Question

We are in the process of saving a down payment for a house. Wondering: how much was your house & how much did you put down? I know 20% is a good goal, but we seriously need out of our neighborhood. Always hearing gunshots, and just 2 weeks ago WE found our elderly neighbors BOTH dead in their own home. Might not seem big to some but we don’t feel right here anymore on top of other reasons.  

Answer 1

I am a loan officer assistant/front end processor for mortgages. Have you contacted a loan officer? You can discuss going FHA with them which only requires 3. 5% down or also discuss options for financing that 3. 5% that allows you to completely drop the financing after a certain number of on time Payments.  

Comments

There are many options. So I would just reach out to someone and see if you can move sooner. (I work for a mortgage company)

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Conventional loan programs require 20% down. When you go FHA etc you have to have mortgage insurance but after your loan to value goes down over time you can easily refinance to no longer have the mortgage insurance.  

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However to caveat this also remember that you will need to speak with them about closing costs because that can play in what you owe on top of a down payment so any house you buy I would try to ENSURE all or as much seller concession as your agent can negotiate if your budget of cash to close is right.  

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All of this will be discussed once the actual loan is disclosed to you. But these are good things to keep in mind to ask upfront so you have knowledge upfront on what to ask and what you’re looking at.  

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@koala no problem!  happy to help.  

Answer 2

We are also saving, we are shooting for 10%

Answer 3

We did USDA with 0% down & even got money back at closing.  

Comments

@coca3/activity" class="qa-user-link">coca3 @bellamy this is also a good option if you pick a specific area so you can discuss these areas with a loan officer. I think you can search USDA zoning in your area with a google search I do not know the exact site. But this is as @coca3/activity" class="qa-user-link">coca3 said a 0% down.  

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@liaoyang yes ma’am. You can look it up online

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@coca3 what was the minimum credit score for that loan?  

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@plenty 620 I believe

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@coca3 we did this too!  

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@coca3 ok thanks

Answer 4

When we bought our first home in 2010 we had 3. 5% as a down payment. I think it was about $9k.  

Answer 5

We bought in 2014 for $247, 500. We put 5% and were able to refinance in 2 years to drop PMI

Answer 6

Our first house we bought with 0% down for $155, 000. The only reason we felt comfortable doing this was it was a hot market. We sold 4 years later for double what we paid. Our second house we put 35% down.  

Comments

@cairn what is the minimum credit score for that loan?  

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@plenty I’m not sure. We’ve always had really good credit. On our first house, we did a first and second mortgage to avoid PMI. It was also before the big mortgage crisis so i dont know if things have changed.  

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@cairn oh alright. Well I'm trying to get back there serious medical issues for 6 years and I'm clawing my way back!  

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@plenty you can do it! One step at a time. Good luck!  

Answer 7

Don't forget there are closing costs in addition to the down payment! Ask about seller concessions to help and know the cost of down payment assistance programs before using them. <3

Answer 8

Contact a loan officer to get pre-approved asap, theyb will help with what down payment you need.  

Answer 9

Naca offers no closing costs and no down payment. I’d check to see if it’s In your area.  

Answer 10

We got a USDA loan which required no down payment. The seller also accepted paying our closing fees in our offer.  

Answer 11

Our first home we bought for $177k and put $20k down.  

Answer 12

There are MANY 0% down programs that you can take advantage of, skip the big banks and check out lenders and credit unions first. Then follow up by asking them if your state has a down payment assistance program which can sometimes add upwards of 15k to your down payment.  

Answer 13

Make sure when you get pre-approved, that you calculate what the payment would look like including taxes and insurance. Often you’re pre-approved for WAY more than what you can afford. When we bought both of our houses, we figured out what we could afford for a monthly payment and then asked what price point that would put us in. First house we were pre-approved for $220, 000. we determined that the most we could afford would be $150, 000-160, 000. HUGE difference!  

Comments

@cairn yes this! We were approved for 3x’s the amount we could actually afford

Answer 14

You don’t need to put down 20%. Talk with a local Realtor and Mortgage professional. Safety is number one.  

Comments

Depending on where you are, can put down as little as 0% to 3. 5%!  

Answer 15

I am currently in the process of purchasing my first home (closing in 2 weeks if all goes well). I’m putting 3% down on a $339k house (conventional loan) and negotiated for the seller to cover all closing cost. Before I started my process I spoke to my financial advisor to know what I could realistically afford. Getting a good real estate agent is key and can guide you through the whole process. The most eye opening thing to me was closing cost because they can really add up quick so having that covered by the seller was very important to me (mine are going to be ~$6k). Also be prepared to have ~$1k for inspections and the appraisal. Good luck!