buying first home?

Question

would a $10,000 down payment on a $150,000 house be satisfactory for buying my first home with a decent credit score?

Answer 1

I think that would be marginal. 10% down payment is usually considered the minimum, and you need 20% equity in my area to avoid the PMI - private mortgage insurance. That will save you a lot on your monthly payment.

Answer 2

Should be, depending on your debt to income scenario. Also, do you mean $10,000 for your actual down payment or $10,000 to cover all closing costs, pre-paid expenses and down payment. Many loan programs allow the seller to pay your closing costs for you (if negotiated into the Purchase and Sale contract). There are loan programs that allow no down payment and there are others that allow a 3% minimum down payment.

Answer 3

15,000 would be better to give yourself a 90% loan.
30,000 would be even better to give yourself an 80% loan and no PMI.

A 10,000 dollar down payment should be sufficient for a first time home buyer with a good credit score and 2 years of good work history.

Answer 4

Absolutely... with a decent credit score you can do it with zero down payment and still get a great rate. Don't tap all your savings, so you will have a little cushion to furnish your home...

Answer 5

Marginally. You will probably need to buy mortgage insurance, which will cost extra, or pay a higher than cheapest interest rate. If you can make ten percent down, you will do better, and with twenty percent, better yet. Talk to your bank.