What’S The Minimum Down Payment On A House

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Minimum down payment these days for fha (minimum credit score 620) is 3.5%. For a conventional loan, your credit score will have to be higher and you can expect anywhere from 5-20%. More than likely you will not be able to get a home payment of $300 if you’re counting taxes and insurance as well.

The down payment is a number derived from the purchase price. If you buy the house for $600,000, your required minimum down payment is a percentage of that price.

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Your down payment plays an important role when you’re buying a home. A down payment is a percentage of your home’s purchase price that you pay up front when you close your home loan. lenders often look at the down payment amount as your investment in the home. Not only will it affect how much you’ll need to borrow, it can also influence:

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Suppose the purchase price of your home is $600,000. Your minimum down payment will be 5% on the first $500,000, for a total of $25,000. On the remaining $100,000, your minimum down payment will be 10%, for a total of $10,000. Add both totals together and your minimum down payment would be $35,000.

It’s not uncommon for lenders to set a minimum required down payment (but you can pay more if you like). Again, a larger down payment reduces lender risk: if they foreclose on your home or repossess your auto, they don’t have to sell it for top-dollar to recover their investment.