How might to put down for a 1.2 mil house?

[Anonymous]

Many 1.2 mil houses around here right now. What would be a good downpayment? We were thinking 200k. How much have others put down for a house in this range?

[Anonymous]

20% is standard. 200k is 16.7%. You might be able to do it but not sure if the bank would charge you more

[Anonymous]

Anonymous wrote:20% is standard. 200k is 16.7%. You might be able to do it but not sure if the bank would charge you more

Actually Caliber Home Loans does jumbo loans with less than 20% down

[Anonymous]

Agree 20% is standard. Are you already pre-approved for your mortgage? Chances are the interest rate will be higher if it's less than 20%

[Anonymous]

750k is all you can write off on mortgage and around conforming loan limit. I say 500k down

[Anonymous]

You can do 10% down if you want… there’s no difference from 20%.

[Anonymous]

Anonymous wrote:750k is all you can write off on mortgage and around conforming loan limit. I say 500k down

Jumbo loans in the DC area start around $970k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:20% is standard. 200k is 16.7%. You might be able to do it but not sure if the bank would charge you more

Actually Caliber Home Loans does jumbo loans with less than 20% down

We put less than 20% with Caliber and did a conventional loan. Jumbo has more to do with the total loan amount I think.

[Anonymous]

We did 500 to keep it a conforming mortgage and a manageable monthly payment.

[Anonymous]

That’s somewhere between $5500-$6000/mo mortgage depending upon rate, insurance, and taxes. Can you comfortably handle that?

[Anonymous]

We put 700k down for our 1.2 million house 8 years ago.

[Anonymous]

Anonymous wrote:We put 700k down for our 1.2 million house 8 years ago.

What you couldn’t afford to just pay cash? Working stiffs by any other name is just as stiff

[Anonymous]

Anonymous wrote:20% is standard. 200k is 16.7%. You might be able to do it but not sure if the bank would charge you more

20% allows you to avoid PMI and get better interest rates for sure, but isn’t “standard” the way most would use the word. The average down payment percentage is much lower.

[Anonymous]

Anonymous wrote:

Anonymous wrote:20% is standard. 200k is 16.7%. You might be able to do it but not sure if the bank would charge you more

20% allows you to avoid PMI and get better interest rates for sure, but isn’t “standard” the way most would use the word. The average down payment percentage is much lower.

In both NW DC and in Arlington at that price point, it is standard. You can look up the data from the CFPB's mortgage records. The median down for a home purchase around 1-1.2M, conditionally on financing, is 20%. I didn't look up MoCo, but I'd assume the same.

Now, that may not be true at either difference price points or regions.

[Anonymous]

With mortgage rates so low, put the minimum down and let the rest of your money work for you.