Loan


Down Payment Calculator

A down payment is a percentage of the price of the property you are about to purchase. Usually, it ranges from 3 to 20 percent. The better your credit record is, the smaller the down payment size you are entitled to. Calculating the down payment size is not very difficult. If, for instance, you are to pay down 10 percent, you should multiply the whole value of the house by 0.1.

There were times when zero down payment credits were available. Unfortunately, this practice contributed to the 2008 mortgage crisis in the USA and was rejected by most lending institutions.

If you are a first-time home buyer, you can join some down payment assistance program. As long as the down payment is practiced in Brazil, Argentina, USA, Canada, Europe and Asian countries, public awareness of this practice has reached a significant height around the world. Indeed, down payment assistance has helped many low income families buy homes, cars and other luxury items. In order to join a project and use a good down payment calculator to the fullest, you must qualify for that. For example, you are only allowed to take part in a down payment assistance program if you have not had any estate property over the past 3 years.

One of the most known examples of down payment assistance is the FHA down payment assistance. This program has been operating since the times of the Great Depression. The acceptance of the National Housing Act in 1934 resulted in the creation of the FDA (Federal Housing Administration) – a governmental body authorized to check citizens for credibility and grant them loans. In a way, FDA acts like some kind of insurance company, as it provides assistance for money lending institutions, should their clients default on their loans.

If you have decided to use the FHA assistance, you must take your time and choose a lender (backed by the FDA) that offers acceptable terms. This may take a bit of effort, since different lending institutions have different terms. Also, you should not forget to use a down payment calculator and see if this is something you can handle.


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