How much do I need for a down payment? Typical down payment on a house

How much do I need for a down payment? Typical down payment on a house

How much do I need for a down payment well we are talking about that today and we are starting right now Hello everyone, welcome to my channel, my name is Ashley Jurney and I’m a realtor and buyer specialist with town in, Charlottesville Virginia you can learn more about us by visiting our website at TOWNCVILLE.COM. So you guys are here because you want to know how much you need for a down payment Well, there are a couple of different answers to this question. But the national average for down payment is 11% That figure includes first time and repeat buyers Well, the broad down payment average is 11% First-time homebuyers, usually only put down Three to five percent on a home. That’s because several first-time home buyer programs Don’t require big down payments For instance the FHA loan requires three point five percent down some programs also allow downpayment contributions from family members in the form of a gift There are also programs that require even less of a downpayment VA loans and USDA loans can be made with zero down However, these programs are more restrictive VA loans are only available to former or current military service members and USDA loans are only available to low to middle income buyers in USDA eligible rural areas there are programs that require more of a down payment such as conventional loans, which requires a 20% down payment these types of loans are typically taken out by repeat buyers who could use equity from their existing home as a source of downpayment funds However, some new conventional loan programs are available with 3% down if the buyer carries private mortgage insurance or PMI Okay, now I know I threw a lot of information at you So if you have any questions, feel free to leave it in the comments below There are a lot of different loan Programs and I plan on making a video about those later and getting more into the specific details about each So be sure to subscribe to my channel and turn on notifications By tapping the little bell so that you don’t miss out on any of the future information That could be helpful to you. If you like this video. Be sure to give it a thumbs up Thank you so much for watching. See you next time You

6 thoughts on “How much do I need for a down payment? Typical down payment on a house

  1. Thanks for the amazing info. What do you find is the average in your area that first time home buyers put down?

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