Comments on: Looking to buy a 1st house in about 2yrs, how much money do I need to save up for a down payment.?

By: real estate guy

real estate guy — Sat, 30 May 2009 16:35:59 +0000

amazing (not really) - 9 answers and ALL 9 are WRONG!!!!!!!!!!!

With FHA loan, it's 3.5% down and with USDA, it's actually no money down. Plus you get the seller to pay closing (usually 3%) it's that's it.

It is NOT!!!!!!!!!!!! how much money you put down, but what you can afford each month that determines the price of the house you get.

You could put 50% down and still buy to much house that you can't afford.

TALK WITH A LENDER.

If you are a first time buyer, don't wait. There is a 8000 tax credit available - until 12/1/09.
References :

By: smedrik

smedrik — Sat, 30 May 2009 16:02:59 +0000

10-20% of list.
References :

By: kandisue76

kandisue76 — Sat, 30 May 2009 15:19:59 +0000

Due to the current mortgage and credit crisis most lenders want 25-30% down and that is with excellent credit.
References :
I work in real estate

By: Information Central

Information Central — Sat, 30 May 2009 15:13:59 +0000

20% is a good recommendation because, as noted, if you owe more than 80% of the value of the house, you'll have to pay mortgage insurance. Mortgage insurance can run a couple hundred dollars a month, more or less depending on the balance.

Certainly you should put down no less than 10%.

When values were rising quickly, you could wait for the value of your home to go up and then have it reappraised to get rid of the PMI (mortgage insurance). That's far less of a sure thing now that the market has corrected.
References :
Harris Bank and Trust, my mortgage documentation

By: MandeeP

MandeeP — Sat, 30 May 2009 14:26:59 +0000

I believe that they say 10% is a good down payment but if you pay an extra payment in the first 12 months of buying a home you knock off years! Plan to pay a extra payment in that 1st year it will help you out in the long run. Promise!
References :

By: Druid

Druid — Sat, 30 May 2009 14:15:59 +0000

>Down payment generally depends on the cost of the house, how much money you have saved up, and your credit score. <
References :

By: hesperias_witch

hesperias_witch — Sat, 30 May 2009 14:06:59 +0000

10 to 20 % of the house's sale price ( $100,000.00 $10,000 to $20,000 would be your down) The larger the down the better interest rate you will get.
References :

By: krollohare2

krollohare2 — Sat, 30 May 2009 13:54:59 +0000

Count on at least 20 percent but if your credit is less than stellar, figure at least 30 percent down.
References :

By: mandie82481

mandie82481 — Sat, 30 May 2009 13:07:59 +0000

at least 10% would be ideal!
References :

By: rtfm

rtfm — Sat, 30 May 2009 12:44:59 +0000

A down payment these days should be 20 percent, if possible. Any less than that and you'll have to add PMI to your monthly payments.
References :