this would be our first house.
How much is a typical down payment?
How much money do we both need to earn/make to get a good homeloan?
2007-09-02 06:48:46 · 4 answers · asked by shannonforpeace 2 in Business & Finance ➔ Renting & Real Estate
You will find that buying a house is a great investment, even if interest rates are high (you can refinance later). I would start looking.
Typical down payments can be 5-20%. If the market is good, you can even take out a 2nd mortgage and have a down payment less than 5% in certain areas of the US.
2007-09-02 09:02:08 · answer #1 · answered by jdkilp 7 · 1⤊ 0⤋
Start by talking to a mortgage broker now
Typical down payment is 2.25% (FHA) to 5% (conventional), but don't forget about closing costs!
Your mortgage broker will tell you how much of a loan you will qualify for after verifying your combined income.
GOOD LUCK!
2007-09-02 17:08:47 · answer #2 · answered by linkus86 7 · 0⤊ 0⤋
i need more info to give you a good answer, it depends where you live mainly and the market. Go on a re website and search
2007-09-02 14:28:20 · answer #3 · answered by bree680u1 4 · 0⤊ 0⤋
NOW!
10% w/good credit
25% of your income determines the amt you can spend on payments.
2007-09-02 14:16:25 · answer #4 · answered by ticketoride04 5 · 1⤊ 2⤋