Posted on: 24th Jun, 2013 01:03 am
I am looking forward to buy a property as I am renting a house. I am really new to all these. Is it possible to buy a home that cost 150,000-170,000 with 10,000 down payment?
Hi Magik,
You can definitely buy a home for 150,000-170,000. However, it will be better if you can put 20% down payment. Apart from this, there are various other criteria which you need to meet.
Thanks
You can definitely buy a home for 150,000-170,000. However, it will be better if you can put 20% down payment. Apart from this, there are various other criteria which you need to meet.
Thanks
Yes, as Jerry has said, you need to consider and fulfill various other eligibility criteria to a mortgage. In this case, you first step should be to get pre-approved for the loans.
Yes, I would also say as the aforementioned replies have already said. You need to fulfill the various criteria to be eligible for a mortgage and then get the loan amount.
What if i pay more than 20% down payment?
Hi alexrodin!
Welcome to the forums!
You can pay more than 20% down payment. This will lower your principal loan amount.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
You can pay more than 20% down payment. This will lower your principal loan amount.
Feel free to ask if you've further queries.
Sussane
Apart from reduced principal loan amount, you wont have to bear an added burden of private mortgage insurance that others like you have to carry for making less than 20% down payment on their loans.