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How Much Down Payment Do You Charge?

06/30/08 | Kathy Drewien | Category: Atlanta Real Estate, Buyers, Mortgages

How much do you charge for a down payment? A question often raised by first time Atlanta home buyers.

$5700 cash

Photo Credit: AMagill

The hopeful buyers have been looking at houses online, and identified a property that seems to meet their needs. It is only natural to ask how much money is needed to buy the house.

Just a few short months ago my answer would have been different. Some lenders will finance the down payment into your mortgage.

Today, mortgage guidelines and qualifications for obtaining a loan to purchase have changed. Lenders and mortgage brokers have gone out of business. Others are hanging on by a shoestring. One unwavering constant - since 1934 - is the Federal Housing Authority (FHA).

An FHA loan is a home mortgage that allows for a purchase or refinance with a low down payment. They’re great for the first time home buyer.

My real estate colleague in Pasadena, California area has written several articles on FHA advantages and disadvantages. Advantages include low cash outlay and no penalty for paying off the loan early. A small disadvantage is loans take approximately 45 days to process and close - about 2 weeks longer than a conventional loan.

Want more information on buying a house in north Atlanta with a small down payment? Contact us.

Use this topic list to tell how to best respond to your FHA loan questions.

  1. About the FHA
  2. Applying for an FHA Loan
  3. How To Pre-qualify for an FHA Home Loan
  4. The Increased FHA Loan Amount
  5. FHA Mortgage Fees
  6. Fees Prohibited by HUD
  7. FHA Loan Mistakes to Avoid
  8. FHA Adjustable Rate Mortgage
  9. FHA Loan Limit
  10. FHA Loan Options

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