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Home Loans Advisor 10 Gotcha’s When Getting a Mortgage Part 3 > 3. Down payment · Typically, the conventional mortgage requirements of a down payment range between 15 percent and 20 percent of the home’s sale price. If the home buyer is able to meet this requirement, they will be able to choose between a number of mortgage loan packages. These loan packages will range in rates, terms, number of years, and the amount that the home buyer is eligible to obtain is dependent on the amount on cash the home buyer has for the down payment, closing costs and set fees. So essentially the down payment will have great affect on the home buyers loan program availability, rate and total cost of the home loan. The less money a person has available for a down payment, the higher the risk she/he is for lenders. Without a proper down payment or credit score, the options will be less optimum for the home buyer. The opposite is also true, you save the proper down payment and have (or cleaned) credit score, there will be more options open to you. |
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