Down payment for a home? How much?

Question

My husband and I had a good amount put back for our home. Unfortunately, his mom was diagnosed with stage 3 breast cancer and she obviously had to cut back on working (she still works from home but not as much, I can't believe she does at all because she's having bad reactions to chemo and radiation)

Anyway, they almost lost their home so we gave them the money without any hesitation. My husband and I 100% agreed together we do not want it paid back or anything. Now we have around 3 % of what we would use. We are saving again but if we find a house we love, I'm hoping to have another 5% saved within a few months.

Would 10% be okay maybe? I found a house I love right now but I'm scared to put in an offer with only 3% down. We can always find another house; the money went where it was needed but I wanted opinions (:

Answer

I just wanted to say it's amazing that you and your husband did such a selfless act!  You two sound like very good people.  I don't know much about down payments on houses, but I do hope everything goes well for you!  :)

Answer

we got a 3 Bedroom 2 1/2 bath built in 2009 at 146,000 and put down only 3,000 with a 3.5% APR it all depends on credit how long you've been at work and you state I'm in Delaware and we had low APR rates a while ago and got in low.. Honestly for me were wanting to build from the ground up for our final home in 2021 and will have $12,000 this time around we only had $5,500 but used 3,000
Good luck talk to a good real estate agent...

Answer

You have to have 3.5% down to get a loan. You'll have to pay PMI because you'll have less than 20%, but you'll stop paying it as soon as you have paid that 20%. Make sure the loan is an FHA loan. But that's all assuming you're in the states. :)

Answer

Fha loan needs 3-5% down :)

Answer

I don't know where you live but every state has downpayment assistance programs. In order to qualify you have to be in income guidelines but they are reasonable. 87000 for family of 3 n that'll b pretty general give or take a few thousand except for cali, ny. They have special mortgage programs that won't require PMI too. Again, idk where you are. I know dollar bank uses all of the programs available.

Answer

We put down about 8% on ours and didn't have any problems. Obviously the more you put down the lower your monthly payments and less interest you'll be paying. I know a lot of people that only put down 3-5%. When we went to the bank I told the mortgage lender what we'd be comfortable spending per month for our mortgage and to base our pre-approval on that and not offer us any more, because we didn't want to be tempted into spending more. He did the calculations and found us a a price so we could look at houses and know we could afford them. Seeing that huge price tag makes it hard to know what you'll actually be paying per month. So keep that in mind, too!

Down payment for a home? How much?

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