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

Jordan Posted: May 18, 2005 03:04 PM

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

I said - in certain areas - not all of Hauppauge. I've seen houses in Hauppauge with taxes the same as yours...and the houses were all $400k and higher.

You just have to look past the huge tension power lines running through your yard

lullabella Posted: May 18, 2005 03:05 PM

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

When you buy an older house that hasn't been assessed in AGES chances are your taxes will be very low. This is very common with very old homes who have not had additions, pools, etc... things that would cause homes to be reassessed. This includes my village tax and STAR. I think my true taxes are closer to $5k. In anycase we were thinking of adding a deck in the back and the first thing our neighbor told us was 'be prepared your taxes are going to go up!'

There are still homes with very low taxes. While this may not be the majority - they do exist.

ETA: When I say old home - I mean around 100 years. We looked at other houses in Babylon that were not as old and the taxes were typically anywhere from 8 - 12K.

RedHead Posted: May 18, 2005 03:07 PM

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

Posted by Jordan

I said - in certain areas - not all of Hauppauge. I've seen houses in Hauppauge with taxes the same as yours...and the houses were all $400k and higher.

You just have to look past the huge tension power lines running through your yard

well i have to say i have NEVER sen houses...not recently at least in Hauppauge that are that low..
OR i would have bought it myself!
the lowest maybe was 3500

RedHead Posted: May 18, 2005 03:08 PM

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

Posted by lullabella

When you buy an older house that hasn't been assessed in AGES chances are your taxes will be very low. This is very common with very old homes who have not had additions, pools, etc... things that would cause homes to be reassessed. This includes my village tax and STAR. I think my true taxes are closer to $5k. In anycase we were thinking of adding a deck in the back and the first thing our neighbor told us was 'be prepared your taxes are going to go up!'

There are still homes with very low taxes. While this may not be the majority - they do exist.

ETA: When I say old home - I mean around 100 years.

when did you buy?

lullabella Posted: May 18, 2005 03:08 PM

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

Aug 2004

RedHead Posted: May 18, 2005 03:11 PM

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

Posted by lullabella

Aug 2004

well congrats

lullabella Posted: May 18, 2005 03:16 PM

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

Posted by RedHead

Posted by lullabella

Aug 2004

well congrats

Thanks! We were really surprised how low they were too. High taxes are a killer. Another $100k on your mortgage is less than a couple of thousand on your taxes. This is the hard thing! We found homes we could afford priced higher but not with $10k taxes!

Good luck to everyone! We looked for 2 years so I know how annoying it is. My DH is always talking about our 'next house' I don't think I could go through thr house search again!

Jordan Posted: May 18, 2005 04:29 PM

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

Posted by RedHead

Posted by Jordan

I said - in certain areas - not all of Hauppauge. I've seen houses in Hauppauge with taxes the same as yours...and the houses were all $400k and higher.

You just have to look past the huge tension power lines running through your yard

well i have to say i have NEVER sen houses...not recently at least in Hauppauge that are that low..
OR i would have bought it myself!
the lowest maybe was 3500

We stopped looking in Hauppauge about 3 months ago - so I SUPPOSE things have changed.

ValeryEsq Posted: May 18, 2005 05:46 PM

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

Posted by lullabella

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.

DING DING DING! That is also where I bought a house--Babylon Village, so the taxes are low b/c the houses are old colonials.....
So those on here who are telling me I am 'wrong' are mistaken.....

ValeryEsq Posted: May 18, 2005 05:48 PM

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

Posted by lullabella

When you buy an older house that hasn't been assessed in AGES chances are your taxes will be very low. This is very common with very old homes who have not had additions, pools, etc... things that would cause homes to be reassessed. This includes my village tax and STAR. I think my true taxes are closer to $5k. In anycase we were thinking of adding a deck in the back and the first thing our neighbor told us was 'be prepared your taxes are going to go up!'

There are still homes with very low taxes. While this may not be the majority - they do exist.

ETA: When I say old home - I mean around 100 years. We looked at other houses in Babylon that were not as old and the taxes were typically anywhere from 8 - 12K.

exactly! My house is also 100 years old.

MCDO15 Posted: May 18, 2005 08:49 PM

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

which part of babylon, i grew up there

south of mountak?

cluelessbride Posted: May 19, 2005 07:05 AM

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

Posted by ValeryEsq

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!

You have FM!