what is the average down payment on a home loan?
101858
Average down payment is 10%-20%. However there are some cities that have programs that will cover your down payment.
1082974
My husband and I were truly blessed we we bought our home. There is a program called Ameridream and if you are a first time homebuyer or a minority, the government will cover your downpayment. No gimmicks or paypacks. It was awesome. We saved 5k on the downpayment. We got an interest rate of like 6% and if we did a 80/20 the rate would have been 7.5%.
189267
I would suggest 20% of the selling price. You must also think about the extra fees, such as taxes, title insurance, lending fees, closing cost, etc. that will add up quickly, and is usually expected out-of-pocket at the time of purchase. \n\nIf you are a first time homebuyer there are programs out there that will deviate some of those fees, but then if you don't have 20% down you will have to pay mortgage insurance, and from asking around I've noticed it's an average of $100 on top of your monthly mortgage. \n\nHope this helps, I am a first time homebuyer and have been investigating this a lot!!! Good luck!!
250451
Typically, in my experience, the highest mortgage you should take on is approximately 30-35% of your gross income - monthly.  As far as a specific dollar amount for you and what you can afford given your plans for saving, it depends on your combined gross income, your current obligations, and spending habits.  Hope this helps you.
723950
Your mortgage payment should be around 35% or less of what your income is.\n\nIf you want specifics, tell me your income and I'll tell you how much house you can afford.
978053
it may be zero down payment from you, but you need to obtain financing for the mortgage of the house.  I would check with your bank to see if you would qualify for the loan.
73127
You can buy a home with as little as $500. Negotiate with the seller to pay closing costs. USDA, Fannie Mae and Freddie Mac all offer loans with 0% down payment. A lot will have to do with your credit. USDA allows for minor credit problems. Talk to your friends and co-workers to find a referral for a good lender. If you want to buy in Ohio, I can be your lender. :-)
927314
The people who bought my house did this several years ago. We were asking 62k. That would have required something like 5k-6k down plus closing costs. They had the paperwork drawn up for a 69k+ selling price, with the buyer (me) putting down the down payment and all closing costs. (The money came out of the final check to me.) I got my 62k, they got their house, and financed it at 69k.
795683
Whether you pay points to get a lower rate or not depends ultimately on how many and how long you plan to live in the home, and how long you will be in that loan.  \n\nAny loan officer who presents points to you should be able to clearly map out what the rate savings is, and how long it will take to break even.  For example, if you pay 1 point and save .25% per year, you will break even in approx. 4 years (it's not linear).  So if you are in the home for 10 years, you would save 1.5% over the 1% you paid.  \n\nMost loans are only around for about 5 years.  If you've never had a single mortgage longer than 7 years, you are probably better off paying no points and taking the higher rate.\n\nSellers can typically pay anywhere from 3 to 9% of the sales price for your closing costs.  It generally depends on your down payment.  The more you put down, the more the seller can pay.
153857
5 percent and up depends on % down payment and your credit history and income level
397583
It depends on your profile. Your credit, income and FICO score will determine the route that are available for you. In some cases, you don't have to place anything down and just pay for the closing costs. In others, you have to place down a percentage of the purchase price. You should research various loan programs to determine the amount that you will be required to place down on a property. Once you have established that, then go out and find a seller that is willing to accept those conditions. Again, it really depends on your profile to answer your question with true accuracy.
651400
Again, people expounding advise with no idea what they're talking about. FHA loans are designed for this purpose. FHA loans require 3% down. There are even private grant monies available for FHA down payments. FHA loans are not based on credit scores. FHA loans are based on your ability to pay. Period. You do need at least one year of good payment history behind you. Your scores mean nothing
62638
Depends on the amount financed and your area of North Carolina.  You can check out Bankrate.com at\n\nhttp://www.bankrate.com/brm/rate/mtg_home.asp\n\nDon't be pulled in by the lowest rate.  IMHO, my advice would be to use a local lender not some out of state outfit.
1028905
Borrowers with a credit score over 700 are typically offered more financing options and better interest rates, but don't be discouraged if your scores are lower, because there's a mortgage product for nearly everyone.\n\nPopulation average....\nUp to 499: 1%\n500 - 549: 5%\n550 - 599: 7%\n600 - 649: 11%\n650 - 699: 16%\n700 - 749: 20%\n750 - 799: 29%\nOver 800: 11%\n\nDetermined by your...\n35% - Your Payment History\n30% - Amounts You Owe\n15% - Length of Your Credit History\n10% - Types of Credit Used\n10% - New Credit
248629
Your total monthly housing payment (including taxes and mortgage and insurance) should be about 1/3 of your take home pay.  So, you can figure your mortgage by what that payment amount would equate to!\n\n:-)
285904
Okay....let's please all stop giving this poor person wrong answers.  An 80/20 loan is NOT where you put 20% down on the home.  This type of loan refers to two separate mortgages.  The 1st mortgage secures 80% of the purchase price, then the 20% takes care of the remainder.  Example:  $100,000.00 purchase price.  1st mortgage @ 80% is $80,000.00; then the second mortgage @ 20% is $20,000.00, thus giving you a total of 100% financing.\n\nAlso...bankrate.com is not a good source of info on different types of mortgages.  There is nothing wrong with this type of financing when you do not have the type of money tp put down on the home.  Very good choice.  Although you may get a better rate on a government loan (FHA/VA) and you only have to secure 1 mortgage.\n\nIf you would like to know some more about this type of financing or other types, please contact me at timothy.kazee@americanhm.com. and we can talk further.  You can also visit my website at www.americanhm.com/timothy.kaz ee.  Feel free to apply online there also.  Great question!!!!!!
162799
There is no average number of discount points.  Most lenders will offer anywhere from 0 to 3 points.  These aren't really "charged", either; YOU select and agree to the number of points. You're simply paying a premium for having a lower interest rate on the loan.\n\nIf you mean average mortgage interest rate, you can check here for rates in your area: http://mortgages.interest.com/index.asp?