So I keep hearing about how it is so hard to get a mortgage and buy a home right now. I know it's true, but since I don't know all that much about it, is it really IMPOSSIBLE?
I know this depends on a TON of variables so the question is probably impossible to answer. But just any little bits of info would be appreciated. For example, I heard you definitely need a downpayment of 20% of the value of the home - do you know if this is true?
Thanks - again - I realize it's going to depend on about a million factors so I'm not looking for specific answers - just any general comments/info!
lookitscassie
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Re: buying a home...
if you have great credit you can get a mortgage with a 10-15% down payment.
Kristina2009
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Re: buying a home...
Many lenders are not being as lenient these days but it is not impossible. 20% means you don't have to pay PMI so you save a little there (that is why many recommend you put down 20% when you can. You do not necessarily need 20% down though.
DeannaNDave07
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Re: buying a home...
the above poster said it right!!
it will save you the PMI taxes.. we put 20% down and it did save in the long run. some will let you put down 10% depending on your credit.. its not impossible to buy a house... you just have to look at many of them and choose the right one for the money.. i do recomend levittown.. thats where we live and its one of the cheaper towns in LI... and Fh and i loveeeeeeee it!! he grew up there and its such a great town!! good luck!!!
lonal
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Re: buying a home...
I didn't have 20% to put down but I had excellent credit. I put down 5% and got a mortgage. I need to be very careful with my money now to pay the mortgage every month but it's definitly not impossible. Good luck!
FutureMrsC
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Re: buying a home...
if you don't put 20% down there is an extra tax you have to pay but i think there is a way around that if you are a first time home buyer...my FH is a mortgage rep and could help you...FM me if you would like his info
joshisgirl
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Re: buying a home...
we just bought a coop (and from what i hear, it's sometimes harder to buy) and put 10% down, but yes, we pay a PMI until we hit 20% of the selling price. i had a great morgage guy and so helpful, i'll fm u his # if you want to ask him general questions. he explains things very well.
Kara and Todd
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Re: buying a home...
We closed on our home in September and we put 10% down. We had no trouble getting a mortgage. We have high incomes, though, and bought a house well beneath our budget. DH's credit is impeccable, mind is okay (impeccable the last 3 or 4 years, but waiting for one or two blemishes from college to get off of it).
I don't think it's impossible if you have good credit, solid income / steady job, and a low debt to income ratio.
jteach711
Posted:
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Re: buying a home...
My fh is a mortgage broker and I will give you his info if you would like. He can answer all your questions for you. He has helped many of our friends and family buy their first homes. Good luck and let me know if he can help.
sparkle
Posted:
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Re: buying a home...
Thanks everyone for the advice and encouragement! Based on what you all said I think we should actually be OK, as long as we don't go trying to buy something way out of our range. This weekend we might go sit down with a bank and find out more specifically what the story is. We don't plan on actually looking until after the holidays though. Thanks for the recommendations!!!
