I am ready to buy a house. What would be considered a decent realistic down payment on a 200,000 house?

Question

Also, what is the average price of a 200,000 mortgage with taxes and insurance included?

Answer 1

I believe the standard downpayment is between 10 and 20 percent -- so you're looking at between $20,000 and $40,000. Obviously, the more you can put down, the better, because you will have less principle to pay on. I'm not entirely sure what the payments would be because that would depend upon your credit score, etc., but I don't think that $1,100 (at least) would be out of the question -- it could even be higher.

Answer 2

Vicky has the right idea. At least 10% down. Now as for the payment with taxes and insurances included (PITI) that depends on you and where you live the tax rates and insurance rates for the area and as to the mortgage rate --that depends on your score and the capacity to pay the note. Your Debt To income ratio must stay on average with the new mortgage as well as all other notes at about 38% - 45% depending on your score. Mortgage lending has tightened up just recently and every thing is looked at very closely. The last thing you want to be is a foreclosure in progress. Do not take an interest only note. BIG mistake for a first time buyer.
I am a mortgage banker in TN & KY
Good luck to you

Answer 3

A good down payment is one that you can afford in most cases you can receive 100% financing if your credit is decent...Bottomline it all depends on the where you are getting your financing and how much experience they have to get you in the exact situation you are looking for. If your credit is not so good you will be required a downpayment of 10 -20% but if is not mandatory it is a situation by situation thing. I would love to help give me a call. We have been in the mortgage industry for over 15 years. I can provide up to 100% financing with a credit score as low as 600. That means no money down. Give me a call.

Cheers,

Humphrey
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Humphrey Mitchell
Co-Chairman/CEO
Turbo Home Loans Inc.
303 5th Avenue Suite 1809
New York, N.Y. 10016

Direct: (917) 337- 8670
Fax: (212) 213 - 1257

Licenses mortgage bankers in NY, NJ, CT, CO, MD, IN and FL. Direct lenders.
United Home Mortgage Incorporated d.b.a Turbo Home Loans
www.uhmtg.com

Answer 4

Many first-time buyers put 3% down as this is the minimum amount fannie mae requires in their program. Keep in mind that anything less than 20% down will require the purchaser to keep private mortgage insurance (the dreaded PMI), which will raise the house payment every month until 20% equity is gained.

Answer 5

The More the better, but the last 5 years the standard Downpayment was probably $0 .. some buyers have just enought for pay for closing (3%of purchase price), rarely have I seen someone put down more than 10% the last 5 years.

If you have the 10 to 20%, then do it.

Answer 6

I am surprised you are buying your first house at that price level.
Have you thought about doing more research before making such a large commitment? Did you know that the first few years you are paying mostly on interest instead of the principle. This means you have to live in the house quite a while to have equity unless you bought it and borrowed on it below market value. If you want to sell this house while you basically owe more than you can sell it for, you would have to take out a loan to pay the difference.

Answer 7

Usually people put down around 5%, which on a $200,000 loan would be $10,000.
The mortgage payment would depend on your interest rate.
Examples: (Based on 30 yr. loan, WITHOUT TAXES AND INSURANCE)
6%: $1,139/MO.
6.5%: $1,200/MO
7%: $1,264/MO

To include taxes and insurace you would need to know how much the yearly amount is... (Varies widely on location) get the yearly amount, divide by twelve and add this amount to the base monthly payment.

Answer 8

the more you put down for a down payment the better. the average payment depends on what your credit score. shot me an email i may be able to help you out.

Answer 9

20% is usually a good down payment for $200K would be $40K