Attn Home Owners Personal Question-Is it possible to buy a home with $30,000 for a home about 350--400k

wacky...also if you or DH fall into a certain work category...you can get good deals...

like education...police...fire...even if you have some degrees...when I told our mortgage woman that DH was in computers she said that if he has a 4 year degree in comp science he could qualify for certain mortgages...(too bad he doesn't )

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Posted by cluelessbride

Wacky, you can even get a NO DP mortgage - I checked it out and it's not too bad. And SONYMA mortgages (at least one of them) requires only 3% down.

You might try looking now, because even though it looks like you don't have a big DP, interest rates may rise and so what you can get now with a low DP may be the same rate that you would pay if you waited 6 months.

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how do you go about getting a no down payment mortgage? Do you have to have super excellent credit? Will the mortgage pmts be a lot higher than normal?

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Posted by wacky

And you know I have friends who out down like 15% on houses and their mortgages are under 2k. So I dont know, I give up

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They might not be putting a monthly amount into an escrow account for real estate taxes or they could have a variable rate 5 yr ARM which offer much lower rates than a 30 yr fixed loan of around 6%.

A $320K loan at about 6% comes out to about $1900 a month, WITHOUT the real estate tax escrow payment. If you buy a home for $375,000 and put down 15%, it comes out to about $320,000. They just might be thinking that instead of putting in an extra $300 - $500 a month (3600 to 5000 annually) into an escrow account for RE taxes, they will just make a check out themselves twice a year for the taxes.

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Posted by cluelessbride

Wacky, you can even get a NO DP mortgage - I checked it out and it's not too bad. And SONYMA mortgages (at least one of them) requires only 3% down.

You might try looking now, because even though it looks like you don't have a big DP, interest rates may rise and so what you can get now with a low DP may be the same rate that you would pay if you waited 6 months.

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I may be wrong but doesnt home value need to be under a set amount to qualify for SONYMA?

Best people to qualify for SONYMA are residents of hospitals - they make very little money at first, qualify for loan then have a really low rate for 30 years, which after three years they will be making in excess of 100K