How does everyone do it....?

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Posted by GinaZ

And I totally understand people have different situations and income of course. But I was curious how people who make under 80K a year are able to do it! Looking for some pointers I guess!!! We are trying to save but its been hard since we dont make much anyway. And we got some wedding money, but not enough for a down payment on anything over like $100,000. LOL. What i the average percentage for a down payment anyway?

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Right now banks are not giving out mortgages unless you have at least 10% down.

Honestly I don't know.

FH makes pretty good money... right now I don't but hopefully will be soon. We bought our house in NJ two years ago, and still struggle We did not put a lot done which was a very very VERY bad mistake! My only advise is wait until you have a good amount to put down. Our taxes are so high.. that I am embarrassed to tell people how high because they just look at us in shock!!

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Posted by cherish83

I have no clue either!! If it was not for the fact we would terribly miss our families.. we would move in a heart beat.. It is totally ridiculous!

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I am so with you on this....

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Posted by Mici n KC

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Posted by GinaZ

And I totally understand people have different situations and income of course. But I was curious how people who make under 80K a year are able to do it! Looking for some pointers I guess!!! We are trying to save but its been hard since we dont make much anyway. And we got some wedding money, but not enough for a down payment on anything over like $100,000. LOL. What i the average percentage for a down payment anyway?

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Right now banks are not giving out mortgages unless you have at least 10% down.

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and tey really prefer 20%...it's crazy!

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Posted by GinaZ

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Posted by bluekat16

What I've seen is that a lot of people live with their families until they save enough to be able to buy their own home. If they haven't lived with family they've moved to small places paying the least amount in rent they could and just tried to hoarde all other cash, basically they had no life.

It's tough to buy here and especially on LI or all the other suburbs becuase of taxes..not only are the houses expensive but now taxes are through the roof. Who wants to pay an additaionl $500-$100 a month in taxes alone.

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yeah thats the other thing! taxes! INSANE!!!! Thats the other things that makes me sick with my parents- I think thet pay like 2500-3K a year for taxes!

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The only place taxes are decent is in the 5 boroughs.....but you have to be comfotable with urban living for that.,...and even if the taxes are comofrtable then the houses are really priced high....especially in the 'good' neighborhoods.

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Posted by bluekat16

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Posted by Mici n KC

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Posted by GinaZ

And I totally understand people have different situations and income of course. But I was curious how people who make under 80K a year are able to do it! Looking for some pointers I guess!!! We are trying to save but its been hard since we dont make much anyway. And we got some wedding money, but not enough for a down payment on anything over like $100,000. LOL. What i the average percentage for a down payment anyway?

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Right now banks are not giving out mortgages unless you have at least 10% down.

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and tey really prefer 20%...it's crazy!

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Ya I thought it was 10-15% LOL if its 20 then we will be renting for like 15-20 years!

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Posted by vicky1125

you should look into foreclosures. also, the market hasn't hit rock bottom yet. and if you buy something now for 200k, when the market goes back up a few years from now you can sell it, make a nice profit and use that as a down payment.

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Oh ya foreclosers might be a good place to look! But even so, we might not be able to afford the taxes. Our lease is up in a year and we will prolly have to sign on for another year to figure out what we are giong to do...

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Posted by GinaZ

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Posted by bluekat16

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Posted by Mici n KC

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Posted by GinaZ

And I totally understand people have different situations and income of course. But I was curious how people who make under 80K a year are able to do it! Looking for some pointers I guess!!! We are trying to save but its been hard since we dont make much anyway. And we got some wedding money, but not enough for a down payment on anything over like $100,000. LOL. What i the average percentage for a down payment anyway?

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Right now banks are not giving out mortgages unless you have at least 10% down.

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and tey really prefer 20%...it's crazy!

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Ya I thought it was 10-15% LOL if its 20 then we will be renting for like 15-20 years!

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when my FH was getting pre approved (BNY - where he works) the woman told him if we can put 20% down we can probably get a 5.8 rate or something like that but she said we need at least 10% if we go with the bank....i think its harder to get a loan with a bank but i think it ends up being less expensive because of the closing costs and fees or something like that? but im not sure about that because i dont know or understand that much about real estate....but anyway FH was like we got to do so me hardcore saving if we want to put 20% down and still have a nice amount left in the bank....on a 225,000 house 20% is 45,000 - i cant imagine if we were looking at houses in staten island that were in the 400's

coming up with the downpayment is like paying for our wedding all over again! at least when i put it in that perspective though its not so bad - if we were able to pull this wedding off in a 15 month engagement and pay all cash at least i know we'll be able to bank the same amount in the same amount of time afterwards

Ok since we are on the topics of houses... I thought you HAD to put down 20%?? Arent there larger fees if you dont?

Anyone want to brief me on this??

I know most banks want 20% down, if you put less then you have to pay PMI which *****. The good thing is once you build some equity or the house prices go up you can get rid of that. Luckily for us we bought at a low so we should get rid of PMI fairly quickly. I honestly dont know how we are doing it, it is definitely so stressful between buying this house and paying for the wedding all on our own. I mean dont get me wrong our family's help with little things here and there but the majority of the wedding expenses we are paying for ourselves. I would love to be able to move somewhere else and get a huge house but FH has a job that requires him to work in one of the five boroughs, not to mention that both our families are here We are getting a really nice size starter home and that we will be able to start a family in so I think we are on the right track.
I guess high home prices are the price you pay to live in NY unfortunately

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Posted by Bride908

Ok since we are on the topics of houses... I thought you HAD to put down 20%?? Arent there larger fees if you dont?

Anyone want to brief me on this??

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The only extra fee is the PMI. Also keep in mind if your credit scores arent that good you will have to pay points towards your mortgage come the day of closing. Also, once you get a mortgage you should choose the float to lock option which gives you the flexability to watch the rates and lock in when they go down. You usually have 60 days to lock in. A major point our lawyer gave us was to go on cnnmoney.com and watch the 10 year treasury number daily. If you see this number go up you know the mortgage rates are going to go up the next day, if it goes down they will go down. This was a great tip for us because I watched this everyday and that is how we were able to get such a low mortgage rate.

save, save, save... thats how we are doing it. its not easy, thats for sure.

no personal loans for us. we found a mortgage with only 5% down. thats the main reason we could manage.

FM me if you have any questions about anything

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Posted by Soon2beMrsC

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Posted by Bride908

Ok since we are on the topics of houses... I thought you HAD to put down 20%?? Arent there larger fees if you dont?

Anyone want to brief me on this??

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The only extra fee is the PMI. Also keep in mind if your credit scores arent that good you will have to pay points towards your mortgage come the day of closing. Also, once you get a mortgage you should choose the float to lock option which gives you the flexability to watch the rates and lock in when they go down. You usually have 60 days to lock in. A major point our lawyer gave us was to go on cnnmoney.com and watch the 10 year treasury number daily. If you see this number go up you know the mortgage rates are going to go up the next day, if it goes down they will go down. This was a great tip for us because I watched this everyday and that is how we were able to get such a low mortgage rate.

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thanks...lol. I have excellent credit so that is a plus. How much do they charge for PMI? Sorry for being a pain - just very curious lol

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Posted by KarinAmanda

save, save, save... thats how we are doing it. its not easy, thats for sure.

no personal loans for us. we found a mortgage with only 5% down. thats the main reason we could manage.

FM me if you have any questions about anything

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Are banks acutally still offering these types of loans!!! I'd be shocked!!!

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Posted by Bride908

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Posted by Soon2beMrsC

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Posted by Bride908

Ok since we are on the topics of houses... I thought you HAD to put down 20%?? Arent there larger fees if you dont?

Anyone want to brief me on this??

---

The only extra fee is the PMI. Also keep in mind if your credit scores arent that good you will have to pay points towards your mortgage come the day of closing. Also, once you get a mortgage you should choose the float to lock option which gives you the flexability to watch the rates and lock in when they go down. You usually have 60 days to lock in. A major point our lawyer gave us was to go on cnnmoney.com and watch the 10 year treasury number daily. If you see this number go up you know the mortgage rates are going to go up the next day, if it goes down they will go down. This was a great tip for us because I watched this everyday and that is how we were able to get such a low mortgage rate.

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thanks...lol. I have excellent credit so that is a plus. How much do they charge for PMI? Sorry for being a pain - just very curious lol

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I was paying an extra $200 per month in PMI..until they actually LOOKED at my appraisal and realized we didn't need it!!! But that's about home much it is depending on the house

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Posted by wifetobe

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Posted by Bride908

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Posted by Soon2beMrsC

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Posted by Bride908

Ok since we are on the topics of houses... I thought you HAD to put down 20%?? Arent there larger fees if you dont?

Anyone want to brief me on this??

---

The only extra fee is the PMI. Also keep in mind if your credit scores arent that good you will have to pay points towards your mortgage come the day of closing. Also, once you get a mortgage you should choose the float to lock option which gives you the flexability to watch the rates and lock in when they go down. You usually have 60 days to lock in. A major point our lawyer gave us was to go on cnnmoney.com and watch the 10 year treasury number daily. If you see this number go up you know the mortgage rates are going to go up the next day, if it goes down they will go down. This was a great tip for us because I watched this everyday and that is how we were able to get such a low mortgage rate.

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thanks...lol. I have excellent credit so that is a plus. How much do they charge for PMI? Sorry for being a pain - just very curious lol

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I was paying an extra $200 per month in PMI..until they actually LOOKED at my appraisal and realized we didn't need it!!! But that's about home much it is depending on the house

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OK...I really dont think thats bad considering I may only have 10-15% rather than 20%

I am starting to think I can afford a house

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Posted by Bride908

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Posted by Soon2beMrsC

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Posted by Bride908

Ok since we are on the topics of houses... I thought you HAD to put down 20%?? Arent there larger fees if you dont?

Anyone want to brief me on this??

---

The only extra fee is the PMI. Also keep in mind if your credit scores arent that good you will have to pay points towards your mortgage come the day of closing. Also, once you get a mortgage you should choose the float to lock option which gives you the flexability to watch the rates and lock in when they go down. You usually have 60 days to lock in. A major point our lawyer gave us was to go on cnnmoney.com and watch the 10 year treasury number daily. If you see this number go up you know the mortgage rates are going to go up the next day, if it goes down they will go down. This was a great tip for us because I watched this everyday and that is how we were able to get such a low mortgage rate.

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thanks...lol. I have excellent credit so that is a plus. How much do they charge for PMI? Sorry for being a pain - just very curious lol

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It depends on the purchase price of the house. If the market goes up or we do renovations in the house we can get the house appraised again and possibly get rid of PMI.

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Posted by GinaZ

And I totally understand people have different situations and income of course. But I was curious how people who make under 80K a year are able to do it! Looking for some pointers I guess!!! We are trying to save but its been hard since we dont make much anyway. And we got some wedding money, but not enough for a down payment on anything over like $100,000. LOL. What i the average percentage for a down payment anyway?

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Sorry if someone answered already - 10%.

My method to save - ING savings account. I have about 75% of my paycheck deposited into the account. I don't have CC debt. I've been able to save a shittload. Luckily I live at home though.

If possible - live off your FHs salary (or whoever makes more) and direct deposit the other persons check into ING.

I like ING because it takes like 3 days for the money to transfer so you're less inclined to impulse buy. Know what I mean? You can't just transfer money back and forth on a whim...

Literally transfer like 75% of someones paycheck. You'd be surprised how much you save.

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Posted by wifetobe

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Posted by KarinAmanda

save, save, save... thats how we are doing it. its not easy, thats for sure.

no personal loans for us. we found a mortgage with only 5% down. thats the main reason we could manage.

FM me if you have any questions about anything

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Are banks acutally still offering these types of loans!!! I'd be shocked!!!

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Nope! Minimum is 10% no exceptions.