Down payment is the percentage presentation of the difference between purchase price of the property and the mortgage amount.

Significant Attributes of Down payment are:

1. Percentage share- Down payment is usually 5%to 20% of the sales price on conventional sales.
2. Require Private Mortgage Insurance- Mortgage loans with down payment less than 20% normally requires private mortgage insurance.
3. Factors Dependent- Down payment usually depends on number of factors. They are
   1. Geographical location.
   2. Location of house.
   3. Cost of house.
4. Conventional Mortgage Qualifier – If a borrower is making a down payment of 25% or more, he may qualify for a conventional mortgage.
5. Excellent vehicle – The more the down payment, the less expensive and problematic the mortgage process will be.

More References

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