how much does one usually put down on a house or condo

[Rising Phoenix]

considering my options

[SPKrazy]

1. first time buyers

can get different deals

FHA loans

etc.

require different amounts down...

:hi:

[Rising Phoenix]

2. thanks

I'm also looking into foreclosed homes....

or a cd and wait a while....

[hisownpetard]

3. Depending on the deal, usually around 10-20%.

[flvegan]

4. Depends on the lender, usually.

LTV and asking price are factors. The more you can put down the better.

[Lex]

5. Some credit unions offer 100% financing on first homes.

Most conventional loans require 5 to 10% down generally.

Some FHA loans also allow a relative to give a certain amount of gift funds to be used for downpayment.

[pitohui]

6. if you can put down 20 percent or more you don't have to buy mortgage insurance

mortgage insurance pays the bank for the house if you die and is of little benefit to a single person (i may be misremembering but i think you might be single)

so there is a savings there if you can get together that much of a down payment

my rule of thumb -- better the smallest house in a good neighborhood than the bigger house in a less good neighborhood -- also, always look at the school district, even if you don't have kids, because a good public school district means people don't also have to budget for private school so your house will sell more easily if you need to sell

[Dora]

7. FHA for your first home loan.

We put down 3% for the FHA loan on our first home, but we had $20K in savings. If we hadn't had the savings, we wouldn't have been approved. Over the next four years, the house's value increased enough for us to sell and purchase our current home with a 30% down. A 30% down payment almost guarantees that you'll be approved for a mortgage.

Here is some unasked for advice: Ask people you respect for referrals to loan officers or a mortgage bank. I recommend that you find a mortgage bank to deal with instead of a broker. This way, you'll eliminate the middle man and hopefully you won't be gouged on fees. You'll probably find a better loan than you would with a broker. Also, you'll have established a relationship with a financial institution that you can return to in the future. We were referred to a local mortgage bank, and we've had a wonderful experience because of it. We had spotty credit, but they qualified us for an FHA loan, and the VP showed up at our closing in order to insure the loan was funded promptly. We went back to them for our second home loan, and it was nice to go through the process again with a familiar business that remembered us.

Good luck. Find a bank you trust. Enjoy the process - it's definitely a learning experience.

[Wcross]

8. 5-10% for a conventional mortgage.

I would not go into a home purchase without a healthy down payment, a sizable cash reserve. I am conservative like that though.

[Writer]

9. Aim for 5% if you can spring it.

You can get a better rate that way.