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Is $50k enough for a downpayment on a 400-500k home in L.A. for someone with a credit score of 700+?

My bf and I are planning on getting engaged and buying a house in the next couple of years. We want to know if $50k is enough for a down payment. And if it is, how much will the monthly payments be around?

We're looking to buy a nice home in the Los Angeles/Orange County area.

Thanks!

$50K would be 10 percent. You would need PMI for your loan. Your payments would be about $2400 per month.

Ideally, you want 20% of the sales price as a down payment.

Not quite that easy. They will also look at your existing debt vs. your monthly income to make sure you can afford the mortgage payment. If you have a solid income, it might work for you. For a rough figure, on a 7% 30 yr fixed, you are looking at 2993 a month. Add to that property taxes!!!! Hope that helps.

If you ask me, 50k is too much.
You can qualify for good interest rates with that kind of credit score.
I just got my client a 10 year/ fixed interest only loan from Indymac with a 769 Credit Score.
By the time 10 years roll around, she should have enough equity to re-finance and lower her payments even more. Maybe sooner depending on the market. She put 3% down.
She qualified for a 97% Loan.

10-12% is lot more than most people put down - can you afford the mortgage pmts of the remaining $350-450k including real estate taxes, PMI insurance and homeowners insurance?

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