Is it different if you want to build a home vs. buying one finished?
Thanks.
2007-10-28 06:06:08 · 8 answers · asked by Hans B 5 in Business & Finance ➔ Renting & Real Estate
20% down avoid PMI Private Mortgage Insurance.
And no it does not matter if it's a new home or re-sale.
Hope this helps.
Terry S.
http://www.Welcome2Arizona.com
2007-10-28 06:25:32 · answer #1 · answered by Terry S 5 · 1⤊ 1⤋
There are different down payments requirements depending on your credit and your income/debt ratios. Example..Countrywide has a Fast And Easy program if your score is 740 or better I believe, you need 5% down and get A+ rates. The lower the score the more you need down. And a lot of lenders are still doing 2 loans to save you from the PMI. Good luck!
2007-10-28 06:14:15 · answer #2 · answered by RealtorV 3 · 1⤊ 0⤋
There are quite a few classes that permit for quite a few downpayment quantities. credit, very own loan quantity and the earnings documentation which you furnish are the main factors in figuring out what your downpayment could desire to be. There are classes which includes My community Mortgages, Flex ninety seven and Flex a hundred provided via creditors by Fannie Mae. those classes are designed for loans interior of conforming limits with those debtors offering complete earnings documentation. you will get carry of as much as a hundred% with those classes plus sellers' contributions to final expenditures. Downpayments are allowed from government and corporation provides. Reserves standards additionally could desire to be sourced, not pro - so they are able to be present funds, mattress funds, sous-sous funds, and so on that are validated via putting those funds in a financial business enterprise account. in spite of the incontrovertible fact that, while you're a usually going on time homebuyer paying for a belongings outdoors of the conforming very own loan limits, be arranged to place a minimum downpayment of 10%.
2016-12-15 11:07:49 · answer #3 · answered by inabinet 4 · 0⤊ 0⤋
If you don't put down at least 20% a mortgage company will not even take you seriously. Beyond that the more you put down the better the rate you could be offered.
2007-10-28 06:15:11 · answer #4 · answered by Rich Z 7 · 0⤊ 1⤋
To get the best rate you need a good credit score. 20% down will get you in the house but again your credit score determine your interest rate.
2007-10-28 06:17:57 · answer #5 · answered by Chef Michael 3 · 0⤊ 1⤋
I think you need to put at least 20% down. Less than that and you typically have to pay mortgage insurance.
2007-10-28 06:09:56 · answer #6 · answered by The Joe 3 · 0⤊ 1⤋
Not less than 20%
2007-10-28 07:34:28 · answer #7 · answered by Classy Granny 7 · 0⤊ 1⤋
The more you put down the lower it could be.
2007-10-28 06:10:17 · answer #8 · answered by One Bad Mama Jama 4 · 1⤊ 1⤋