How much did all of you want to save for a down payment on a house? I'm trying to figure out how I am going to do this and a wedding.
Oopsy.. posted 2x
FH and I are actually starting to research all of this now. We figured that we will most likely buy a house after the wedding, and we are looking into any grants or programs we can apply for. We already have about $20,000 saved, but we will probably have to (at least) double that which is INSANE
in the same boat ladies...i live at home and so does my FH...although he has a lot of bad debt, and i have a lot of good debt (student loans, no credit cards)...so i have been able to bank a lot of money since i started my job a year ago, but it's pretty much just me saving for the house and applying for the mortgage because his credit will totally ruin it for us...luckily my family is giving me a nice wedding budget to work with, but i'm still sooo nervous about not being able to buy something by the time we get married....i really dont want to throw away money into monthly rent especially with the prices here on long island...i'm sure you girls know what i mean
Posted by sportif7
in the same boat ladies...i live at home and so does my FH...although he has a lot of bad debt, and i have a lot of good debt (student loans, no credit cards)...so i have been able to bank a lot of money since i started my job a year ago, but it's pretty much just me saving for the house and applying for the mortgage because his credit will totally ruin it for us...luckily my family is giving me a nice wedding budget to work with, but i'm still sooo nervous about not being able to buy something by the time we get married....i really dont want to throw away money into monthly rent especially with the prices here on long island...i'm sure you girls know what i mean
It seems impossible with all of the other bills!! Plus, all these deposits for vendors. What is a normal deposit for photographer, flowers, dj? I'm getting nervous.
I think it depends on the vendor. For the 3 photog appts I went on 1 asked for $500 deposit, another $100 deposit and the other was 25% down of the total cost.
we did an FHA loan so we only had to put down a minimum of 3.5%. We were going to do 10%, but after doing the math, putting down thousands of dollars up front saved up like $50 a month or something stupid like that
Oh that is good. It is really overwhelming
im nervous doing an FHA though because then your locked into a PMI for the life of the loan...with a conventional loan, if you only put down 10%, you have a PMI that can be lifted if the house appreciates by a certain amount based on work you may do, etc...
Posted by sportif7
im nervous doing an FHA though because then your locked into a PMI for the life of the loan...with a conventional loan, if you only put down 10%, you have a PMI that can be lifted if the house appreciates by a certain amount based on work you may do, etc...
Posted by b2b2013
Posted by sportif7
im nervous doing an FHA though because then your locked into a PMI for the life of the loan...with a conventional loan, if you only put down 10%, you have a PMI that can be lifted if the house appreciates by a certain amount based on work you may do, etc...
Whatever you just said sounds like a foreign language to me...![]()
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hahaa...when i spoke with the mortgage guy at bank of america about pre-qualifying for a mortgage...he was explaining to me that if i was in the market for say a 350,000 house, if i had 30,000 saved already with about 8-10K in reserves, I should really save the extra 5,000 to make a 10% down payment and use a conventional loan versus an FHA loan which is for first time home buyers and requires only 3.5% down...the reason he told me was because the insurance or PMI that you have to factor into a FHA loan because you're putting so little down, will always exist for the life of the loan (unless you re-finance the house by paying off the loan and taking out a brand new conventional loan down the road)...however, if you go with a conventional loan and don't put down the usual 20%, you also wind up with a PMI added in...the difference is if you buy a house and the house goes up in value 'x percent' either because of the economy or because you do reno's etc, you can have the house re-appraised and apply to have the insurance lifted...
We have FHA. But PMI is dropped once we reach 20% equity. FH is saying its 18% but either way PMI is definitely not on our loan for the entire existence
really...thats great to know...i wonder why he told me you always have it then? so maybe there is no downside to having an FHA?
Posted by sportif7
really...thats great to know...i wonder why he told me you always have it then? so maybe there is no downside to having an FHA?
wow that does sound annoying...is that more picky then a normal home inspection would be if it wasn't with a fha...i wonder why it matters
