What is the minimum amount I should have for a down payment on a Home loan of 170,000?
353748
I'd would shoot for 10%.  The more the better but I think 10-20% is average.
440495
Have you thought of a refi on your home. Stated prices are only 1/8th to 1/2 pt and you could make it tax deductible from inception. Most lenders go stated to 560 mid score, up to 100 cltv. A small biz loan up to 100K
1165633
If your debt to income ratio (all of your monthly debt, credit cards, car payments, student loans etc PLUS the principal, interest, insurance, taxes and housing association dues if applicable DIVIDED by your monthly income) is under 50%, you should be able to qualify.   \n\nFor example - \n\nIf your total monthly expenses (including the new home) came to $3,000, you would need to show $6,000 a month in income to qualify.\n\nDebt To Income = Debt / Income\n\nDebt = 3000\n\nIncome = 6000\n\n3000/6000 = .5 or 50%\n\nYou will, however, need to put 15% down on the purchase plus have the cash to cover closing costs.
363359
Depending on whether or not you are married, the average amount you would get to take home is 6,200 per month or 74,400 per year. You'll be able to claim the interest on your land and student loans. The best thing for you to do, if you have no dependents, is to let your employer take the most amount of taxes out that you can afford. Also, if your company has it, participate in the 401k retirement funds. They are tax deductible.
569833
Hey Dude,\n\nThe usual answer is: it depends. Here is a summary of the loan types you are talking about:\n\n80/20: This is a no down payment loan at 100% of the purchase price. This loan will avoid having to pay PMI. The rate on the second is typically higher than the rate on the first mortgage.\n\n100% Single loan: Can't think of a good reason to have it since you have to pay PMI that is not tax deductible. On the 80/20 loan you can deduct the interest. You would have to wait until the loan balance is 78% of the property value before you can get it removed.\n\nFHA: this can be a great loan if your credit is a little shaky. You need to put 3% down, or have the seller be willing to work with you on a down payment assistance program. If you can't qualify for good rates on the 80/20, you may still get good rates on the FHA. If you have good credit, then this is not a good loan to have as you will have to pay MIP (Mortgage Insurance Premium).\n\nJohn Visser
746921
look for a lender who will underwrite a loan package called \nstated income.  even if you have a renter, get a one year lease agreement signed.  don't know if that will help you.  alot of this depends on what your down payment is- the more you put down will offset the monthly mortgage amount.
740691
The general rule of thumb is monthly house payment (principal, interest, insurance and taxes) should be no more than 28% of gross income and total monthly debt payments should be no more than 36% of gross income.\n\nPS.  FYI I work for one of the largest mortgage companies in the US and we use this formula along with other considerations.
315536
I'm at Countrywide on a 5/1 arm at 5.125, but your loan is only as good as your loan officer.  Gotta listen to what your needs are and then everyone offers similar stuff - then it's how you qualify! good stuff!  I've been doing this for years.
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.
845282
get a job, put all you left over money in a drawer,  when the drawer gets full enough, go make you down pay't.  otherwise, you will probably be paying 25% interest on your loan.  don't borrow anything.  pay cash!!!
75722
Poor credit, how poor.  A low FICO does not always mean rejection form a lender.  I work with over 150 now.  Write me an email and we can talk options if you would like a professional opinion.  \n\nYes you can buy a home it simply depends on what home and how much it will cost to acquire.\n\nI'm assisting a buyer now who has a 576 middle FICO buy a $575,000 home now.
41577
As little as possible is often the most popular idea. However, it is wise to put down enough to make sure the property income will service the debt payments and taxes. You don't want to be paying out of pocket evey month unless you really need the loss for tax purposes. \n\nMost banks or savings and loans will require between 20 and 30 percent down payment in the US. The lenders are looking for the property to break-even or have some positive cash flow based on their projections income and expenses. The appraiser is often asked to make these estimates. However, I have purchased investment property with nothing but closing costs out of pocket using hard money lenders. I've even borrowed more than the purchase price when the appraised value was much higher than the purchase price. I have also run across some credit unions that loaned 100% for borrowers who had a good track record with the credit union. It's all in the deal.
753849
Usually the amount you can borrow is around 2.5 times your salary, or in your case you and your friend's salary combined\n\ne.g. if you earn 40,000 between you, you can borrow 100,000\n\nYou need to go to the bank and ask for advice, and they will give you details of which mortgage will suit you best. Then you can shop around and try and get a lower interest rate!
102032
You need to have excellent credit for those kinds of loans. I suggest you shop around several banks, and lendingtree.com\nYou may qualify for a low downpayment not as high as it would be normally. Just shop around and make sure you have a couple thousand saved up for closing cost and a downpayment.
750801
Often called a Option Arm loan they have upsides and down sides. \n\nYou get a loan with a start rate around 1-2%\n\nLets use 1.25% for an example. This isn't your ARP it's just a rate used to calculate your starting minimum payment.\n\nOn $200,000 with a start rate of 1.25% your minimum payment would be \n\nMin Mon Pmt\n1st Year$666.50 \n2nd Year$716.49 \n3rd Year$770.22 \n4th Year$827.99 \n5th Year$890.09 \n\nOther Payment Options\nInterest Only$1,213.67 \n30 Year$1,368.70 \n15 Year$1,829.34 \n\nEach month you can select whatever payment you want from the minimum payment to the whole loan amount. These are usually 5 year loans.\n\nThe catch.\n\nThe interest rate is variable. It's tied to an index. Usually MTA or COFI. If you have a choice pick MTA. It doesn't move as fast up or down so if the economy changes you interest doesn't jump as fast.  The other figure that determines your interest rate is the margin. This is the amount added to the current index figure each month to come up with the rate you will be charged for your mortgage. The MTA has been around 4 - 4.5 all year. With a margin of 2.5 - 3 on average that would put your actual interest rate around 7%.\n\nSo your mortgage balance actually goes up every month. But so does the value of your house. Depending on what loan to value you started at this can be an ok thing.\n\nThe benefits\n\nYou can pick the lower payment use the money to invest in something or pay off other debt with higher interest and come out ahead. \n\nIn 3 years when the minimum payment starts getting higher you can always refi back down to the 1.25% start rate again. At this time you will pay off all the defered interest and that year you will take a huge tax break.\n\nIf you do invest the extra money for retirement or college savings for your kids you can still right off the defered interest. And build a nest egg for later.
195494
The FantasyLand Bank would love to give you the financing you need. \n\nUntil that day comes, you need a tangible score of 580 to go no $ down, full doc.
1022515
Well, that depends on where the balance of $164,900 is coming from.   Is your down payment $90k or is your loan amount $90k?  \n\nRegardless, do a search on loan amortization tables.  You can put in the loan amount, term and interest rate, it will give you the monthy payment.  There are a ton out there (may even be one in Yahoo Real Estate section).