How much do I need for a down payment?

Dated: May 7 2020

Views: 71

Have you ever been told you have to put 20% down on a house?

1. Different types of loans require different down payment amounts

    When you go to apply for a loan the lender requires you to have some money to put down as a down payment (a partial payment representing a fraction of the price of something being purchased made to secure the right to continue making payments toward that purchase.)  Some loans like require as little as 0% or others will require as much as 20% It all depends on the loan you qualify for and the lender that you have chosen to assist you with the finding the right loan for you. 

2. Conventional Loans

It is a common myth that you need 20% down payment to get a conventional loan.  All told there are different types of Conventional loans and the down payment ranges from 3% to 20%.  Educate yourself on the terms of the loan and ask your lender questions.  

3. Non-Conventional Loans

If you qualify for a FHA loan they require 3.5% down.  However if you qualify for a VA loan they may not require a down payment at all.  Be aware that every loan is different and educate yourself before you sign that dotted line.  

4.  Down Payment Assistance

There are companies out there today that assist you with making your down payment.  If you qualify, they may pay a partial amount or the entire down payment for your loan. Be sure to ask your lender or search for down payment assistance for your state.

Thanks for checking out my blog! 

I would love to talk to you about understanding the process of buying or sellling your home.  You can reach me at eric@wrcok.com

Blog author image

Eric Hutcherson

Are you looking for a change in the way a real estate agent works for you? As a sales associate for Weichert Realtors, Centennial my goal is to provide you with education and information to assist yo....

Latest Blog Posts

How much do I need for a down payment?

Have you ever been told you have to put 20% down on a house?1. Different types of loans require different down payment amounts    When you go to apply for a loan the lender requires you to

Read More

EASY LANDSCAPING DIY PROJECTS

Ever get the itch to do a DIY project? Whenever we do, our favorites involve getting outdoors and mixing up our landscaping features.Whether it's as simple as installing some lighting or a little

Read More

5 CRITERIA FOR PRICING A HOME

When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect apples-to-apples comparison, so a pricing

Read More

Tired of Eating Home Food

Tired of making your own food.Check out a locally owned business https://tacocasatexas.com/location/56/

Read More