How much of a down payment do I need when buying a house?

This is a question you should be asking your mortgage broker or lender. They are the ones that can answer this question for you, as there are several factors that will determine the down payment you will need to buy your home.

Some of the variables are; your credit score, credit history, purchase price and what type of loan program you are getting.

There are mortgage options available that only require a down payment of 5% or less of the purchase price. But the larger the down payment, the less you have to borrow, the less of a "risk factor" your loan is considered and the lower your interest you might be offered by your lender.

Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan.

When considering the size of your down payment, consider that you'll also need money for closing costs, moving expenses, and possibly repairs and decorating.

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