how much down payment do i need

For an FHA loan, the minimum down payment you would need to buy a home is 3.5% down. Most lenders can lend up to $417,000 with the exception of Alaska, Hawaii, and Guam.

How much do I put down on a used car? While we’ve described the reasons why a 20% down payment on a new car is a good idea, and 10% or more is the rule of thumb for used or new – if that’s the most you can afford – a used car has already depreciated or lost value from its new car price.

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By Teresa Mears, Contributor |May 3, 2019, at 10:19 a.m. A lower down payment may be helpful, but you will pay more over the life of the loan. (Getty Images) For someone who is thinking of buying a.

OTTAWA – You’ve scrimped and saved to put together a down payment to buy your first home. But experts say it’s important to remember that your down payment is only part of the cost of buying a house.

It is part of your down payment and is generally dictated by local home buying customs. The earnest money deposit can vary from a small amount such as $100 or $500 to a larger amount such as $1,000 to $50,000, depending on the sales price. Earnest money is generally 1 percent to 3 percent of the sales price.

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Typically, the larger the down payment, the better off you’ll be. While a large down payment can help your loan, it doesn’t necessarily offset your bad credit. Lenders still look into your credit.

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Historically the rule was that homebuyers should make a down payment worth 20% of the home value. That’s a great number to aim for, but if the home is expensive or your savings are thin, that might not be feasible. To help you as you calculate your down payment, we looked into the typical down payment on.

– PMI allows a home purchase with as little as 3% – 5% percent down, or $6,000 to $10,000 on a $200,000 home. The rate for PMI will be based on the amount of the down payment and your credit rating. If you can afford a down payment in the 5% -10% range, you should compare FHA and conventional loans to find the lowest cost.

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Below, we’ve calculated how much buyers need for a 10%, 15%, and 20% down payment based on median home sale prices in the largest US metro areas sourced from Zillow. Data on median sale price was not.