FH and I are trying to figure out our options....but its scary thinking of all that money!!!!!!!!!!!!!
Munchkn16
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Re: Anyone know about house downpayments?
The amount you put down on a house varies. What you should figure out first is what you can afford in a monthly payment. Then figure out the downpayment required to get to that number.
Prudential Douglas Elliman has a mortgage calculator. Plug in the downpayment and the interest rate on your mortgage. They calculate the taxes and factor those in also. And the neat little calculator comes up with a number that's very accurate.
Hope this helps!
eta: not all mortgage programs require 20%, and most I've seen have waived the PMI.
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.
Yeah, with all the foreclosures and mortgage companies going under, first time homebuyers can't do this anymore. I do believe you can put down something as little as 5%. I would recommend contacting a mortgage specialist to see what mortgage you pre-qualify for and see what you'll have to put down. This will help you with houses in your price range. Don't forget you have to consider closing costs too.
lucamon
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Re: Anyone know about house downpayments?
I think it's tougher for first time home buyers nowadays. When we bought our house we only had 5% to put down, so we did an 80/ 20 mortgage, but still had to take out a 100% mortgage because of the closing cost. After 2 years, we refinanced and was able to knock down the second mortgage quite a bit and even cash out 15K. One thing I do recommend, avoid PMI even if you have to get a second mortage because the interest you pay on that is tax deductable vs. PMI it's not. So every year we get at least 10k back for tax refunds. Good luck.
hannahshim
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Re: Anyone know about house downpayments?
20%
babieblueeyez96
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Re: Anyone know about house downpayments?
i just went to a seminar about that last night...not many places offer zero down anymore, there are still places that do 3 and 5 percent...a good amount would be 20percent bc then you dont need to pay PMI...but 20 percent is like unheard of supposedly around now
AmorPeruano
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Re: Anyone know about house downpayments?
We did 5% down but 10 to 20 is common. That is really hard though for what homes cost on LI nowadays!
zoe282
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Re: Anyone know about house downpayments?
Well I think in most of the country 20% is normal, but who can afford that around LI? I mean on a 400,000 house that's $80,000.....I know I would never have that. I honestly don't know how people do it around here. I was lucky and got into the next generation housing in Plainview so our house was affordable, but it's not just the down money, there are closing costs on top of that!
I would ask your mortgage broker. I have a friend who is buying a house right now and is getting 106% mortgage and therefore no money is coming out of pocket to start with. For them it was very worth it.
MrsD71208
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Re: Anyone know about house downpayments?
Obviously the more you put down, the lower your mortgage will be. If you can, only if you can, I'd go for at least 25%.....your mortgages will be more affordable then. Good luck!
