Is 13,000 enough for a down payment on a home in Texas?

Question

Looking for a home in the 150-200k price range.

Answer 1

Best Answer - Chosen by Voters

No, sorry. At least 30K, 40 is better.

Answer 2

depends on your credit. some places want you to put down 20%

Answer 3

Conventional loans require a 20% down payment. FHA require 3%, but the there are additional requirements these days because of all the defaults. It is best to get prequalified before house hunting, so that you know what you will be approved for and can narrow down the listings according to the price range .

Answer 4

Yes, depending on your credit profile and job history, $13,000 could easily be enough. For FHA, the minimum requirement is 3.5%, which would be $7000 on a $200,000 loan. As long as your credit score is above 620 and you have a good job history with sufficient income and not a lot of debt, you are definitely in the ball park.