What is the percent that you have to put down when buying a home?

Answer 1

All sorts of lenders offer mortgages for as little as 3% down. It depends on what you qualify for, and what kind of financing you want to accept (MI, second mortgage, etc.)Ask around.

AnswerDo a little research. We've bought homes with NO downpayment.

Yes, it really is possible.

But for most people, I'd recommend putting down as much as you can. Lowers your payments, you can often get a better interest rate, the downpayment is equity and it counts as pricipal rather than interest. If you don't think that last is important, have a nice long look at an amortization schedule sometime.

It'll turn you stomach to realize how much your home /really/ costs you in the long run.

AnswerIt all depends on what type of mortgage you are interested in... A lot of lender's offer 100% financing, but you will still need to come up with all closing costs associated with a purchase...For more info go to www.easy4myloan.com. The staff is very friendly and helpfull with any and all of your questions. AnswerIf you have served in the military you are probably eligible for a VA loan which has 0 down options. Also, an FHA loan has a down payment of 3.75% and when you purchase a home you can get the seller to contribute towards closing costs to conserve your cash. As far as putting as much down as possible, only when you get to 20% down do you eliminate the PMI or MIP (mortgage insurance payment). I would conserve the cash and have a 6 to 8 month emergency fund rather than putting it down on the house. You can always make extra principal payments and the interest is deductible after all. I would also find a local lender that you meet face to face, internet lenders might save a little money, but I have had too many deals where the underwriter is in Cincinnati, the lender is in Seattle, the property being sold is in Atlanta and you can never get a straight answer to a question in less than 72 hours!