We are looking to do a 80/20 % mortage and maybe even include the closing costs in to the mortage. (I think closing costs are a bunch of B.S.) The house's in the price range we are looking for all need work, a lot of work. So we want to keep our savings to put into the house after it is ours.
Just wondering if anyone else is going the same direction?
drjenn10
Posted:
Member since
Re: did anyone put no money down...
I am doing something similar. I have a regular mortgage and a HELOC (home equity loan) loan for my house. I'm including closing costs in my total loan amount. I did this to avoid PMI and avoid getting a jumbo mortgage which has higher interest rates. I am putting some money down though as well.
dgtlsunshine
Posted:
Member since
Re: did anyone put no money down...
I have seen people do 80/20 mortgages and request the seller to cover closing cost. They move in zero down
We did an 80/15/5 and requested a $3000 seller contribution. So we have the first mortgage covering 80% of the purchase price, the 2nd covering 15% and we put 5% down. Then the seller gave a $3000 contribution towards closing costs, so essentially the only thing we paid out of pocket at closing was our 5% down. Not sure if you can swing that in NY though with such a competitive market. The market in Texas is a lot easier since they are building so many new homes.
Jenn524
Posted:
Member since
Re: did anyone put no money down...
Just wanted to add...with the market the way it is right now, I'm not sure you're going to find too many sellers willing to pay closing costs. You usually get that more in buyers markets.
