FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Original post by ValeryEsq
Hi all. I do not post often but have read soooo many posts on this site where everyone said you can't buy a house with 0% down and you pay higher interest and etc etc etc...well you can and none of that is true....
My DH and I just bought a house on LI for 420K and did 100% financing and also avoiding the PMI buying doing an 80/20 loan. AND got 5.5% on the 80 loan and 6.0 on the 20 loan. AND we also did sellers concession thus taking a mortgage out for 430K to cover some of out closing costs....in short, all we paid out of pocket was 5K in closing costs. THAT WAS IT!!!!
Yes, we have very good if not perfect credit but we did not have to pay any sort of other fees b/c we were doing 100% finance. Our issue was b/c I was in lawschool we didnt have lot of money saved but now that I am done my DH and I could afford a larger monthly payment but just didn't have the money down. So this worked for us.
So for all of those brides out there who think they CAN NEVER come up with these crazy downpayments-- dont sweat it... all we needed was 5K for closing costs and then we gave the seller 10K to put in his escrow as 'binder money' that he just gave back to us at closing. This way the seller was secure by havng our 10K should we back out, but we didnt have to put it towards the house. So, good luck
beautyq115
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
This is all so confusing
MCDO15
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by beautyq115
This is all so confusing
what dont you understand?
MrsERod
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Posted by DjPiLL
Doesn't mean its the smartest decision in the world. You are paying a TON more interest over the life of the loan.
why? b/c YOU say it's not the smartest decision in the world???
like you said when you EDITED: if 'it works for them', that's all that matters.
KarenK122
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Congrat!! We are actually doing the same thing. We both have excellent salaries, but there is no way in heck I could save for a downpayment. We decided though to start out with a condo first to build up equity and then move into our dream house a few years from now.
Good luck!!!
lilmrs
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by DjPiLL
Her monthly payment will be about $2520. Plus whatever property taxes will cost and homeowners insurance. (will probably bring the payment easily over 3000 a month).
hey know it all...let people do thier own math instead of you flashing people's mortgage payments around. geesh
MrsERod
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by DjPiLL
I will give the OP credit on one thing though in this thread.
The 5.5% and 6% rates she got for this type of loan is pretty good. I am impressed.
WOW!! Well isn't that special!! You're actually giving someone credit????
Well at least now the original poster can rest easy because she managed to impress YOU!!
MrsERod
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by lilmrs
Posted by DjPiLL
Her monthly payment will be about $2520. Plus whatever property taxes will cost and homeowners insurance. (will probably bring the payment easily over 3000 a month).
hey know it all...let me people do thier own math instead of you flashing people's mortgage payments around. geesh
Seriously!!!!!!!
MCDO15
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by MrsERod
Posted by lilmrs
Posted by DjPiLL
Her monthly payment will be about $2520. Plus whatever property taxes will cost and homeowners insurance. (will probably bring the payment easily over 3000 a month).
hey know it all...let me people do thier own math instead of you flashing people's mortgage payments around. geesh
Seriously!!!!!!!
then why even say how much the house is?
glenda2004
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
I think they are jumping al over DJ because of the other thread.
The Poster gave a lot of info on her house so trying to figure out the montly payments shouldnt be such a secret.
and whats the big deal anyway? So we know its close to 3K! so what? The important thing is, she can afford it!
lilmrs
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Its her business to tell. She said it, let others do the math for themselves if they are THAT interested. Thats why and thats the only reason why. I don't know who 'they' is all I did was comment back to DJ..my response has nothing to do with said 'other thread'
glenda2004
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Ok I see it just was very coincidental.
But I still say its no big deal its not like I know her or she knows me etc. Its just numbers really.
lilmrs
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by glenda2004
Ok I see it just was very coincidental.
But I still say its no big deal its not like I know her or she knows me etc. Its just numbers really.
UMM I posted once on that thread...once on this thread and then responded when I got quoted....you can say whatever you want about being coincedental...
lilmrs
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by glenda2004
Ok I see it just was very coincidental.
But I still say its no big deal its not like I know her or she knows me etc. Its just numbers really.
well lets hear your numbers please how much do you make? how much does dh make? how much cc do you have? how much are your car payments? how much is your mortgage/rent? what other debt do you have? What did you get on the SAT? what is your credit score?
Don't jump all over me and make false accusations! It angers me!
MCDO15
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by lilmrs
Posted by glenda2004
Ok I see it just was very coincidental.
But I still say its no big deal its not like I know her or she knows me etc. Its just numbers really.
well lets hear your numbers please how much do you make? how much does dh make? how much cc do you have? how much are your car payments? how much is your mortgage/rent? what other debt do you have? What did you get on the SAT? what is your credit score?
Don't jump all over me and make false accusations! It angers me!
there must be somthing in the sun today?
glenda2004
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
I answered all your questions and it didnt show hmmmm?? LI Gods somewhere are controling stuff?
Anyway I have no shame in posting any of the #s asked:)
glenda2004
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
You aint kidding!
glenda2004
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
I said I was sorry and it was just coincidental.
Relax please:)
lilmrs
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by glenda2004
I said I was sorry and it was just coincidental.
Relax please:)
Where you said it was just coincidental sounded sarcastic to me. If you were being genuine I apologize.
As for McD...you say something must be in the sun today....explain what that means?
glenda2004
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
If I was being sarcastic I would have added I may be blunt and opinionated, but Im no phony!
Apology certainly accepted.
lilmrs
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by glenda2004
I may be blunt and opinionated
me too! Never good when two people like this try to have a chat over the internet.
