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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

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Atlanta Homes for Sale

New Listing - 3 weeks online
$3,150,000
Single Family Home For Sale
Active
6
BEDS
6
TOTAL BATHS
5,637
SQFT
773 Brookridge Drive NE
Atlanta, GA 30306
Virginia Highlands Subdivision
$1,579,000
Single Family Home For Sale
Active
5
BEDS
4
TOTAL BATHS
3,595
SQFT
1446 Monroe Drive NE
Atlanta, GA 30324
Morningside Subdivision
$1,999,900
Single Family Home For Sale
Pending
5
BEDS
6
TOTAL BATHS
4,387
SQFT
1050 Vance Avenue NE
Atlanta, GA 30306
Virginia Highlands Subdivision
Price Change - 4 weeks ago
$1,195,000
Single Family Home For Sale
Active
5
BEDS
4
TOTAL BATHS
3,455
SQFT
Old Fourth Ward #B
518 Rankin Street NE
Atlanta, GA 30308
Price Change - 4 weeks ago
$1,175,000
Single Family Home For Sale
Active
4
BEDS
5
TOTAL BATHS
3,452
SQFT
Old Fourth Ward #A
518 Rankin Street NE
Atlanta, GA 30308
New Listing - 2 weeks online
$798,500
Single Family Home For Sale
Active
3
BEDS
5
TOTAL BATHS
2,474
SQFT
420 Parkway Drive
Atlanta, GA 30308
Skyline At Parkway Subdivision
$1,948,000
Single Family Home For Sale
Active
6
BEDS
7
TOTAL BATHS
4,870
SQFT
1480 N Highland Avenue
Atlanta, GA 30306
Morningside Subdivision
$2,200,000
Single Family Home For Sale
Active
5
BEDS
6
TOTAL BATHS
5,100
SQFT
215 Camden
Atlanta, GA 30309
Brookwood Hlls Subdivision
$834,000
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
2,605
SQFT
1821 Huntington Hills Lane NW
Atlanta, GA 30309
28th At Brookwood Subdivision
$1,500,000
Single Family Home For Sale
Pending
5
BEDS
5
TOTAL BATHS
4,010
SQFT
1252 Lenox Circle NE
Atlanta, GA 30306
Morningside Subdivision
New Listing - 3 weeks online
$1,649,000
Single Family Home For Sale
Active Under Contract
4
BEDS
6
TOTAL BATHS
4,069
SQFT
1785 Noble Drive NE
Atlanta, GA 30306
Morningside Subdivision
New Listing - 4 weeks online
$1,550,000
Single Family Home For Sale
Pending
3
BEDS
4
TOTAL BATHS
3,400
SQFT
1626 Clifton Terrace NE
Atlanta, GA 30307
Frederick Trust Subdivision
Open House Sat, Sep 25, 4 PM UTC
Please verify times due to COVID-19
$1,600,000
Single Family Home For Sale
Active
4
BEDS
5
TOTAL BATHS
3,400
SQFT
1626 Clifton Terrace NE
Atlanta, GA 30307
Frederick Trust Subdivision
$799,900
Single Family Home For Sale
Pending
4
BEDS
4
TOTAL BATHS
2,559
SQFT
Lake Claire #26
245 Colebrook Street NE
Atlanta, GA 30307
$572,619
Single Family Home For Sale
Pending
3
BEDS
4
TOTAL BATHS
2,053
SQFT
529 Broadview Lane
Atlanta, GA 30324
Broadview Place Subdivision
$620,970
Single Family Home For Sale
Pending
3
BEDS
4
TOTAL BATHS
2,574
SQFT
523 Broadview Lane
Atlanta, GA 30324
Broadview Place Subdivision
$568,040
Single Family Home For Sale
Pending
3
BEDS
3
TOTAL BATHS
1,905
SQFT
521 Broadview Place NE
Atlanta, GA 30324
Broadview Place Subdivision
$580,000
Single Family Home For Sale
Pending
3
BEDS
4
TOTAL BATHS
2,083
SQFT
38 Becker Place NW
Atlanta, GA 30307
Oxley Edgewood Subdivision
$565,000
Single Family Home For Sale
Pending
3
BEDS
4
TOTAL BATHS
2,083
SQFT
40 Becker Place NW
Atlanta, GA 30307
Oxley Edgewood Subdivision
$550,000
Single Family Home For Sale
Pending
4
BEDS
4
TOTAL BATHS
1,922
SQFT
42 Becker Place NW
Atlanta, GA 30307
Oxley Edgewood Subdivision
$581,838
Single Family Home For Sale
Pending
3
BEDS
3
TOTAL BATHS
1,914
SQFT
622 Broadview Terrace NE
Atlanta, GA 30324
Broadview Place Subdivision
$542,224
Single Family Home For Sale
Pending
3
BEDS
4
TOTAL BATHS
2,015
SQFT
620 Broadview Terrace NE
Atlanta, GA 30324
Broadview Place Subdivision
$626,540
Single Family Home For Sale
Pending
3
BEDS
4
TOTAL BATHS
2,636
SQFT
601 Broadview Terrace NE
Atlanta, GA 30324
Broadview Place Subdivision
$676,072
Single Family Home For Sale
Pending
3
BEDS
4
TOTAL BATHS
2,850
SQFT
571 Broadview Place NE
Atlanta, GA 30324
Broadview Place Subdivision
$603,389
Single Family Home For Sale
Pending
3
BEDS
3
TOTAL BATHS
1,905
SQFT
573 Broadview Place NE
Atlanta, GA 30324
Broadview Place Subdivision
$627,435
Single Family Home For Sale
Pending
3
BEDS
4
TOTAL BATHS
2,724
SQFT
597 Broadview Place NE
Atlanta, GA 30324
Broadview Place Subdivision
$886,490
Single Family Home For Sale
Pending
4
BEDS
5
TOTAL BATHS
2,705
SQFT
1529 English Street NW
Atlanta, GA 30318
West Town Subdivision
New Listing - 4 days online
$814,212
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
2,705
SQFT
1485 English Street NW
Atlanta, GA 30318
West Town Subdivision
New Listing - 3 weeks online
$816,300
Single Family Home For Sale
Pending
4
BEDS
4
TOTAL BATHS
2,705
SQFT
1500 Reed Drive NW
Atlanta, GA 30318
West Town Subdivision
New Listing - 3 weeks online
$799,900
Single Family Home For Sale
Pending
4
BEDS
4
TOTAL BATHS
3,243
SQFT
1448 Fairmont Avenue
Atlanta, GA 30318
West Town Subdivision
$678,840
Single Family Home For Sale
Pending
3
BEDS
4
TOTAL BATHS
2,673
SQFT
1484 Fairmont Avenue
Atlanta, GA 30318
West Town Subdivision
$575,000
Single Family Home For Sale
Pending
3
BEDS
4
TOTAL BATHS
1,784
SQFT
91 Hutchinson Street NE
Atlanta, GA 30307
Edgewood Subdivision
$2,750,000
Single Family Home For Sale
Active
5
BEDS
5
TOTAL BATHS
7,721
SQFT
1410 Lavista Road NE
Atlanta, GA 30324
Lavista Park Subdivision
$539,999
Single Family Home For Sale
Pending
3
BEDS
3
TOTAL BATHS
2,300
SQFT
1315 Wylie Street SE
Atlanta, GA 30317
 
$675,000
Single Family Home For Sale
Active
5
BEDS
4
TOTAL BATHS
4,200
SQFT
1105 Faith Avenue SE
Atlanta, GA 30316
Ormewood Park Subdivision
Price Change - 2 weeks ago
$624,999
Single Family Home For Sale
Active
3
BEDS
4
TOTAL BATHS
1,850
SQFT
120 Woodbine Circle SE
Atlanta, GA 30317
Kirkwood Subdivision
Open House Sat, Sep 25, 6 PM UTC
Please verify times due to COVID-19
$850,000
Single Family Home For Sale
Active
4
BEDS
3
TOTAL BATHS
2,485
SQFT
155 Woodbine Circle SE
Atlanta, GA 30317
Kirkwood Subdivision
$1,860,000
Single Family Home For Sale
Pending
4
BEDS
6
TOTAL BATHS
3,995
SQFT
1263 Hopkins Terrace NE
Atlanta, GA 30324
Lavista Park Subdivision
Price Change - 2 weeks ago
$2,050,000
Single Family Home For Sale
Active Under Contract
4
BEDS
5
TOTAL BATHS
5,936
SQFT
1319 Hopkins Terrace NE
Atlanta, GA 30324
Lavista Park Subdivision
$799,000
Single Family Home For Sale
Pending
4
BEDS
4
TOTAL BATHS
2,595
SQFT
82 Clay Street SE
Atlanta, GA 30317
Kirkwood Subdivision
$1,150,000
Single Family Home For Sale
Active
5
BEDS
4
TOTAL BATHS
3,336
SQFT
1926 Trotti Street NE
Atlanta, GA 30317
Kirkwood Subdivision
$399,900
Single Family Home For Sale
Active
4
BEDS
3
TOTAL BATHS
1,765
SQFT
106 Morris Brown
Atlanta, GA 30314
Just Us Subdivision
$2,900,000
Single Family Home For Sale
Active
6
BEDS
7
TOTAL BATHS
5,500
SQFT
Buckhead #B
30 Habersham Way NW
Atlanta, GA 30305
$2,800,000
Single Family Home For Sale
Active
6
BEDS
7
TOTAL BATHS
5,500
SQFT
Buckhead #A
30 Habersham Way NW
Atlanta, GA 30305
$394,900
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
1,311
SQFT
219 Tennessee Avenue SW
Atlanta, GA 30315
Mechanicsville Subdivision
$394,900
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
1,311
SQFT
223 Tennessee Avenue SW
Atlanta, GA 30315
Mechanicsville Subdivision
$6,895,000
Single Family Home For Sale
Active
7
BEDS
9
TOTAL BATHS
9,278
SQFT
2845 Normandy Drive NW
Atlanta, GA 30305
Buckhead Subdivision
$409,900
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
1,878
SQFT
701 Smith Street
Atlanta, GA 30310
Mechanicsville Subdivision
$950,000
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
3,000
SQFT
293 Ormond Street SE
Atlanta, GA 30315
Grant Park Subdivision
$1,500,000
Single Family Home For Sale
Active
7
BEDS
7
TOTAL BATHS
672 Timm Valley Road
Atlanta, GA 30305
Peachtree Park Subdivision
$409,900
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
1,879
SQFT
795 Cooper Street SW
Atlanta, GA 30310
Mechanicsville Subdivision
$1,500,000
Single Family Home For Sale
Active
4
BEDS
3
TOTAL BATHS
4,900
SQFT
163 Atlanta Avenue SE
Atlanta, GA 30315
 
$409,900
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
2,230
SQFT
810 Cooper Street SW
Atlanta, GA 30315
Mechanicsville Subdivision
$450,000
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
1,872
SQFT
931 Violet Street SE
Atlanta, GA 30315
Summerhill Subdivision
$425,000
Single Family Home For Sale
Active Under Contract
4
BEDS
4
TOTAL BATHS
3,700
SQFT
1484 Norris Place NW
Atlanta, GA 30314
Norris Place Subdivision
New Listing - a week online
$674,900
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
2,308
SQFT
1775 Wenlock Avenue
Atlanta, GA 30318
 
$585,000
Single Family Home For Sale
Pending
4
BEDS
3
TOTAL BATHS
1,871
SQFT
811 Gresham Avenue SE
Atlanta, GA 30316
East Atlanta Subdivision
Open House Sun, Sep 26, 5 PM UTC
Please verify times due to COVID-19
$1,799,000
Single Family Home For Sale
Active
5
BEDS
7
TOTAL BATHS
995 Battle Creek Way
Atlanta, GA 30327
Buckhead Subdivision
Price Change - 4 weeks ago
$499,900
Single Family Home For Sale
Active Under Contract
4
BEDS
2
TOTAL BATHS
1,870
SQFT
802 Lowndes Avenue SW
Atlanta, GA 30310
Historic Adair Park Subdivision
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