Is 10% enough for a down payment??
My wife and I are empty nesters and we would love to buy a new studio apartment for ourselves. We want to know if a 10% down is enough to get approved for a loan. We are not in a hurry and we can save up to get to 20% if this is the best option. Any suggestions would be most welcome. Thanks by vganesh344 from Alma, Alabama. Oct 21st 2021
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
In general, yes..down payment could vary by property type. If it is a standard condo and FHA approved or qualify for single unit approval you can do 3.5% down. Conventional is typically 5% down minimum. Check with your local lender and they can clarify based on property type.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
In most areas, except for very expensive areas in a few states, your standard loans can start as little as 3% down. Talk to a local mortgage broker serving your area for your exact options. I lend in MN WI IA ND SD. Find me at FirstTimeHomeBuyer-Mn.com - Cambria Mortgage, NMLS 274132
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