For those house-hunting or who already own:

For those house-hunting or who already own:

Re: For those house-hunting or who already own:

35k for a co op in qns

Re: For those house-hunting or who already own:

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Posted by grkbarbie

35k for a co op in qns

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But what was the cost of the co-op? Or is that a flat price regardless of price of coop? I know nothing about coops Looking mainly at condos

Re: For those house-hunting or who already own:

I believe we put down 20%. But it's been so long now I don't remember Sorry!

I believe with condos and homes you can do less than that, but for co-ops it's 20%. Don't quote me on that though!

Re: For those house-hunting or who already own:

lol sorry 250k

Re: For those house-hunting or who already own:

I would say 20% minimum, more if you are able to.

But don't go by me, I'm going to be living in a box

Re: For those house-hunting or who already own:

20% is the norm.

Re: For those house-hunting or who already own:

i have a co-op in islip (its for sale if you're interested in that area!) the board says 20%, but they will take less than 20% as well (10 or 15%) - you just have to get approved, and i dont think its that big of a deal.

Re: For those house-hunting or who already own:

I bought a condo in suffolk last year. I put 2% down and financed the rest. I just didnt have the money to put down at the time. My mortgage payment is more than I wanted but once the wedidng is over I am going to start paying more every month towards the principal.

Re: For those house-hunting or who already own:

you have fm

Re: For those house-hunting or who already own:

20% is standard

Re: For those house-hunting or who already own:

I have heard that 20% is standard but its good to know it can be less for condo's... thanks girls! 20 is a big # when the ones we're looking at are like 350 ugh... i think prices should come down more... haha

Re: For those house-hunting or who already own:

Re: For those house-hunting or who already own:

I am also in the process of looking at houses and condos in suffolk - first time homebuyers can get into an FHA loan as long as you qualify and then you only have to put a 3% down payment

hope this helps

Re: For those house-hunting or who already own:

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Posted by Juhgail

MINIMUM is 20%.

You also need EXCELLENT credit now.

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we did 20% as well. we just got approved for our mortgage today!!

Re: For those house-hunting or who already own:

Re: For those house-hunting or who already own:

Re: For those house-hunting or who already own:

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Posted by SoulMates4Ever

I am also in the process of looking at houses and condos in suffolk - first time homebuyers can get into an FHA loan as long as you qualify and then you only have to put a 3% down payment

hope this helps

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Yep - we qualified for a FHA mortgage with only 3.5% down - and then of course closing costs - ours are looking around $18k in addition to our 3.5% down Much better than 20%

Re: For those house-hunting or who already own:

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Posted by IrishBrideASmiling

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Posted by MrsDtoBe09

We're most likely buying FH's dad's house for much less than it's worth so we get what's called a 'gift of equity' where we actually don't have to put anything down because the difference between the selling price and the appraisal price serves as the down payment.

Gina, don't forget about closing costs... they are astronomical. If you need a mortgage company recommendation, fm me. We're working with an amazing company!

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Good tip about the closing costs! We had no idea how much they were going to cost, and I believe so far ours were estimated to be $15,000!!!

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The good thing is that you can apply it toward your mortgage but I think I almost cried when I heard all the costs. Holy big money!!!

Re: For those house-hunting or who already own:

When I bought my house 1 1/2 years ago, I was able to put down 10% as a first time home buyer. Closing costs are very expensive. Mine was $10,000 but I've heard of paying up to $18,000 for it. HTH