Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 4 weeks ago

Down payment on a house ?

Is 10k enough money to put on a house as a down payment for a first time buyer who’s just starting to build their own credit ?

17 Answers

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  • 4 weeks ago

    well how much is the house? is the house $50,000 then yes, its enough.

    if the house is $350,000 then NO it is not enough.

  • 4 weeks ago

    depends on the house. I had a VA loan, so I put nothing down.

  • 4 weeks ago

    It depends entirely on how much the house costs. Those who tell you it's not enough may be right in their area, but we have no idea where you live, or what price house you want--so it's not possible to say if it's enough.  Nor is it possible to say you'll even GET a mortgage without a substantial credit history. 

  • 4 weeks ago

    No.  Not even close.  When you have $40k - $60k, that should be a sufficient down payment on a modest house.

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  • 4 weeks ago

    About the lowest down payment required by a government insured lender is FHA.  They require 3.5% minimum as a down payment.  The only lower is a VA loan that doesn't require a down payment.  But you had to have served in the US military to get a VA loan.

    Also FHA will allow the seller to pay up to 6% of the purchase price of your closing costs.

  • DEPENDS ON THE PRICE OF THE HOUSE

  • 4 weeks ago

    No the average is between 30k-50k.plus closing cost and you have to have money to furnish the home.so keep saving your money

  • R P
    Lv 7
    4 weeks ago

    Maybe, but that depends on the price of the house and if that $10k also has to include your closing costs.

  • Anonymous
    4 weeks ago

    If all you have is 10k in cash, then you don't have a 10k down payment.   You might have a 5k down payment if you're lucky.   And then you will have zero money for things you will need like lawn mower, ladder, tools, etc. to maintain your home let alone money for things you would like such as home decor. 

  • Anonymous
    4 weeks ago

    Depends on how much you want to borrow for the house and depends on the lender. We here on YA cannot answer for the lender.

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