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How much do you realistically need to put down on a house to qualify for a loan?

 
Mel_in_PHX

Asked by Mel_in_PHX at 4:23 PM on May. 20, 2011 in Money & Work

Level 19 (6,704 Credits)
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Answers (16)
  • Standard FHA is btween 3 and 3 1/2 percent. If you get an FHA loan, you will need to purchase primary mortgage insurance, which is a nice little chunk of change every month.

    A standard loan will require 20 percent.

    You will need to look at your total income. Sometimes, you have to put down more money to lower the payment enough to fit in the income guidelines.

    ImaginationMama

    Answer by ImaginationMama at 4:30 PM on May. 20, 2011

  • 20% of what the house is worth.
    gammie

    Answer by gammie at 4:25 PM on May. 20, 2011

  • No dollar amounts in the answers.
    meooma

    Answer by meooma at 4:28 PM on May. 20, 2011

  • Well its not based on how much you put down that qualifies you for a home loan. A down payment plays an important part but there are other credentials as well as the downpayment. First off it depends on whether you want a conventional or an FHA mortgage. With conventional, you will need 20% of the sales price down. on FHA, I believe it is 3-5% of the sales price.

    Credit, income, Assets, and Tax returns get you qualified or declined for a loan. If you have any more questions feel free to contact me. I work for a mortgage bank.

    MommyDimples

    Answer by MommyDimples at 4:42 PM on May. 20, 2011

  • There are (or were a year ago) some loans that required no down.
    meooma

    Answer by meooma at 4:25 PM on May. 20, 2011

  • I think 3% is the bare minimum.
    UpSheRises

    Answer by UpSheRises at 4:25 PM on May. 20, 2011

  • A percentage based on the price usually. There are some loans out there that are 100%. There are even some that add remodeling costs to that. It really just depends on the house, the seller, the bank, etc as far as I know.
    CookieMom108

    Answer by CookieMom108 at 4:25 PM on May. 20, 2011

  • Let me rephrase the questions.... how much % do you .... I wasn't actually looking for a $ amount
    Mel_in_PHX

    Comment by Mel_in_PHX (original poster) at 4:26 PM on May. 20, 2011

  • 0-20%
    matthewscandi

    Answer by matthewscandi at 4:28 PM on May. 20, 2011

  • The % will depend on the bank, the type of loan you get, and your credit history. I think the smallest amount is 3%. 0 down loans are usually bad news.
    UpSheRises

    Answer by UpSheRises at 4:29 PM on May. 20, 2011

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