Question:

How much of a down payment should I make?

Answer:

How much of a down payment you make to buy a house will determine the type of mortgage you are going to take. It is possible to buy a house with as little as 10, 5, 3 or even 0% down. However, any downpayment below 20% will make you pay for mortgage insurance.

How much of a down payment for a house?

A conventional mortgage loan will require that the borrower contributes at least 20% as a down payment.

A high LTV mortgage of 90, 95 or 100% is available for qualifying borrowers. FHA loans are government backed mortgage loans that allow borrowers to put as little as 3% of a down payment, which can furthermore be gift funds or funds from down payment assistance charities, or private DPA providers. Mortgage insurance is required with any high LTV residential first mortgage loans.

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