Just wondering if that was looked at as a problem even though u would still be able to comfortably make the mortgage payments.
agv
Posted:
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Re: Anyone put down 5%.....???
We did. We actually closed last weekend on our house. I really think it is about timing more than anything. Just because you put 5% down does not mean every seller is going to find you unattractive. We lost a few houses but would have regardless of wether we were putting 5% or 20% because we did not want to bid too high.
We have known a few people who have put down 5% or less. You do what you can to make yourself very attractive in other areas...we did not have any constraints on when we could move in because we were renting. Many sellers liked the idea that we did not come with may contingencies!
FTRBRIDE
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Re: Anyone put down 5%.....???
I know that some people say your offer is less attractive if if you have a smaller down payment, but I'm not sure why. We are putting down a little more than 5% and our offer was accepted on every house we bid on...sellers really didn't seem to care about the down payment. The seller doesn't get any of the money until closing, and gets the same amount no matter how much you put down, which is why I don't know anyone would care.
ETA- we were preapproved for a lot more than the houses we bid on, so they knew we were serious buyers and could afford the houses regardless of our down payment. Maybe that had an effect?
LuvMyMichael
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Re: Anyone put down 5%.....???
Posted by FTRBRIDE
I know that some people say your offer is less attractive if if you have a smaller down payment, but I'm not sure why. We are putting down a little more than 5% and our offer was accepted on every house we bid on...sellers really didn't seem to care about the down payment. The seller doesn't get any of the money until closing, and gets the same amount no matter how much you put down, which is why I don't know anyone would care.
Same here.
Summerbride04
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Re: Anyone put down 5%.....???
We plan on putting down 0-5% simply because with the market these days we rather spend our savings on fixing up the house since it seems $400K houses are falling apart!
steph4777
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Re: Anyone put down 5%.....???
We put less than 5% down. Our realtor made it clear to the seller's agent that financing is not a problem for us, it was just a matter of finding a house that we wanted.
HearzBellz
Posted:
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Re: Anyone put down 5%.....???
We put down 5%, but with our pre-qual mortgage it was a reassurance to the sellers. Some sellers did shy away from a low down payment though, but not too many, and not the houses that we really really wanted.
Gonnacatchapeacock
Posted:
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Re: Anyone put down 5%.....???
The more you put down the less your monthly mortgage will be. Also you may have to pay PMI (mortgage insurance) if you put down less than 20% certain companies want that.
Either way...you'll be paying on Long Island LOL
charon54
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Re: Anyone put down 5%.....???
We put 5% down and did an 80-15-5 mortgage. If you are going to do that make sure that the 15% is a home equity loan not a home equity line of credit (HELOC) as the rates keep going up on our line. The homeowner did not even ask us about our mortgage.
chris605
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Re: Anyone put down 5%.....???
We put a little elss then 5% and no problems at all....
Charly
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Re: Anyone put down 5%.....???
We did too!
beautyq115
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Re: Anyone put down 5%.....???
I am glad to see that people are putting 5% down.....we were getting nervous because we were told that this makes you look less eager...which I think is rediculous
NPbride
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Re: Anyone put down 5%.....???
We put a little more than 5% down and had no problems.
luvsun27
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Re: Anyone put down 5%.....???
What you could do to make yourself more attrative buyers if your afraid your DP will be too little. Say that you are putting 10% down....5% at closing and 5% at contract. Then...when you do your mortgage shopping, just shop for the 95% you need....the sellers never have to know you didn't have the other 5% yourself....it's none of their business as long as the mortgage company agrees to give you the money.
This is what I did when I bought my first place....and I only put 5% down.
TracyInQueens
Posted:
Member since
Re: Anyone put down 5%.....???
We offered $50k when we made the offer. We really did intend on putting down that much. But in the time between offering and going to contract, we decided that we wanted to hold on to another $10k, so we gave 10% at contract (as required) and then we put down a little less than originally planned at closing. But we made up the difference in the mortgage. I don't even know if the sellers knew- they weren't at the closing.
beautyq115
Posted:
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Re: Anyone put down 5%.....???
Posted by luvsun27
What you could do to make yourself more attrative buyers if your afraid your DP will be too little. Say that you are putting 10% down....5% at closing and 5% at contract. Then...when you do your mortgage shopping, just shop for the 95% you need....the sellers never have to know you didn't have the other 5% yourself....it's none of their business as long as the mortgage company agrees to give you the money.
This is what I did when I bought my first place....and I only put 5% down.
Thanks for the advice...FI and I just started looking and this is sooo overwhelming. This board is very helpful
