What % of a down payment are you required/asked to put down?
ETA: We are looking at condo's in suffolk if that helps at all
azailia
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Re: For those house-hunting or who already own:
the minimum is 20%. that's too bad, my moh just sold her condo in ronkonkoma!!! oh well...
also i have an awesome mortgage broker... who just helped us with our refinancing and he was also the broker we used for our closing in 2006.
fm me for his info.
IrishBrideASmiling
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Re: For those house-hunting or who already own:
Posted by MrsDtoBe09
Posted by IrishBrideASmiling
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!
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!!!
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!!!
Yea we did a sellers concession and the seller almost had a heart attack bc she was afraid the house would not appraise for the additional $15,000. Thank God it did!
sofreakingexcited
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Re: For those house-hunting or who already own:
We put down 10%.
littleone1886
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Re: For those house-hunting or who already own:
We just bought a condo in suffolk about a year ago. We got our mortgage through bank of america...we only had to put 5% down (we had more so we put that down too) and no closing costs!! i'm not sure if they still have the option but you should look into it
MrsList
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Re: For those house-hunting or who already own:
We got a mortgage with 10% down on a co-op. The co-op board made an exception for us but normally, they'll only let you in for 20% down. We just bought one 2 months ago in Suffolk.
So I think you could get away with 10% down if you were buying a house and you had good credit but if there are additional regulations from the homeowner's association or board, it might be more.
grkbarbie
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Re: For those house-hunting or who already own:
sorry i didnt read the quesiton right.
we put 62k on a 250k co op.
u can put 35k if u decide ona smaller place like a studio or 1 bedroom.
lauraandrob2009
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Re: For those house-hunting or who already own:
20% is the norm
flairforfashion
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Re: For those house-hunting or who already own:
Most banks require a minimum of 20% and they do credit checks and bank account checks- the whole nine.
The more you put down, the better the rate. Good luck! Where are you guys looking?
FuTuRe MrS MaZz
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Re: For those house-hunting or who already own:
Posted by flairforfashion
Most banks require a minimum of 20% and they do credit checks and bank account checks- the whole nine.
The more you put down, the better the rate. Good luck! Where are you guys looking?
i really have no clue... if there is still that suffolk county loan/tax break, then we'd like to get a house right over the suffolk line... not sure what towns are decent though without having to actually drive through them... we checked out these newer condos in amityville (which i know isnt good, but they were very nice) and another condo in n babylon (which too, area isnt the greatest and not to mention condo's were on a main road and looked out of place)
so looks like we may try to go for a house instead... but we need to know what towns are better than others... just looking for a middle of the road area ya know?
sjpaek
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Re: For those house-hunting or who already own:
i am in the process of closing now. yes, 20% USED to be the norm but only recently its 25%!!! i used wells fargo for my mortgage and they are requiring 25% down. i asked around (different banks) and they are requiring the same. i believe if you want to put 20% down (or any other %) there might be a fee attached.
flairforfashion
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Re: For those house-hunting or who already own:
Posted by FuTuRe MrS MaZz
Posted by flairforfashion
Most banks require a minimum of 20% and they do credit checks and bank account checks- the whole nine.
The more you put down, the better the rate. Good luck! Where are you guys looking?
i really have no clue... if there is still that suffolk county loan/tax break, then we'd like to get a house right over the suffolk line... not sure what towns are decent though without having to actually drive through them... we checked out these newer condos in amityville (which i know isnt good, but they were very nice) and another condo in n babylon (which too, area isnt the greatest and not to mention condo's were on a main road and looked out of place)
so looks like we may try to go for a house instead... but we need to know what towns are better than others... just looking for a middle of the road area ya know?
Sounds good.
Check out Smithtown for condos and co-ops.
As for houses, go onto Mlsli (I think that's the site) and just look at random houses. See what looks good and then ask the girls on here for feedback on the areas. I could compile a list for you if you want. I have an idea of pretty nice areas in Suffolk.
FuTuRe MrS MaZz
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Re: For those house-hunting or who already own:
Posted by sjpaek
i am in the process of closing now. yes, 20% USED to be the norm but only recently its 25%!!! i used wells fargo for my mortgage and they are requiring 25% down. i asked around (different banks) and they are requiring the same. i believe if you want to put 20% down (or any other %) there might be a fee attached.
thats freakin rediculous!!! i wonder if we'll even be able to afford a down payment after the wedding $$ comes in
sjpaek
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Re: For those house-hunting or who already own:
thats exactly how i feel! we will be living hand to mouth for the next couple of months. i dont know how we managed to scramble up with the extra cash but we did (sacrificed shopping and eating out).
we bought a co-op and the closing cost are much lower (4-5k) and the taxes are included in our maintainence. for condos i know they are much higher (10k). so be prepared with the extra cash.
