The top end of your affordability range, then, is the highest down payment you can save for within your allotted time horizon, without undershooting your target LTV. So, if you want to buy a $300,000 house with a 20% down payment in three years, you’ll need to have $60,000 set aside for that purpose 36 months from today.
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How much should you put down for a house? SmartAsset’s down payment calculator can help you determine the right down payment for you.
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The down payment for an FHA mortgage can come from gift funds or through the use of a down payment assistance program or grant. The 3.5% down payment is one of the lowest for any type of mortgage loan.
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Before looking for ways to secure your down payment, make sure you know the amount you’ll need. When you buy a house, condo or duplex that will become your residence, at the time of signing the mortgage loan, you’ll have to pay a minimum of 5% of the sales price for a home that is $500,000 or less.
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One of the most popular of the low-down payment loans is a Federal Housing Administration , which allows for a 3.5 percent down payment. One of the downfalls of this program, however, is that you still have to pay mortgage insurance premiums to protect the lender if you default on your loan.
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