What exactly is the down payment? It’s the amount of money that you, the buyer, kick in out of your own pocket, right at the start, toward the purchase of the house. But exactly how much do you need to put down?
Here’s my feeling about this: always try to put 20 percent down. Period. I’ve been recommending 20 percent forever—since long before the market had its recent huge downward swing. But as so many people fell prey to the idea of putting less than 20 percent down in recent times, we have to talk about this because it’s a big deal and something I feel very strongly about.
Read full article at Inside Real Estate on Trulia.