What is the Minimum Down Payment to Buy a House Q&A with Mike Patel

To Mike answers a question that a buyer needs to know and factor in to their decision to purchase, "What is the Minimum Down Payment to Buy a House?" 

A downpayment can vary depending on the price that you agree to pay for the property. Most often you should factor in that the down payment will be 3-5% depending on the loan you are using.  Experienced buyers most often put down 20% in order to decrease their loan amount as well as monthly payment amount. This amount is more ideal for a conventional loan as well because they know you have the cash to back your purchase. An FHA loan currently offers a minimum down payment of 3.5% which is extremely popular because of how challenging it can be to save 20% of the total amount needed for that down payment. 

Hopefully this video helps answer any questions you have about how much to put down on a house. If you have any other questions feel free to leave them below in the comment box!

Thank you!