2007-01-26 13:49:24 · 4 answers · asked by fastboymatt 1 in Business & Finance ➔ Renting & Real Estate
If you're trying for a regular mortgage, you're going to need probably 10-20% down.
If you're buying the house at an auction, they will set the down payment amount (deposit). Then you'll have to arrange the rest of the financing before you lose your deposit.
2007-01-26 15:20:37 · answer #1 · answered by Anonymous · 0⤊ 1⤋
With a credit score of 550 you maybe required to put more down. You may not qualify at all for a morgage. I brought a house with a score of 683 and had to pay off several items on my credit report to get a better interest rate. Intrerest rate is all important, 1% more can add up fast. Back to the down payment, the bank may want more just to show you really have something invested in this house so you don't want to lose it either.
2007-01-26 21:58:35 · answer #2 · answered by sweet sue 6 · 0⤊ 0⤋
Possibly 0% if you are getting a good enough deal on it and you go through a hardmoney loan. You may have more options than you think. I know a loan officer who recently did 100% financing with a 560 score. Shoot me an email or fill out the free evaluation form at
www.totaldebtsolutionsllc.com
and I will have that loan officer contact you.
2007-01-27 19:38:09 · answer #3 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋
you would be expected to pay between 10-20 percent down.
2007-01-26 21:58:52 · answer #4 · answered by Suzzie Q 2 · 0⤊ 0⤋