FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

Original post by ValeryEsq

May 15, 2005 08:53 PM

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

june262004 Posted: May 16, 2005 04:49 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

Wow when I left today she had 19 post now she only has 17.

dkwife Posted: May 16, 2005 04:50 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

Posted by MrsERod

Posted by MrsERod

Posted by Magicgrl21

Why is everyone so easy to jump down everyones throat?? We are supposed to help each other not make people feel bad with ur nasty responses!!

i think until you've been here long enough to know some background about certain personalities on here, it's going to be easy to form assumptions about people.
remember, there's a rhyme and reason behind EVERY response!

YES - AGAIN!!!!

MrsERod Posted: May 16, 2005 04:50 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

Posted by Magicgrl21

Posted by MrsERod

i think until you've been here long enough to know some background about certain personalities on here, it's going to be easy to form assumptions about people.
remember, there's a rhyme and reason behind EVERY response!

yes...i'm quoting myself...just cause it needs to be said AGAIN!!!!

NOONE IS TALKING TO U!!!! MYOB

so much for being nice!!??? i was trying to be polite in explaining myself, but I can see now that POLITE isn't in your vocabulary!!!

june262004 Posted: May 16, 2005 04:52 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

Posted by MrsERod

Posted by Magicgrl21

Posted by MrsERod

i think until you've been here long enough to know some background about certain personalities on here, it's going to be easy to form assumptions about people.
remember, there's a rhyme and reason behind EVERY response!

yes...i'm quoting myself...just cause it needs to be said AGAIN!!!!

NOONE IS TALKING TO U!!!! MYOB

so much for being nice!!??? i was trying to be polite in explaining myself, but I can see now that POLITE isn't in your vocabulary!!!

Christina I am snot 1 you can be snot 2

RedHead Posted: May 16, 2005 04:53 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

Hey Merlin...do us a favor and make yourself disappear...don't you have WEDDING planning to do...

and you say to me that i have no life...OH JEEZ

dandg Posted: May 16, 2005 05:11 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

All you broads are crazy!!!
So funny to read this topic....please continue the entertainment!!

TracyInQueens Posted: May 16, 2005 07:53 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

Posted by Magicgrl21

NOONE IS TALKING TO U!!!! MYOB

When did this become an invite-only thread? My understanding is that any registered user is free to post on any thread. What makes it your business? Just wondering.

Summerbride04 Posted: May 16, 2005 09:38 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

Oh boy this thread started out very informative and inspiring now it's taken on a new life form!

glenda2004 Posted: May 16, 2005 09:42 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

Is this still going on???

Holy cow!

TracyInQueens Posted: May 16, 2005 09:47 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

There's not much on tv tonight.

glenda2004 Posted: May 17, 2005 10:30 AM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

Not much what about Everybody loves Raymond final show and then Two and a half men!

I love Monday nights because of these two shows.

At least Two and1/2 men is still on.

Buttafli1277 Posted: May 17, 2005 07:47 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

I heard that if you do have a PMI on your mortgage, it can eventually be dropped. You need to ask your mortgage co. about that. Some people never ask, and they always pay. I think it's about 2-3 yrs. into your mortgage, or it can vary. Look into it.

ValeryEsq Posted: May 17, 2005 08:37 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

You do not pay PMI when you do an 80/20 loan....the purpose of this loan is to AVOID PMI.

ValeryEsq Posted: May 17, 2005 08:40 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

I disagree with one perso here, I don think it wasn't a wise decision not to put money down when the market is rising as quickly as it is- I could potentially make up in equity in 6 months what some people use as a down payment.... I think it was a very wise decision under our circumstances actually. And do not appreciate anyone's opinion telling me whether my decision was wise..

funny, I dont remember asking that ????????
But thanks for YOUR OPINION

ValeryEsq Posted: May 17, 2005 08:43 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

my monthly payment is NOT close to 3k. my payment is about 2300 and my taxes are 300 a month...it comes to 2600 a home insurance is 600 a year paid in full in january....its really not that bad when we both work...

ANd I think someone's calculating may be wrong---either that I they should call the bank attorey for me and tell them they f**d up

ValeryEsq Posted: May 17, 2005 08:44 PM

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.

trust me so was I...we searched around and this was our 3rd mortgage broker and he got us a great deal

ValeryEsq Posted: May 17, 2005 08:47 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

Posted by MrsERod

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.

Exactly, what may be 'smart' to you may be very dumb to me and vica versa...i think it is not the 'smartest decision' to judge others and their circumstacnes or knowledge for that matter--b/c if you want to go there, I promise you are very wrong. This was suppose to be an inspiring post, and yet you turned it into a pessimistic bashing.....
not neccesary at all I must say.

I am not sure what exactly happen on this post as I have been busy unpacking...but anyway...

I hope this post gave hope to those like me and if it did and it works for you then GOOD LUCK and thank some of you for your kind thoughts...

ValeryEsq Posted: May 17, 2005 08:49 PM

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 people do thier own math instead of you flashing people's mortgage payments around.
geesh

LOL I ws just going to say that---if you are an 'accountant ' you should be fired, as you are DEAD wrong.. MY monthly payments are not NEAR your supposed guess of 3k...thanks though for trying

ValeryEsq Posted: May 17, 2005 08:49 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

Posted by MrsERod

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!!

LOL! Yes I am happy I could please. ;)

cluelessbride Posted: May 17, 2005 08:53 PM

Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!

Valery this is kind of personal but if you don't mind answering - how much did you put down at contract and how did you work out closing costs? I am asking b/c we are about to sign a contract and am curious about the 100 financing option.

Thanks!