i have a question?

Question

i want to know if you buy a house how much does it require to put a down payment on a house. on average. If someone doesnt have a lot of money can you get a loan and how much?

Answer 1

Ok, I'm in the middle of buying my second house right now, I know something about it all.

Ok, generally speaking, you wanna put as much down as possible, most new home builders will want you to put between 10% and 20% down, it depends on the builder. Most mortgage companies can fully finance you, meaning you put $0 down, but that also hurts you in getting a good rate. Dont despair though. Getting a house is actually alot easier than you might think, even if your credit isnt up to snuff. But while you have it in your head that you wanna start looking, you'll wanna do a few things.

1. Before you get suckered into going the way of a realtor, seriously think about buying a new home, as they generally cost a little less, and since its new, they usually come with a great warranty.

2. Stay 100% on top of your credit. Go to www.freecreditreport.com and get their monthly thing for $12.95 a month. You can also fix your credit if there is stuff that shouldn't be on there, aliases, bad addresses, etc. Also while you're at it, if you have credit cards, begin to pay them down, not off, but try to leave your available credit at about 20% of your balance. This will help to boost your score. Also dont get any new inquries until after you are done buying your house.

3. Come up with a no BS budget on what you will be paying after you get your house. Figure your monthly house payment to be roughly 1% of the actual cost. It'll most likely be less, unless you get a really bad deal. And work with it. Put it all down on paper, or in an Excel file. Add in your car payment, if you have one, credit cards, insurance, groceries, gas, gas, gas.

But above all, you're goanna have to go shopping, and get out there and actually start looking. Seriously, take a good look at new homes in your area, preferably ones from a very good builder. Do your homework. Good luck in your house hunting.

Answer 2

5-10% down, Don't get a loan to buy the house because you need to have the money in the bank not from a loan. A gift is okay though. Make sure you have a paper trail to verify it was a gift. Its complicated and should be discussed with a loan rep.

Answer 3

Certainly the total technological degree of mankind has multiplied over the final couple of centuries with the Industrial and Electronic and knowledge revolutions. However, the idealistic snapshot you are portray isn't the entire tale. This is a floor photo. Underneath the ones "eliminated" sicknesses are resistant new types of disorder. We (mankind) don't seem to be the one species on Earth to adapt; our advances have no longer proceeded with out penalties. It is the worry of the ones penalties which informs a number of the Luddite persuasion and those that could have us halt technological development to permit human mental and social growth to meet up with our prowess with craftsmanship and bodily innovation. Then there are folks who worry blindly, those who take emotional cues from devout texts and use them to justify makes an attempt to halt development for no different motive than it offers a indistinct chance that's no longer completely understood. While Utopia is a ways from accomplished in cutting-edge society, it isn't homogeneous, nor must or not it's. There must continually be a cautionary voice to offset the keen futurists. However, while the voice of unreasonable worry takes preserve and profits a majority say, that's while matters end up shaky and frightening. A tricky crisis, however no longer one that's unforeseen in any improve society with many layers. Thanks for the query; sorry I'm no longer an atheist, however I pop in on those at all times, as few questions are geared toward agnostics.

Answer 4

If you don't have alot of money, or if you are a first time home buyer, applyfor a MISHDA loan, fannie mae loan,VA loans. They do not require alot of money down, and in some cases no money down at all. You could also look into Habitat for Humanity homes. Good Luck.

Answer 5

A down payment can average from 20,000.00 to 50,000.00 - It really depends upon you, your credit. I'd check with banks in your area. They'll tell you exactly what you need (and want) to know. You should be able to get a loan - depending, again, upon credit, and other factors. Good luck.

Answer 6

You usually have to put 5% down, but some loans you can get for nothing down but the fees to write them are much higher.

Answer 7

used to be 10% now you can get 0% down & govt. help for first time buyer but be very carful read the fine print on every piece of paper you have to sign, and ask about the cost of closing you will have to pay for this good luck it will be your greatist achivement and satisfaction

Answer 8

Go to www.lendingtree.com to determine what you need to put down. Each lender has their own perameters and requirements. Ditech.com will do 125% financing. You can also go to bankrate.com to determine what you can afford both in the house and downpayment.