Girls who put down 5%

Dani00518 Posted: Jul 24, 2004 10:16 PM

Girls who put down 5%

Did you put down 5% and then also have seperate money for the closing costs or did your 5% that you put down also include the closing costs?

fallinlove04 Posted: Jul 25, 2004 08:21 AM

Re: Girls who put down 5%

i put 5% down and have separate money for the closing costs.

LIPrincess00 Posted: Jul 25, 2004 09:34 AM

Re: Girls who put down 5%

I am putting down 5% then I have the money for closing costs.

jessnjoey Posted: Jul 25, 2004 12:31 PM

Re: Girls who put down 5%

Posted by LIPrincess00

I am putting down 5% then I have the money for closing costs.

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same here..

christy Posted: Jul 25, 2004 12:34 PM

Re: Girls who put down 5%

separate closing costs for us

MrsTC Posted: Jul 25, 2004 12:49 PM

Re: Girls who put down 5%

We put down the 5% and had a 'seller's concession' for the closing costs...basically, they paid the closing costs but made the price of the house slightly higher to include in the mortgage.

Charly Posted: Jul 25, 2004 07:35 PM

Re: Girls who put down 5%

Posted by MrsTC

We put down the 5% and had a 'seller's concession' for the closing costs...basically, they paid the closing costs but made the price of the house slightly higher to include in the mortgage.

We did this as well!

Miro127 Posted: Jul 25, 2004 09:11 PM

Re: Girls who put down 5%

wow, i didnt even know 5% was an option! is this common? (maybe we could actually afford a house with this news!:)

Valentinegirl Posted: Jul 26, 2004 07:58 AM

Re: Girls who put down 5%

Posted by fallinlove04

i put 5% down and have separate money for the closing costs.

Same here. We saved sepearte $ for closing costs.

itsbouttime Posted: Jul 26, 2004 09:41 AM

Re: Girls who put down 5%

we put down 5% at contract and will put another 5% at closing. The closing costs are additional.

Kriss2c Posted: Jul 26, 2004 09:47 AM

Re: Girls who put down 5%

Posted by Miro127

wow, i didnt even know 5% was an option! is this common? (maybe we could actually afford a house with this news!:)

A popular option is an 80/15/5 mortgage ... 5% down, 15% is essentially a second mortgage to knock out PMI (Mortgage Insurance, which will be tacked on to mortgages where the downpayment was less than 20%), and then your primary loan of the remaining balance (80%). Closing costs are extra, but if the seller is willing, you can do what is mentioned above and have a sellers concession.

Paying PMI is bad because that is usually an extra 100 bucks that's not tax deductable like the interest paid on the mortgage itself.

CherylBooch Posted: Jul 26, 2004 10:07 AM

Re: Girls who put down 5%

Posted by MrsTC

We put down the 5% and had a 'seller's concession' for the closing costs...basically, they paid the closing costs but made the price of the house slightly higher to include in the mortgage.

we did this too!