Posted on: 03rd Oct, 2013 02:04 am
Hi, I'm clueless when it comes to mortgage. Can anyone tell me what would be the best option to go for when buying. How much of a down payment do I need for a 120k house? Can I get any help from the government?
Hi Guest,
In case of conventional loans, you will have to provide 20% down payment and if you're taking out a FHA loan, then the down payment amount can be as low as 3.5%.
Thanks
In case of conventional loans, you will have to provide 20% down payment and if you're taking out a FHA loan, then the down payment amount can be as low as 3.5%.
Thanks
Hi Guest,
You can check out the given calculator in order to find out your down payment amount: http://www.mortgagefit.com/calculators/amountsave-downpayment.html.
Thanks
You can check out the given calculator in order to find out your down payment amount: http://www.mortgagefit.com/calculators/amountsave-downpayment.html.
Thanks
In order to buy home, you will have to take out a mortgage loan. If you are thinking to obtain a conventional loan, then you will have to make 20% down payment on your home's value. However, if you are planning to take out a FHA loan, then you will be making a minimum of 3.5% down payment. As such, decide which kind of mortgage you are comfortable with before you may get one.