How much should i expect to have to put down on a townhouse that is on the market for $224, 000?

Question

How much should i expect to have to put down on a townhouse that is on the market for $224, 000?

Answer 1

The ideal thing would be 20% so you can avoid PMI.  But there are many programs out there that allow you to buy a house with much less, provided you have a good fico score and your income can support the payment, taxes and insurance.

Answer 2

It depends on the lender. It could be anywhere between 3% to 20% ($6,720 to $44,800)

Answer 3

As little as 3% for an FHA loan or as much as 20% for aome conventional loans.

Answer 4

The answer is determined by the number of townhouses that are owner -occupied and how many are rentals.  The banks have all been burned loaning on complexes that are all rentals.  And you don't want to live in a place where every other unit is a rental.  More renters equal higher down payment.

If you put 20% down and it's 65% owners, you are cruising.  Anything less and you've got problems.  That can be a blessing.  THe owner might sell it for $194,000 if buyers can't get loans.  Bargain hard.