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You want to buy a house in Atlanta? Do you know how much you need for a down payment?

When you are saving money to buy your first home, it can be daunting to think about the amount of money you need to save to become a first time home owner. While there are loans that require only 3.5% down payment which is insured by the FHA (Federal Housing Administration), these loans require you to have mortgage  insurance for the duration of the mortgage, this makes monthly mortgage payments higher.

Most banks make mortgage loans with a down payment of 10% or 20%, although there are some lenders who offer conventional loans that require only 5% initial down payment. For those types of loans, we advised to consult with your  lender to see what is the best option is for you and also to find out what are the advantages and disadvantages of each of these loans.

Why 20% is an ideal lenders loan?

Atlanta homes for sale

Atlanta homes for sale

Mortgage lenders evaluate your credit profile, your debt ratio to income, work history and how much you have saved to confirm if you are a person who could make monthly mortgage payments without problems. 20% down is considered an ideal amount by the lenders because you are investing a significant amount of your own money and making the lender risk is minimal. When buying a house with 20% down, you will have a lower monthly payment and will not pay for the loan insurance PMI (private mortgage insurance)

Advantages and disadvantages of putting 20% ​​down

  • Besides eliminating the need for PMI, by putting 20% down payment, it will be easier to qualify for the mortgage loan and the interest rate will be lower as well.
  • The other benefit is that you will have to burrow less money and therefore your monthly payments will be lower.
  • In addition, you will own 20% of the value of your home, giving you the ability to get a home equity loan from another bank for an amount equal to 20%

On the other hand, getting 20% down payment to buy a home of about $ 200,000 is $ 40,000, this may take many years to save this amount, Keep in mind, when buying a house you will also need money for other expenses such as; closing costs, prepaid taxes, moving expenses and an emergency fund. It is also possible that while you are saving money for the down payment, house prices and interest rate  may go up.

Advantages and disadvantages of a lower down payment.

If you buy a home with a down payment of 10%, a house of about $ 200,000, will require a $20,000 down payment. if you buy the house with a 5% down payment, the amount will be about $ 10,000, using a smaller down payment will allow you to become a home owner sooner. You can get your home faster because you don't have to have as much money. It is recommended to save a little more to avoid problems in case of an emergency or other arrangements such as maintenance and repairs.

The disadvantages of a smaller down payment is; you will have to pay PMI to your lender, thus making you monthly payments higher . Your mortgage interest rate will be higher, so your monthly payments will be larger, too.

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Telmo Bermeo Real Estate Broker

About Telmo Bermeo

Small Business Owner, specializes in marketing homes for sale in the Atlanta Area by using the most up to date Internet Marketing Tools.

Real Estate Broker serving the Atlanta Metro Area, for over 12 years. If you are planning to buy or sell your home in Atlanta, call Telmo Bermeo at 770-309-6417

Atlanta Real Estate

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Atlanta Homes for Sale

$839,000
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,661
SQFT
Midtown O4 W #2
742 Ponce De Leon Court NE
Atlanta, GA 30308
$1,895,000
Single Family Home For Sale
Pending
5
BED
6
TOTAL BATHS
3,690
SQFT
727 Courtenay Drive NE
Atlanta, GA 30306
Morningside Subdivision
New Listing - 2 weeks online
$2,995,000
Single Family Home For Sale
Active
4
BED
5
TOTAL BATHS
4,676
SQFT
20 Polo Drive NE
Atlanta, GA 30309
Ansley Park Subdivision
$3,295,000
Single Family Home For Sale
Active Under Contract
5
BED
6
TOTAL BATHS
6,400
SQFT
18 Polo Drive NE
Atlanta, GA 30309
Ansley Park Subdivision
New Listing - 3 weeks online
$2,150,000
Single Family Home For Sale
Active
5
BED
5
TOTAL BATHS
4,918
SQFT
284 The Prado NE
Atlanta, GA 30309
Ansley Park Subdivision
$1,550,000
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
4,200
SQFT
1333 Berwick Avenue NE
Atlanta, GA 30306
Morningside Subdivision
$1,895,000
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
4,728
SQFT
941 Virginia Avenue NE
Atlanta, GA 30306
Virginia Highland Subdivision
$1,849,000
Single Family Home For Sale
Pending
5
BED
6
TOTAL BATHS
4,239
SQFT
992 Highland View
Atlanta, GA 30306
Highland View Subdivision
$1,250,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,400
SQFT
Poncey Haus #1
1 Angier Springs Court NE
Atlanta, GA 30306
$1,895,000
Single Family Home For Sale
Active
6
BED
7
TOTAL BATHS
5,221
SQFT
731 Wildwood Place NE
Atlanta, GA 30324
MORNINGSIDE Subdivision
$1,849,500
Single Family Home For Sale
Active
6
BED
5
TOTAL BATHS
4,809
SQFT
1021 Reeder Circle NE
Atlanta, GA 30306
Morningside Subdivision
$1,299,000
Single Family Home For Sale
Pending
5
BED
6
TOTAL BATHS
3,700
SQFT
1931 Windemere Drive NE
Atlanta, GA 30324
Morningside Subdivision
$1,599,000
Single Family Home For Sale
Pending
6
BED
6
TOTAL BATHS
5,129
SQFT
1231 Reeder Circle NE
Atlanta, GA 30306
Morningside Subdivision
$1,299,900
Single Family Home For Sale
Pending
6
BED
5
TOTAL BATHS
3,268
SQFT
1054 Euclid Avenue NE
Atlanta, GA 30307
Inman Park Subdivision
New Listing - 6 days online
$900,000
Single Family Home For Sale
Active
4
BED
5
TOTAL BATHS
2,535
SQFT
305 Candler Street
Atlanta, GA 30307
Candler Park Subdivision
$1,198,000
Single Family Home For Sale
Pending
6
BED
5
TOTAL BATHS
4,500
SQFT
1377 Briarcliff Road NE
Atlanta, GA 30306
Druid Hills Subdivision
Price Change - 3 weeks ago
$1,295,000
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
3,534
SQFT
2048 Fairhaven Circle NE
Atlanta, GA 30305
Peachtree Hills Subdivision
New Listing - 2 weeks online
$1,849,000
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
4,515
SQFT
1783 Noble Drive NE
Atlanta, GA 30306
Morningside Subdivision
New Listing - 17 hours online
$1,699,000
Single Family Home For Sale
Active
4
BED
6
TOTAL BATHS
4,069
SQFT
1785 Noble Drive NE
Atlanta, GA 30306
Morningside Subdivision
$259,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
1,152
SQFT
626 NW English Avenue NW
Atlanta, GA 30318
 
$799,900
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,559
SQFT
Lake Claire #26
245 Colebrook Street NE
Atlanta, GA 30307
$682,940
Single Family Home For Sale
Pending
3
BED
4
TOTAL BATHS
2,608
SQFT
1318 Boyd Avenue
Atlanta, GA 30318
West Town Subdivision
New Listing - 2 weeks online
$339,900
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
1,550
SQFT
747 Orr Street NW
Atlanta, GA 30314
Vine City Subdivision
New Listing - 4 weeks online
$698,999
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,467
SQFT
1136 Boulevard Drive NE
Atlanta, GA 30317
Reynoldstown Subdivision
$1,800,000
Single Family Home For Sale
Active
5
BED
5
TOTAL BATHS
4,500
SQFT
2096 Evergreen Lane NW
Atlanta, GA 30318
Collier Hills Subdivision
$925,000
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
3,350
SQFT
1109 Ralph Road NE
Atlanta, GA 30324
Woodland Hills Subdivision
$620,970
Single Family Home For Sale
Pending
3
BED
4
TOTAL BATHS
2,574
SQFT
523 Broadview Lane
Atlanta, GA 30324
Broadview Place Subdivision
Price Change - yesterday
$558,040
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,905
SQFT
521 Broadview Place NE
Atlanta, GA 30324
Broadview Place Subdivision
$565,000
Single Family Home For Sale
Pending
3
BED
4
TOTAL BATHS
2,083
SQFT
1223 Hardee Street
Atlanta, GA 30307
Oxley Edgewood Subdivision
$550,000
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
1,922
SQFT
1223 Hardee Street
Atlanta, GA 30307
Oxley Edgewood Subdivision
New Listing - 19 hours online
$542,224
Single Family Home For Sale
Active
3
BED
4
TOTAL BATHS
2,015
SQFT
620 Broadview Terrace NE
Atlanta, GA 30324
Broadview Place Subdivision
$555,333
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
2,045
SQFT
616 Broadview Terrace NE
Atlanta, GA 30324
Broadview Place Subdivision
Price Change - 3 weeks ago
$569,900
Single Family Home For Sale
Pending
3
BED
4
TOTAL BATHS
2,048
SQFT
621 Broadview Terrace NE
Atlanta, GA 30324
Broadview Place Subdivision
$676,072
Single Family Home For Sale
Pending
3
BED
4
TOTAL BATHS
2,850
SQFT
571 Broadview Place NE
Atlanta, GA 30324
Broadview Place Subdivision
Price Change - yesterday
$593,389
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,905
SQFT
573 Broadview Place NE
Atlanta, GA 30324
Broadview Place Subdivision
$599,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
1,673
SQFT
278 Lindbergh Drive NE
Atlanta, GA 30305
Garden Hills Subdivision
$719,900
Single Family Home For Sale
Active Under Contract
4
BED
6
TOTAL BATHS
3,342
SQFT
910 King Street
Atlanta, GA 30318
West Town Subdivision
$710,673
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
3,039
SQFT
914 King Street
Atlanta, GA 30318
West Town Subdivision
$679,900
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
3,039
SQFT
915 King Street
Atlanta, GA 30318
West Town Subdivision
$674,597
Single Family Home For Sale
Pending
3
BED
4
TOTAL BATHS
2,651
SQFT
919 King Street
Atlanta, GA 30318
West Town Subdivision
$686,753
Single Family Home For Sale
Pending
3
BED
4
TOTAL BATHS
2,651
SQFT
1470 Fairmont Avenue
Atlanta, GA 30318
West Town Subdivision
$678,840
Single Family Home For Sale
Active Under Contract
3
BED
4
TOTAL BATHS
2,673
SQFT
1484 Fairmont Avenue
Atlanta, GA 30318
West Town Subdivision
$735,000
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,656
SQFT
946 Longley Avenue NW
Atlanta, GA 30318
Howell Station Subdivision
$512,900
Single Family Home For Sale
Active Under Contract
3
BED
4
TOTAL BATHS
1,800
SQFT
81 Hutchinson Street NE
Atlanta, GA 30307
Edgewood Subdivision
$599,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
668 SE Bryan Street
Atlanta, GA 30312
Grant Park Subdivision
$600,000
Single Family Home For Sale
Active
4
BED
2
TOTAL BATHS
1,700
SQFT
1717 Defoor Avenue NW
Atlanta, GA 30318
Underwood Hills Subdivision
$1,550,000
Single Family Home For Sale
Active
5
BED
5
TOTAL BATHS
4,528
SQFT
1437 Woodland Hills Drive
Atlanta, GA 30324
Woodland Hills Subdivision
New Listing - a week online
$789,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,000
SQFT
135 Mayson Avenue NE
Atlanta, GA 30307
Edgewood Subdivision
$674,900
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
2,650
SQFT
1336 George W Brumley Way SE
Atlanta, GA 30317
Edgewood Subdivision
$649,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,300
SQFT
1180 Baylor Street NW
Atlanta, GA 30318
Howell Station Subdivision
$539,999
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
2,300
SQFT
1315 Wylie Street SE
Atlanta, GA 30317
 
$464,900
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
2,063
SQFT
85 Mayson Avenue
Atlanta, GA 30307
Edgewood Subdivision
$1,095,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,276
SQFT
1261 Bernadette Lane NE
Atlanta, GA 30329
Lavista Park Subdivision
$724,900
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,503
SQFT
561 Connally Street SE
Atlanta, GA 30312
Grant Park Subdivision
New Listing - 4 weeks online
$699,900
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,629
SQFT
165 Crumley Street SE
Atlanta, GA 30312
Grant Park Subdivision
New Listing - 4 weeks online
$724,900
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
2,497
SQFT
161 Crumley Street SE
Atlanta, GA 30312
Grant Park Subdivision
$374,500
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
988 Desoto Street NW
Atlanta, GA 30314
Washington Park Subdivision
$436,000
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
696 Arcos Way SE
Atlanta, GA 30315
Summerhill Subdivision
New Listing - 2 weeks online
$749,900
Single Family Home For Sale
Pending
4
BED
5
TOTAL BATHS
2,600
SQFT
1970 Dekalb Avenue NE
Atlanta, GA 30307
Oxford Row at Lake Claire Subdivision
New Listing - 6 days online
$445,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,300
SQFT
1003 Palmetto Avenue SW
Atlanta, GA 30314
Ashview Heights Subdivision