Very often I get email with questions regarding real estate. I figure if one person needs the answer to a particular question, there are many more people who would also be interested in hearing the answer. Some of the questions do not necessarily pertain to the east of the Anacostia River, but I'll do my best to answer and post on my blog. P.S. Names will be withheld on request! Darrin
Q. What is the standard down payment required when purchasing a home?
A. Typically, in this market, on a FHA Loan you will pay 3.5% down payment. This means 3.5% of the sales price. The home must be a primary residence and pass an inspection. If you are looking at conventional financing, typically, the down payment is a...round 5% of the sales price. For investors, from my understanding, if purchasing a Fannie Mae or Freddie Mac property (foreclosure), they can be purchased for 10% down. Otherwise, for investors the down payment is usually a 20% down payment. I hope this helps, but please contact a mortgage lender for specifics. Good Luck, Darrin
ANACOSTIA RIVER REALTY: The east of the Anacostia River experts.
http://www.AnacostiaRiverRealty.com
No comments:
Post a Comment