How much of a down payment do you realistically need to buy a $320k house?

[conjur]

Originally posted by: ausm

Originally posted by: conjur

Originally posted by: Garet Jax
I believe the FHA restriction is that you must have 3% of your skin in the game. This is the lowest possible down payment.

Could you even get an FHA loan for a $320k house?

I believe they go off median prices in the area but $320k as a median price?

Hmm...maybe so:

FHA Mortgage limits


EDIT: Link fixed...didn't realize it was https.

Noway can you buy an FHA house worth 320K....FHA houses are built with cheap materials and are for low income people...

Ausm

I think you're confusing FHA with HUD.

 

[BoberFett]

vi_edit speaks wisely.

If you have to come up with $50,000 in savings for a first home, you're doing it wrong. You're not supposed to buy that expensive a house for your first home. There's a reason "starter homes" exist. Equity is extremely valuable.