Before you start looking for a home,,, how much of a downpayment are you going to save?
HearzBellz
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Do you qualify for a first time homeowner's loan? If so then the down payment can be considerably lower.
winterwhite
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The way I understand it is: Most houses require a 10% down payment before the bank will finance the rest.
Co-ops usually require 20% down.
So It depends really on what price house your looking at?
ex....A 500,000 house will require 50,000 down
Julybride08
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you can put down whatever you want. you can take out what they call a jumbo mortgage. it's where you put a small amout down and take the rest out. but your payments will be much higher.
angnick
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u can put down whatever u want, u just wont get a preferable interest rate!
Kimbalina
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Posted by winterwhite
The way I understand it is: Most houses require a 10% down payment before the bank will finance the rest.
Co-ops usually require 20% down.
So It depends really on what price house your looking at?
ex....A 500,000 house will require 50,000 down
well that is awsome to know!
donegal419
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On LI, you would need at least 40,000.... and that would onyl be about 10%, which is not all that much.... they used to recommend that you put down one-third of the cost, but with the cost of property on LI, that would be next to impossible.
GOOD LUCK!
MrsD06
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don't forget all the fun extra costs..closing costs, taxes, etc.
ETA the amount I would LIE to have saved is not on your poll...we'll see if that is realistic or not
Brassgirl9
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If you can't afford to put down 60grand you can totally put down less. I put down 10,000 however, most people will get charged a PMI which is a fee for not putting down %10. However, we took out two loans , one for the house and one for the downpayment, so we won't get charged that monthly PMI.
laural2979
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We only had to put down 5% and then we got the seller to throw in all closing costs. We also bought in December which is a difficult month for sellers.
EastEndBride
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plan on putting 10-20% down of total costs... 10% is usually the minimum accepted. but as others mentioned the less you put down, the higher your payments will be. also people do take out seperate loans for the down payment- interesting option. personally we're planning on saving up for as long as possible to put the most down we can. we really want mortgage payments that we could pay on only one salary.
TheFutureMrsM
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We put 150k down on our house in September, so i cant vote on your poll.
ewickens
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we are doing 20%.
snydl40
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We are putting $75-$100K down-depending on how much work the home needs-if it's minimal-we'll put down $100K, if it's a decent amount-$75K.
SoontobeMrsH
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we plan on putting at least 20% down
Kris10546
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Wow, after this wedding I feel like I am going to have fifty cents to put down on a house...do you think I can get a cardboard box on the corner for that?? Probably not, property is too expensive on this damn island! Grrr...I'm moving to Kentucky...its probably way more affordable.
rojerono
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I had a LOT of money for my downpayment - $120.000. I didn't need that much, but there were 3 reasons that we waited:
1. I wanted to have enough down that I felt comfortable looking ANYWHERE for a house. I didn't want to feel too limited.
2. I wanted enough that our mortgage payments wouldn't strangle us (even WITH that much down we pay close to 3000 a month in mortgage).
3. I wanted to come in with a strong offer when I found my dream house. I knew it would give me better negotiating power. In fact, I was able to get our house for 30,000 less than asking even though another offer came through at only 15000 less than asking. Buyer had already been through FOUR fallen deals with people who ultimately couldn't get the mortgage to work out - so they decided to work with a couple that they felt would definitely be able to buy the home.
ETA: A number of people that I know have gotten houses with next to nothing down. They take advantage of ARM's and Jumbo's and all sorts of sleights of hand that can be worked in the mortgage industry. Like one friend bought a house in Mastic Beach for practically nothing and paid only 1000 in closing costs. Her plan is to take advantage of the low mortgage rate she was given for the first 3 years and then sell. That would scare me... because what if you CAN'T sell?
Kara and Todd
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Posted by Julybride08
you can put down whatever you want. you can take out what they call a jumbo mortgage. it's where you put a small amout down and take the rest out. but your payments will be much higher.
And you'll pay a LOT more in interest over the long-term.
ali120206
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Re: House Hunting...
We plan on putting down as much as we can. We also plan on making it so that we have affordable monthly payments.
I've rented for the past 8 years and it kills me when I think about how much I've spent on rent! When you add in what DH spent on rent for his 5 years in the city...
