Most of the down-payment requirements imposed by lenders apply to all borrowers, regardless of whether you’re buying your first house or your fourth. So let’s talk about how much money you might have to put down to get a mortgage in 2011. Down Payments for FHA Loans. If you use an FHA home loan to buy a house, your down payment could be as low.
Before you figure out how much to put down on a house, you need to know the basics about what a down payment is and how it factors into your home purchase.. You have money questions. Bankrate.
When you buy a house, you typically have to put money in escrow. You usually need to pay earnest money, which is usually 1 percent to 3 percent of the purchase price of the home. This money goes.
How much earnest money should we pay for a home purchase in this price range? Does it vary based on the price of the house, or is it pretty standard across the board?" Here’s the short answer. In a slow real estate market, where the seller isn’t getting very many offers, you might only have to pay $500 – $1,000 in earnest money
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How much do you need for a down payment on a house? When you are saving money for your first home, it can be daunting to think about how much cash you will need to put down.
Conventional wisdom says that you should put down as much as you feel comfortable with. More is generally better than less, but you don’t want to wipe out your savings account to do it, either. You’ll still need funds set aside for a rainy day and for the things you’ll want to purchase after you buy your home.
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Down Payment Your down payment will likely vary from between 3.5 percent of the purchase price, with an FHA-backed loan, to 20 percent. So, for a $425,000 home, you would need to put between $14,875 (3.5 percent) and $85,000 (20 percent) down.