Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

2 Bumps

down payment

How do you figure out how much a down payment for a home is ....

Like if we buy a house for $60,000 how much would we have to pay down.

Is it the same as closing costs ?

Answer Question
 
Anonymous

Asked by Anonymous at 12:51 PM on Feb. 7, 2011 in Home & Garden

Answers (13)
  • Closing costs are extra- sorry. Talk to you realator about what is an acceptable down payment in your area. Most places like to have at least a 5% down payment. So 5% of 60,K is $3,000- Good luck with your new home!
    mrsmom110

    Answer by mrsmom110 at 12:53 PM on Feb. 7, 2011

  • But do you HAVE to have a down payment
    Anonymous

    Comment by Anonymous (original poster) at 12:56 PM on Feb. 7, 2011

  • I'd say have at least $10,000. My hubby and I had $8000 on a $145,000 and I wish we had more.
    dragonqueen

    Answer by dragonqueen at 12:59 PM on Feb. 7, 2011

  • most people wanta down payment of at least 20% but youd have to talk to the realator
    blinkys11

    Answer by blinkys11 at 12:59 PM on Feb. 7, 2011

  • It depends on your mortgage company/plan. Many mortgage companies have a no down payment plan for first time homebuyers. Generally, if you don't have a down payment then you end up with a higher interest rate but not always. So no - you don't HAVE to have a downpayment, especially if you have good credit and a good income/payment ratio for the loan amount. Talk to a couple different lenders.
    missanc

    Answer by missanc at 1:09 PM on Feb. 7, 2011

  • Down payment is technically supposed to be 10% but you can say absolutely nothing... FHA tend to require that 3% though... and closing costs are the money their realtor and yours splits so it is completely seperate from the downpayment... realtors do not work for free... hahaha
    MommaClark3

    Answer by MommaClark3 at 1:12 PM on Feb. 7, 2011

  • There are grat first time home buyer's program through the FHA that alolow you to buy a home with just 3% down. Often when putting in an offer you can have the seller pay the closing costs. Talk to a realtor in your area and find a good Loan officer. Good luck!
    NHRachel

    Answer by NHRachel at 1:21 PM on Feb. 7, 2011

  • Well, it looks like you have all kinds of different answers. FHA loans require 3 percent down, most other loans require between 5 and 10 percent. Closing costs depend on lots of things. If you are the buyer, you ask for closing costs in your offer. We received $3000 from the seller toward our closing costs, and we ended up paying an additional $1,000-2,000.

    I would talk to a mortgage broker about the different options for your situation. Depending on your employment or your husbands, you may qualify for different loans or better rates. Military, teachers, firefighters, police officers and teachers are in this category.
    twin_mommy

    Answer by twin_mommy at 1:27 PM on Feb. 7, 2011

  • Educate yourself. Call a few banks and ask if you can go in and talk to a mortgage officer to learn about what types of mortgages they offer. Some offer 0% down. But there are some with 5%, 10%, or 20% down. The more you put down the better interest rate you get. Closing costs are separate and sometimes you can get assistance from the seller with this, especially in this bad market. But they don't have to help. This is another topic you can discuss with the mortgage officer and a realtor. GL
    elizabr

    Answer by elizabr at 1:41 PM on Feb. 7, 2011

  • "and closing costs are the money their realtor and yours splits"

    No - the realtors (if any) commission is taking out of the sale price of the house. Your closing costs go to attorneys and other various fees, but many times you can get the sellers to pay closing costs, especially if you make a full price offer or close to it. I have my realtor license.
    missanc

    Answer by missanc at 1:46 PM on Feb. 7, 2011

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN