what percent did you end up putting down on your home?
Obviously we would LOVE to put down 20%, and originally we were going to put just 5-7%, but now I think I may be able to squeak out 10% plus closing costs. I want to put the most I can down but I also want to have a security fund. Just wondering what other brides-to-be with tons of bills put down!
How many months of bills did you have as your security (I read you should have at least 2 - I was hoping to have more)....
natiepie1028
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Re: For recent home-buyers - soon to be home-buyers
We put down 10% but we are going for a Sonyma mortgage. So if we get a approved, there are no closing costs and the interest is low.
SuzBride
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Posted by natiepie1028
We put down 10% but we are going for a Sonyma mortgage. So if we get a approved, there are no closing costs and the interest is low.
Wow I never knew mortgages w/o closing costs existed! FH is handling obtaining the mortgage - since he is an appraiser so has connections. I'll have to ask him about that. Thanks
cantwait2bewed
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we are heavy into real estate investing so:
for the first home we put down 5%.
for our second home, which is the one we will live in we put down 10%. It is a new construction
We are considering buying a new investment home which we will have to put down 10% so that the mortage wont be so high
If u are a first time homebuyer you can put down 5%. However, if u have more put more it just lowers your mortgage and will save u from PMI (private mortagage insurance)
lrs2005
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including closing costs we put down 27% of the purchase price of our home.
conigs25
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20%
kissy27
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We put down 22% on our home & still have a jumbo mortgage...It has been tough at times but there is no other way...I actually just dropped off our 3rd mortgage payment at the bank
SuzBride
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Wow so many people putting over 20% down - congrats to all of you that is AWESOME! I feel like as I save more the house prices go up even more so it would take FOREVER to get to 20%
vita930
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Posted by kissy27
We put down 22% on our home & still have a jumbo mortgage...It has been tough at times but there is no other way...I actually just dropped off our 3rd mortgage payment at the bank
We have the same thing!!
Blu-ize
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we put down 10%. We did an 80/10/10 loan and avoided PMI. We had left about $12K in the bank.
We just refinanced and saved a total of $600/month!
We are buying another home in AZ and we are putting down 5%.
EJSD2006
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If you put 20% down you will automatically avoid a PMI loan and save money monthly. And yes, you can buy a house without having to layout the closing costs by asking for a sellers' concession. It just means that you would like to roll the closing costs into your mortgage. FYI, closing costs are usually anywhere from 3%-6% of the total sale price. The only thing about seller's concession is that if the house doesn't appraise to the value including the closing costs, you will have to come up with the money anyway, so basically it's a gamble. But if you have a good realtor you should be okay. My advice, if you have 10% to put down, put 5% @ contract signing and the rest at the closing table. This way if the full seller's concession doesn't work you still funds to fall back on. FM if that doesn't make sense.
SuzBride
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Posted by Blu-ize
we put down 10%. We did an 80/10/10 loan and avoided PMI. We had left about $12K in the bank.
We just refinanced and saved a total of $600/month!
We are buying another home in AZ and we are putting down 5%.
that is what I think we will end up doing 80/10/10 - with a little more still in the bank. It is so frustrating though - I really wish I had the whole 20%.
charon54
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You have FM SuzBride
tracy2246
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we will put the 20% down ( just started looking) plus closing-if we go through my job they will eat the cost of closing-but FI has an existing mtg and would like to keep them with the same company.
wilandnet
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