How large a down payment do I need for my first home?

Answer by  Darry (3853)

To avoid having to pay extra money to a mortgage insurance company you need to put down at least 20% of the final purchase price. For most loans you will pay insurance premiums for your mortgage until you reach this 20% deposit.

Answer by  flamiss22 (5081)

It all depends on much you want to pay for your mortgage. The larger you put down the less you have to pay each month. A normal range is typically three to ten percent. If you get an especially good deal you may not have to put down anything at all.

Answer by  tamarawilhite (17883)

This depends on the type of loan you get. The minimum for first time home buyer and minority loans is 3%. You get a better interest rate if you put down at least 5% of the home's value. If you put down 20%, there is no private mortgage insurance on the loan.

Answer by  withsmluck (793)

Down payment for a first time home buyer can vary greatly, depending on your credit, type of loan and loan amount. Talk to a mortgage broker locally for exact amount.