How do you do it????????

kdelace Posted: Mar 06, 2004 12:57 PM

How do you do it????????

how do you come up with 20% for a down payment for houses in NY these days?

We have a good start from the wedding but we need a LOT more to afford even a starter in NY.

We wont have the help from our parents since they helped us for the wedding. were putting ourselves on a budget and am going to save but we both have bills to pay..

im just stressing since im sick of kiving in an apt and wasting money and im sick of seeing houses that are over $400,000 and they are boxes....

sandj100304 Posted: Mar 06, 2004 01:20 PM

Re: How do you do it????????

I feel the same way. I always wonder how people get that kind of money. I feel like we will never be able to do it.

phyl Posted: Mar 06, 2004 02:02 PM

Re: How do you do it????????

as a first time home owner you may have more options open to you...diff types of loans with lower interest rates are available to you

what we found is that sitting down with a reputable financial consultant...and laying out ALL your budgets/expenses on the line, can be VERY helpful.
They will see a pattern of what your expenses are and devolp a savings portfolio for you

I went searching for one after my parents dies and left my bro and I in a house that neede lots of repairs and the neighborhood changing to more of an industrial area. I put this guy through the ringer beofre I would meet with him. He passed w. flying colors. has advised me pre wedding, post wedding ..and with our plans to buy a house, through a rocky stock market ( post 9/11)..until this day when we are now thinking of how to save for Julianne...and maybe get a bigger home.
All and all my portfolio has been up double digits.

I highly recommend him..and he has worked our for another lady or two on the board.

FM me if you want more info...

Crisco718 Posted: Mar 06, 2004 02:21 PM

Re: How do you do it????????

You do not need 20% down to buy a home. We are putting down 10% and getting a 10% home equity line so that we do not pay PMI. Do not let the 20% rule keep you from getting a house. I have friends who all own property and they did not even put down 10%. It can be done with creative financing options.

It was very hard to save and live our day to day lives!!!

kdelace Posted: Mar 06, 2004 03:07 PM

Re: How do you do it????????

thanks for the advice. its just hard to think about how much money it is to buy a house here nowadays...

yabbobay Posted: Mar 06, 2004 05:19 PM

Re: How do you do it????????

there are lots of options:

- small condo/coop in Queens to build equity

- different kinds of loans...interest only...first time homebuyers - palebride (?) did a SONY mortgage from NYS

- we were told that 20% is not common at all anymore...there are loans for 80/10/10 up to even 80/17/3

- living with a relative until you save enough

good luck!!

Boop2704 Posted: Mar 06, 2004 06:14 PM

Re: How do you do it????????

What is a SONY mortgage??

yabbobay Posted: Mar 06, 2004 09:19 PM

Re: How do you do it????????

Posted by Boop2704

What is a SONY mortgage??

I don't know anything about it - except that palebride (i think) is using them...

heres a link

[email protected] Posted: Mar 12, 2004 12:39 AM

Re: How do you do it????????

well we are first time buyers ...we will use SONYMA (same as palebride) hopefully we will get the 4.25% interest if not well get the 5%

we plan on putting down 5% (wish it could be 20% Life would be a lot better) so well have to pay PMI ...

Oh and we went further out east so we can get a box and a half...

friends of ours told us when you know you have to pay the house...you pay it before anything else ...

oh yeah well be eating cheese and crackers and eating on out knees...

Hope this helps

kittyke Posted: Mar 12, 2004 08:10 AM

Re: How do you do it????????

We bought a co-op 3 years ago and made a nice profit on it, if it wasn't for that I don't think we would be moving sooo soon.

Valentinegirl Posted: Mar 12, 2004 10:45 AM

Re: How do you do it????????

We feel the same way sweetie. I feel like we will never be able to get the down payment. We might look into buying a co-op first. Not sure.

shelzyp Posted: Mar 12, 2004 10:47 AM

Re: How do you do it????????

It is very rare that poeople are putting down 20% now a days. You can get a 80/10/10, or SONYMA offers a 3% downpayment option, but you need to qualify, not sure what the qualifications are though.

Valentinegirl Posted: Mar 12, 2004 10:55 AM

Re: How do you do it????????

I looked up this Sonya loan and we dont qualify. Our income together is too high (not much higher though). Oh well.

CherylBooch Posted: Mar 12, 2004 11:24 AM

Re: How do you do it????????

The days of putting 20% down are OVER.

We put down 5% and had no problems and did the 80/10/10 to leave out the PMI.

You might be in a much better situation than you think! As someone suggested talk to an advisor. Don't call it quits just yet.

luvsun27 Posted: Mar 12, 2004 11:28 AM

Re: How do you do it????????

I only put 5% down on my condo. I also took a regular 30 year mortgage...but I paid a higher interest rate through the broker to avoid PMI. For example..at the time, the rate was 6%, I paid 6.75% so that I didn't have to pay the PMI. I didn't like the 80/10/10 thing because you are not forced to pay anything more. I needed to know that I have to make such and such payment every month....if it was left up to me...I might just make the minimum and then you will go nowhere fast if you pay interest only. JMO.

Valentinegirl Posted: Mar 12, 2004 11:28 AM

Re: How do you do it????????

Whats 80/10/10 and PMI?

Crisco718 Posted: Mar 12, 2004 11:42 AM

Re: How do you do it????????

luvsun27 - I am not sure what you mean about the 80/10/10?

The way ours works is that we put down 10%, take out a home equity loan for the other 10% and the remaining 80% is the mortgage. The 10% home equity line is at a higher interest rate, but it is less than PMI and the interest is tax deductible.

Valentinegirl - PMI is mortgage insurance that you must pay if you put down less than 20%. This is avoided with the the 80/10/10 program.

Valentinegirl Posted: Mar 12, 2004 11:43 AM

Re: How do you do it????????

Posted by Crisco718

luvsun27 - I am not sure what you mean about the 80/10/10?

The way ours works is that we put down 10%, take out a home equity loan for the other 10% and the remaining 80% is the mortgage. The 10% home equity line is at a higher interest rate, but it is less than PMI and the interest is tax deductible.

Valentinegirl - PMI is mortgage insurance that you must pay if you put down less than 20%. This is avoided with the the 80/10/10 program.

Thanks! Theres still hope for me then.

Crisco718 Posted: Mar 12, 2004 11:45 AM

Re: How do you do it????????

There are even programs for 85/15/5 if you only have 5% to put down. You need to have a good credit rating for some of these programs, but it depends on the lender.