008
The more you put down, the best position you are in. After 20% you pay no mortgage insurance and can apply that to the principal meaning you pay the loan sooner. Also you can weather the storms better because you pay less mortgage and gain equity quicker. It's a win-win, as we are at Keller Williams. Visit my web site for more:
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Caesar Galin…, , Staten Island, NY
Tue Aug 19, 2008
Hey Joseph,

Depending on your financial consciousness, it is up to you. THe more you put, the lower your mortgage and the more freedom you will have, of course, if you have the funds. Preferably, I wish I could have put the whole amount on my apartment, so I wouldnt have a mortgage but for me that wasnt possible. If you have the whole $650k go for it, but if not be very conscious of yourself and you personal needs, including the financial and emotional state of your family, or employment.

Well if you have any questions dont hesitate to contact me.
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Dave Muti, , 07054
Mon Aug 18, 2008
I agree with Janice’s answer as more information is needed before I can properly advise. I also wrote an article on how much to put down on a purchase a while back that you can view at if interested as it goes much deeper than the format permits here. I hope this helps and please feel free to post an additional question to the group for more clarification.
Dave Muti
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Mortgage Guy, , Bellevue, WA
Mon Aug 18, 2008
If you go FHA and you purchase a home that sells for more than $417,000 and that home is located in what some lenders have defined as a soft market, then you may need to come in with more that the usual 3% down payment. For example, at Countrywide, if you finance a property in Richmond County, where Staten Island is located and which is considered a soft market, and the property is above $417,000, then you would need to come in with a minimum of 5%. This would mean that your minimum down payment on a $650,000 property would be $32,500.

If you go with something other than FHA, then you need to use a non-conforming loan which would require you to come in with actually 10% down since the purchase price is $650,000 and is above the maximum conforming amount of $417,000. Of course, this is assuming a minimum FICO of 700 and that you are planning to occupy the property you are considering or purchasing as a second home. If your score is less than 700 or the property will be an investment, then you may need to come in with more. Other strategies may be available depending on the situation.

I would recommend you contact a knowledgeable and professional Mortgage Consultant who can guide you through your options according to your specific circumstances.
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Gail Gladsto…, Agent, 11743, NY
Mon Aug 18, 2008
20% makes you a really good buyer and sure to get a mortgage commitment.
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Scott Godzyk, Agent, Manchester, NH
Mon Aug 18, 2008
fha loans require 3%, regular conventional loans call for 5% however your credit will determine the exact amount you need, the better the credit the less money down, the worse the credit the more such as 20-25%. Good luck
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