FH and I are trying to figure out our options....but its scary thinking of all that money!!!!!!!!!!!!!
tdebe
Posted:
Member since
Re: Anyone know about house downpayments?
I think you need at least 10%
Belongs2DanBuckley
Posted:
Member since
Re: Anyone know about house downpayments?
This is a good thread! I think my parents are selling their house and that means we need to figure out options PRONTO!
Mizzdimple
Posted:
Member since
Re: Anyone know about house downpayments?
If you are a first time homebuyer., there are many options and advantages for you., you should look into it.
You can literally put zero down...but i owuldnt recommend it.
Espo22
Posted:
Member since
Re: Anyone know about house downpayments?
WOW im trying to remember how much i put down, i think maybe 30% or a bit more
of course it all depends, on your credit and stuff...some people prefer to put less money down bc they just see it as less money but its better to put more money down if you can bc otherwise your monthly payments will be more and basically in the beginning all you'll be doing is covering the interest with your payments
Mizzdimple
Posted:
Member since
Re: Anyone know about house downpayments?
They say you should put down 20
minibride08
Posted:
Member since
Re: Anyone know about house downpayments?
Yes... I just bought my condo last year.
You have to put 20% down to avoid PMI (insurance). However, you can also put less down and have maybe a different type of mortgage ie: 80/10/10 mortgage. Or, put less than 20% and pay PMI. Your mortgage broker will go over all of this with you... Also, the type of mortgage you qualify for will depend on your credit score too....
I would recommend reading Suze Orman. I'm a big fan of hers and I found her books on Real Estate VERY helpful.
HOW EXCITING & good luck!
Future Mulligan
Posted:
Member since
Re: Anyone know about house downpayments?
20% is the norm i think
but i know that first time buyers dont have to put any money down - not sure how it works though!
we'll be saving until we can put a significant amount down so that our loan is 150K or less....that way our mortgage will be really low - the plan is that eventually when we have kids we can afford the mortgage and all of our bills on one salary without having to worry. my moms loan amount was less than 200K and her mortgage is like my rent payment so that is what we plan on doing as well! good luck!
DeeluvsVinny
Posted:
Member since
Re: Anyone know about house downpayments?
I've been working in RE (as a paralegal) for 7 years. Most buyers do typically put 10% down at the signing of the contract. And then the other 10% or more at closing. But you also have to think of closing costs...about $15,000-$20,000 on a house and depending the price. Also, most of the lenders that let you get away with less or even NO money down..are on their way out now. The market is in bad shape and the subprime lenders are the first to feel it and are all claiming bankruptcy. So I would suggest 20% down at least and working with a WELL known bank rather than a mortgage company.
dancinmyazoff
Posted:
Member since
Re: Anyone know about house downpayments?
It was recommended to us to put down about 15%-20%. I can go more into detail about why they say that but I think I'll end up confusing you more than helping you lol. You can also finance a house 100%...obviously your payments are going to be through the roof though. I have a friend who financed 100%...I honestly don't recommend that though.
menc
Posted:
Member since
Re: Anyone know about house downpayments?
I don't think you can do much of anything w/o at least 10%
Future Mulligan
Posted:
Member since
Re: Anyone know about house downpayments?
id imagine you should put down the most you can so that your monthly payments are less money....that just makes the most sense to me....at least you wont have to live from paycheck to paycheck! i know people who do that and i could never do that....ive seen so many people get in over their heads (my parents, FH's sister) so we will be waiting until we have a large downpayment and extra money left in our savings! at least that is our plan for now!
Julybride08
Posted:
Member since
Re: Anyone know about house downpayments?
Posted by Mizzdimple
If you are a first time homebuyer., there are many options and advantages for you., you should look into it.
You can literally put zero down...but i owuldnt recommend it.
they changed it in all banks and you are not allowed to put 0 down anymore.
danandme4life
Posted:
Member since
Re: Anyone know about house downpayments?
Posted by jnkcrunk
What is the normal amount people put down?
FH and I are trying to figure out our options....but its scary thinking of all that money!!!!!!!!!!!!!
The more money you put down the better. If you put down less than 20% you are subject to a PMI fee (basically the bank charges you a monthly insurance fee for not having enough equity in the home. This fee can be adjusted after you close and make enough payments where you have at least 20% equity in the home.)
You should consult a mortgage broker to find out your options because lenders used to be fairly easy in giving out loans but with the market shift they are no longer doing 0% down. Also if it is you first home purchase and you meet certain criteria in suffolk county they have what is called the Suffolk County downpayment assitance program where they provide 75% of your downpayment. I did a closing this morning where my client received 14K from them. Its a very big help. However, there are certain criteria you must fit to qualify. Just something you may want to look into. smiles.
U can type in a zip code and maximum price u want to spend and then they show u what is available for that price in that area. They give u a mortage calculator and it shows what your mortage would be if u put down 5% or 10%. It's pretty cool. It made me less scared!
KK Holiday
Posted:
Member since
Re: Anyone know about house downpayments?
wow thanks girls!!!!
I didnt think i'd get so many responses!
I've read one of Suze Orman's books and I love her so i'll have to read one of her's on real estate.
20% seems to be the going rate for downpayments....hopefully we'll make that from the wedding
jessica08bride
Posted:
Member since
Re: Anyone know about house downpayments?
i believe that anything below 20% requires you to pay mortgage insurance which, if you think about it, is just a waste of money. however, most poeple dont have 20% to put down so i think the minimum is 10%.
AllyDrew1108
Posted:
Member since
Re: Anyone know about house downpayments?
This is why we're never going to own a house. My debt alone is $20K ... I'll never have that to put down on a house!
jgl
Posted:
Member since
Re: Anyone know about house downpayments?
they say 20% is ideal
futuremrsfab
Posted:
Member since
Re: Anyone know about house downpayments?
Just wanted to comment on downpayment- I work for Prudential Douglas Elliman as a Real Estate Agent- it is highly recommended to put down 20%- for a number of reasons-
-it is seen as a more serious bid- in cases where other people might make the same bid as you on a house, owners might select them- although most homes are not likely to cause a bidding war in this market
-does help you avoid PMI, which can cost as much as $200-$500 extra monthly- although truthfully, if you have a good mortgage BROKER (not banker) they will just get you a split loan- 10% from one loan, and 80% from the other.
If you have any questions, please feel free to fm me, happy to help you if I can.
