Coming up with that big down payment. Even if your mortgage lender only requires a down payment of 5 percent, that still comes out to $10,000 for a modestly priced home of $200,000. Many buyers simply don’t have that much cash lying around. If you have a 401(k) plan at work, though, you might have a convenient source for down payment funds.
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Family and Friends. While you can accept a gift from friends and family for the down payment, you can’t get a loan from them. Lenders also forbid using credit cards or other personal loans to fund the down payment. You will be asked to provide proof of fund source if the money has not been seasoned in your bank account for at least 90 days.
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Your down payment depends on house size and loan amount. It may range from 3% to 10%. However, you can take out a DPAL and see no increase in your mortgage interest rate.
Reader question: "You probably get this question a lot, but here it goes anyway.I’m a first-time buyer, and I want to use an FHA mortgage loan to buy a house. I’ve read that this is a good financing option for people without a lot of money for the down payment.
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You only need 3 percent down and you can use a cash gift from a family member to make the down payment. So for a $250,000 house, you’d need just $7,500 down, either from your own savings or a gift. The loan still requires private mortgage insurance, which benefits the lender but not you.
Your lender’s affordability analysis will first look at your available cash for down payment, then determine your monthly obligations. Suppose your down payment will come from the sale proceeds of your home, which perhaps you bought 10 years ago for $200,000 using 10 percent down, and are now selling for $250,000.