Is there such a thing as too high of a down payment?
Just wondering, is there a maximum down payment you can put down on a house, as in, no more than 40%, for example? I have always rented but because of inheritance and savings I now am going to buy a home, and the home I am looking at I can put down a 65% down payment on. I feel like nobody does that, and I'm wondering if lenders have restrictions if the down payment is too high? by justwondering from Dallas, Texas. Aug 16th 2010
Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions
You can put down as much as you like, but 40% is the maximum that will affect your rate and terms. Also note that having a lower loan amount may cause pricing adjustments from lenders so putting more down may in fact raise your rate and/or fees. Since you are in Texas, I would encourage you to speak with a licensed Texas loan officer that is most familiar with your market.
Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions
You are free to put down whatever you like for the purchase of a home. Some lenders have a minimum loan amount. Please email me for a FREE quote for your situation. adennie@fmbranch.com. Thanks.
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
If you have a 760 mid-FICO score with 40% down you will receive the best rate that's available. We are Correspondent Lenders for 12 national banks. On my Jumbo Loans for your scenario Sun Trust usually has the best rate & fees. Seek a Mortgage Company in TX to see if that is true there. You can also contact Sun Trust directly. .... Happy funding, Rudi
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