What would the down payment be for a $150,000 house?

I was just curious how much the down payment would be for a house around the price of $150,000.

Does anyone know how this number is figured out?

And do you always HAVE to put down that amount?

Thanks!

9 Answers

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  • KTB
    Lv 6
    1 decade ago
    Best Answer

    Truth....

    There is no "singular" right answer.

    There never will be.

    What you can afford to "put down" on a home, for loan purposes, truly means everything. Is the lender willing to accept 0%, 5% 10% or higher as a percentage.

    You need to ask if is the neighborhood you are looking at stable? Are there the general expectations that the area will maintain (or improve) itself, will it be in decline, what risk is there?

    They must compute risk factor, as well as you, and everyone comes together (or not) in the end.

    In general, the more you "put down" means to a lender the greater risk you have taken. In other words, they are less likely to sweat the loan, if you have so much invested. You have too much too lose and they know this. The general terms of a mortgage afterward are usually more favorable for you.

    As an older finance man, please feel free to ask me any questions. I will answer all as best I can, and you can rely on the FACT that you have received the right (if not cautious) answer always.

    Source(s): Write to me if you wish, I'll be glad to help.
  • 4 years ago

    Before trying to buy a house, first try to clean up your credit rating. Lots of times there are erroneous charges that you may have already paid and were not noted. I found this out personally so do a good search and maybe you will be in a better position to lower your down payment. Sometimes if you do real good research a down payment is not needed believe it or not. I received what was called a Chicago Bond for first home buyers. I didn't used to believe those infomercials about how you can buy a home, but I do now! Check it out. I'vee been in my own home for over 8 years now, and it still seems like a miracle to me.

  • 1 decade ago

    Most lenders want you to have 20% equity in the home. Meaning that the loan to value is 80%. This way you will not have to pay private mortgage insurance which is a total wast of your money. The feds have a new program out for first time homeowners now. They will give you $8000 towards the purchase. Your realtor or lender will know about htis.

  • 1 decade ago

    In today's market most lenders are requiring a 20% down payment but there still are programs that offer lower downs but getting the loan is more difficult

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  • 1 decade ago

    it depends on where you live but at least 3.5% of the sales price, and if you get a VA loan or another loan that is 100% financing then you don't have to put anything down. Also it is a good idea to over pay your mortgage by 1full payment a year. it reduces your intrest that you have to pay.

  • 1 decade ago

    0 to 20% of the purchased price

    Source(s): p
  • 1 decade ago

    There is no answer to these, from your question.

    The ONLY answers come from the lending institution.

    Have you been pre-qualified? If so, you have the answer. If not, get prequalified.

  • 1 decade ago

    Usually 10% so $15,000

  • 1 decade ago

    everyone has AIDS

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