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
ValeryEsq
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by cluelessbride
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!
sure, at contract I gave 10k to the sellers attorney to hold in her escrow as a binder...then at closing she gave it back to me or applied it to any closing costs that were not covered by my seller's concession....
good luck!
DjPiLL
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by ValeryEsq
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
Well... I just called up my 'accountant'... and based on the numbers you provided.
I said 3k a month figuring you bought a house that averaged about $6000 a year in taxes. You got a house and your taxes are only $3600 for the year? How did you swing that? Move WAY out east? Have no property or a mad old house? Not knocking you... just curious. Thats crazy cheap taxes.
RedHead
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by ValeryEsq
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
i don'tunderstand how your payments are soooo low. I have been looking at houses and my estimated payments for a 280K loan are just a little bit lower than what you are saying your payments are...Now your house is over 130K MORE than what i have been looking to mortgage...Doesn't make sense to me ..
is this house on LI?
dgtlsunshine
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Congrats on the new home. Nothing like unpacking
bridetobe
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by RedHead
Posted by ValeryEsq
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
i don'tunderstand how your payments are soooo low. I have been looking at houses and my estimated payments for a 280K loan are just a little bit lower than what you are saying your payments are...Now your house is over 130K MORE than what i have been looking to mortgage...Doesn't make sense to me ..
is this house on LI?
I mortgaged $420 and my payments are around $2,500 (W/O Taxes) so I don't think he number sound too far off. RED - your numbers sound high to me but Who knows I am the worst at math.
RedHead
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
well i went to talk with a agent 2 weeks ago and he said that for me to mortgage 280K, plus taxes and all the fun stuff...easily 2100.
high or not to mortgage over 430K...the payments HAVE GOT TO BE HIGHER that waht she said...
WHERE on LI is a house worth 470 yet taxes are 300K? that i really want to know!
KarenK122
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
We just mortgaged $290,000 and with our taxes and insurance it comes out to $2010 a month. This was for 100% financing and our taxes are very low, about $2800.
RedHead
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by KarenK122
We just mortgaged $290,000 and with our taxes and insurance it comes out to $2010 a month. This was for 100% financing and our taxes are very low, about $2800.
well DAMN...that is LOW! you are lucky.
taxes really can make or break you... but i never heard of a house for 430K will 3000 taxes!!!
KarenK122
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Me either...maybe it's a condo.
DjPiLL
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by KarenK122
Me either...maybe it's a condo.
If its a condo... you are probably paying more in taxes/fees compared to a house after you add on all the HOA stuff.
RedHead
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by DjPiLL
Posted by KarenK122
Me either...maybe it's a condo.
If its a condo... you are probably paying more in taxes/fees compared to a house after you add on all the HOA stuff.
it really depends on the condo... my mom has one that goes for 430 and her taxes are 8000!!!
it depends on LOCATION!
KarenK122
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by DjPiLL
Posted by KarenK122
Me either...maybe it's a condo.
If its a condo... you are probably paying more in taxes/fees compared to a house after you add on all the HOA stuff.
your right...I forgot about that I have to pay an additional 357 a month plus my taxes. But for me that's included what I orginally said my mortgage would be, i just must of pushed that cost out of my mind
lullabella
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by RedHead
well i went to talk with a agent 2 weeks ago and he said that for me to mortgage 280K, plus taxes and all the fun stuff...easily 2100.
high or not to mortgage over 430K...the payments HAVE GOT TO BE HIGHER that waht she said...
WHERE on LI is a house worth 470 yet taxes are 300K? that i really want to know!
We paid $465,000 and our taxes are $4,000. Our house is 105 years old though. My buddy just bought a house for $350 and his taxes are $3k.
RedHead
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by lullabella
Posted by RedHead
well i went to talk with a agent 2 weeks ago and he said that for me to mortgage 280K, plus taxes and all the fun stuff...easily 2100.
high or not to mortgage over 430K...the payments HAVE GOT TO BE HIGHER that waht she said...
WHERE on LI is a house worth 470 yet taxes are 300K? that i really want to know!
We paid $465,000 and our taxes are $4,000. Our house is 105 years old though. My buddy just bought a house for $350 and his taxes are $3k.
WHERE IS THIS?
lullabella
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by RedHead
Posted by lullabella
Posted by RedHead
well i went to talk with a agent 2 weeks ago and he said that for me to mortgage 280K, plus taxes and all the fun stuff...easily 2100.
high or not to mortgage over 430K...the payments HAVE GOT TO BE HIGHER that waht she said...
WHERE on LI is a house worth 470 yet taxes are 300K? that i really want to know!
We paid $465,000 and our taxes are $4,000. Our house is 105 years old though. My buddy just bought a house for $350 and his taxes are $3k.
WHERE IS THIS?
We live in Babylon Village and my buddy lives in Lindenhurst. This is not unheard of with older houses.
RedHead
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
i have been told that babylon village has VERY HIGH taxes AND don't you have a village tax too!
ETA...did you buy recently??? Or was this some time ago?
bridetobe
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Did the poster say where she bought the house?
RedHead
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by bridetobe
Did the poster say where she bought the house?
no
Jordan
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
I've seen taxes below $2k in Huntington & East Northport...taxes in the high $2k-3500 in the same towns.
It depends on the age and size of the house. Towns like Hauppauge and East Northport have lower taxes - in certain areas - due to the industrial complex (in Haup) and LIPA (I believe).
It's not unheard of. We just backed out of a $440k house with taxes at $3800 - BEFORE star.
RedHead
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Re: FYI- You CAN and We just DID buy a house w/ ZERO DOWN!!
Posted by Jordan
I've seen taxes below $2k in Huntington & East Northport...taxes in the high $2k-3500 in the same towns.
It depends on the age and size of the house. Towns like Hauppauge and East Northport have lower taxes - in certain areas - due to the industrial complex (in Haup) and LIPA (I believe).
It's not unheard of. We just backed out of a $440k house with taxes at $3800 - BEFORE star.
hauppauge isn't lower taxes actually
i live there and pay 2500 for a CONDO
well i am sure there may be bad areas of huntington that have 200K taxes... BUT NOT on a 400K house..
