52) A promise lacks consideration if a person promises to perform an act or do something he is already under an obligation to do. This is called a(n) ________. 52) A) illusory promise B) preexisting duty C) illegal consideration D) gift promise 53) Dean Campenella is a detective with the California state police.
What about first-time home buyers or those with little to no equity? In today's market, it is prohibitive even for the most frugal of first-time home buyers to come up with a traditional down payment. Houses that sell for $200,000 would require a down payment of $20,000 to $40,000, but there are options. Let's look at some of them.
The Average. MortgageCalculator.org reports that the benchmark figure for a down payment is 20 percent of the homeâs price. Additionally, the Home Buying Institute estimates the range for an average down payment to be anywhere from 0 to 20 percent.he Average. MortgageCalculator.org reports that the benchmark figure for a down payment is 20 percent of the homeâs price. Additionally, the Home Buying Institute estimates the range for an average down payment to be anywhere from 0 to 20 percent.