Particularly, if you wish to get a house that will cost you $747,200 in the a county with that loan maximum out-of $647,2 hundred, you’d almost certainly need to make a beneficial $twenty five,100000 downpayment (25% from $one hundred,one hundred thousand, or perhaps the number above the financing limitation).

Huge deposit can be a good idea: You can always create a more impressive down-payment when you have the newest readily available financing, so there are advantages to doing this. Instance, a larger advance payment cuts back your outstanding equilibrium on your house, cuts back your monthly premiums and you will reduces the level of desire your shell out over the longevity of the borrowed funds. (More …)