Posted on: 04th Nov, 2009 05:01 am
What is the minimum down payment needed for a home?
Hi,
The minimum down payment required for an FHA loan is 3.5% of the purchase price of the home. For conventional loans, you're expected to pay 20% down payment. If you pay less than 20%, you will have to pay mortgage insurance. However, in this market most of the conventional lenders would want you to make a down payment of at least 10%.
The minimum down payment required for an FHA loan is 3.5% of the purchase price of the home. For conventional loans, you're expected to pay 20% down payment. If you pay less than 20%, you will have to pay mortgage insurance. However, in this market most of the conventional lenders would want you to make a down payment of at least 10%.
leeelliot61, if you would like to note in which state the property is located, we can better answer your question.
As savior70 correctly noted, in this market there are states and areas within states that are considered to be "declining market areas." In such areas the Private Mortgage Insurance (PMI) companies will often, not always, provide the required PMI for down payments less than 20%. The only reason for noting what state the property is in would be if you are able to put a down payment of 5% or more of your own money.
As noted, the FHA mortgage requires a down payment of 3.5%. If that meets your needs, no need for you to inquire further as to what any conventional mortgage might be.
The FHA mortgage has maxiumum mortgage amounts by county. We do not know the county or what mortgage amount you are looking for, so, the mortgage amount needs to be within the maximum mortgage linits for a given county.
As savior70 correctly noted, in this market there are states and areas within states that are considered to be "declining market areas." In such areas the Private Mortgage Insurance (PMI) companies will often, not always, provide the required PMI for down payments less than 20%. The only reason for noting what state the property is in would be if you are able to put a down payment of 5% or more of your own money.
As noted, the FHA mortgage requires a down payment of 3.5%. If that meets your needs, no need for you to inquire further as to what any conventional mortgage might be.
The FHA mortgage has maxiumum mortgage amounts by county. We do not know the county or what mortgage amount you are looking for, so, the mortgage amount needs to be within the maximum mortgage linits for a given county.
yes. fha loan offers you lowest downpayment
it is 3.5%
it is 3.5%
leeelliot, you continue to pretend to be a consumer who knows nothing; then turn around and answer questions as if you have all the answers. please stop it.
