Where do you live and what's a downpayment on a house there?

[El_Mero_Mero]

I live in Queens, NYC and I would eventually like to buy a house there. Based off a video that was posted here 3 weeks ago, buy a duplex, rent out 1 half and live in the other half.

I'm currently far (time-wise) from doing this, but things could always change financially. What's an average cost for a down-payment on a home in a middle class neighborhood. I'm not trying to live in the hoodest hood (though I know that gentrification is real).

Any opinions, guidance, or books/sites to explain it to me like a newbie that you'd recommend?

 

[REdefinition]

I live in Queens, NYC and I would eventually like to buy a house there. Based off a video that was posted here 3 weeks ago, buy a duplex, rent out 1 half and live in the other half.

I'm currently far (time-wise) from doing this, but things could always change financially. What's an average cost for a down-payment on a home in a middle class neighborhood. I'm not trying to live in the hoodest hood (though I know that gentrification is real).

Any opinions, guidance, or books/sites to explain it to me like a newbie that you'd recommend?

I think the guidelines will be the same no matter where you live. The standard is usually 20% down but there are several lenders that may let you put down as low as 3.5%. So basically the "average cost of your downpayment" will be based on a percentage of the home price. Queens is probably expensive AF (compared to most of the country). I bought a 1700 square foot 3 bedroom 2 1/2 bathroom crib for 140k in North Carolina. I didn't put down anything due to qualifying for a grant (which you should also look into).

I'll let more astute cast chime in with more in depth info but here's a link with some of the very basics Qualifying For A Mortgage - How To Qualify | Zillow

 

[El_Mero_Mero]

Appreciate it

 

[Admiral Ackbar]

Hawaii.

Median home is $640k. Sellers usually want 10% down payment.

Some developers accept Dept. of Agriculture loans/grants for first-time buyers. Look into that. It may require you attend a homebuyer's class put on by the DOA.