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Reply to "How common is it to put 5% down on a house?"
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[quote=Anonymous]We started our home search 6 months ago and naively thought we could put 5% down. When we began to research financing in order to obtain a pre-approval letter we learned that the higher the cost of the home, the percentage for down payment required increases. Now this may not apply for most but we were looking between 1 million and 1.25 million. Our loan officer told us any amount over 1.25 would require a 20% down payment so if we wanted to stick to 10% spend under, and 5% would have to be under 700K. We ended up purchasing for 1.4 million and put down the 20%, we had the cash but simply thought we could choose the down payment percentage amount. Our loan officer said pre housing crash that might have been the case but high home sale prices are scrutinized much more to avoid the foreclosures of the past. [/quote]
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