DH and I own a co-op but are hoping to buy a home within 2-3 years. Just trying to get an idea of how much banks are requiring for downpayments these days in percentage terms? Any help would be great! Thanks so much and Merry Christmas!
FuTuRe MrS MaZz
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Re: Question for new homebuyers
An FHA loan requires at least 3.5%... thats the lowest that i know of (besides a VA loan)
As for a conventional loan, they were going to give DH & I one with the 7-8% that we were putting down... but you need high credit scores for them to consider anything below 10%
We went FHA route since after all the calculations, that loan was going to cost us the least amt of $$ in the long run (its case specific though so that may not be true for you)
alli3131
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Re: Question for new homebuyers
We went with an FHA loan and had to put 5% down for the contract (seller wanted it) and 3.5% for the mortgage.....So at the closing table the extra 1.5% we put down at the contract signing we get back and its going towards closing costs.
Remember you will not only need a down payment but also closing costs and our closing costs were way more than our down payment
he gives me butterflies
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Re: Question for new homebuyers
our bank only required 10%, but we were fortunate enough to put down the whole 20%. it depends on the sellers and other offers that are coming in. if another buyer is willing to put more down, then chances are they will go withthe other offer
geegee827
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Re: Question for new homebuyers
We put down 18% - wanted to put down 20% in order to avoid paying PMI but since we also were paying for the wedding, it just wasnt possible.
MLAngelo
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Re: Question for new homebuyers
I think 10% is a safe bet, but if you put down 20% you avoid mortgage insurance. We were super lucky that my grandparents/parents all left me or put enough money away that with DH's money we could put down 20%.
