Real Estate experts – Question about a down payment on house?
…If you know anything about buying houses, I need your help!
My fiance and I want/have to buy a house. We basically have no really idea how to go about this. We will of course do more research than on here, but I wanted some basic questions answered on here if it’s possible.
Out price range is $ 100,000-155,000….we are interested in this one house (just from online), I realize we have to go see it and stuff….The house is $ 154,500, and down in the corner of the site, it states:
“Monthly Principal & Interest: $ 704.55
Monthly Taxes: $ 236.33
Total Monthly Payment: $ 940.88
This payment is based on a 30-year loan at a fixed rate of 4.5% with a down payment of $ 15,450. Actual lender interest rates and loan programs may vary.”
I understand you must have a down payment in order to get approved for a mortgage, but is that $ 15,450 down payment essentially set in stone? I know it may vary as it states, but is it possible to get that down payment down to say, $ 10,000? I can afford 10,000, just not 15,000. I know it really depends on certain things, and I don’t expect an exact answer, but I just want to know if it’s common and/or possible to knock off at least $ 5,000 from the initial $ 15,000 down payment? I know you can sometimes get a house for a few thousand less than buying price, but does that help the down payment too? What needs to happen in order to get a house for less than its asking price? Is it only if no one else is willing to pay asking price or up the offer you make on it?
Also, I heard some companies will give a discount to the military? He is currently active duty (Air Force), so what can we do with that?
Any help would be appreciated, thanks for reading.