Posted on: 24th Mar, 2007 01:01 am
what kind of a down payment is required .
Hi Misty,
You may have to pay 15% or 20% of the purchase price as the down payment on a new home.
You may have to pay 15% or 20% of the purchase price as the down payment on a new home.
Hi Misty,
The percentage of down payment may vary from as low as 5% to as high as 25% of the purchase price. If you put down less than 25%, you need to apply for mortgage loan insurance.
You can use borrowed funds making your down payment.
Thanks.
The percentage of down payment may vary from as low as 5% to as high as 25% of the purchase price. If you put down less than 25%, you need to apply for mortgage loan insurance.
You can use borrowed funds making your down payment.
Thanks.
The amount of down payment is a certain percentage of the value of the loan. The down payment percentage varies with the type of loan that you take out.
For conforming mortgage loans the down payment amount is generally 10% of the value of the home. For FHA loan, this amount is 3.5%. For VA loans, you are not required to make any down payment.