Did anyone put less than 20% or less than 10%??? I feel like I'll never be able to get a downpayment and we are only looking for a coop or condo.
LizD
Posted:
Member since
Re: How much did everyone put down for a downpayment?
Kate - I can answer that question. If you have 20% to put down it means that you are mortgaging that much less. Usually sellers look at buyers with 20% down as more 'of a sure thing' to get the mortgage. If they get 2 offers of the same amount, 1 with 5-10% down and 1 with 20% down, they generally will go with the 20% down ofer and the stronger offer.
Kate
Posted:
Member since
Re: How much did everyone put down for a downpayment?
Ohhhh I see... thank you for explaining that for me!
Ronnie&Theresa
Posted:
Member since
Re: How much did everyone put down for a downpayment?
I want to ba able to put atleast 30% down, who wants a high mortagage!
Shamee
Posted:
Member since
Re: How much did everyone put down for a downpayment?
I put down 20% to avoid P & I too.
AtticaQT
Posted:
Member since
Re: How much did everyone put down for a downpayment?
dandj - where are you looking for coops/condos? FH and I are going to start looking now - we want to hopefully have bought a place before the wedding - Prices are insane where I live though (astoria) - we need to find somewhere less expensive.
dandj
Posted:
Member since
Re: How much did everyone put down for a downpayment?
Attica - we live in Whitestone now. I work in Suffolk and DH in LIC so we need something kind of convienent to both. I would like to stay in Queens... Bayside, Little Neck, Douglaston area, b/c there are alot of coop/condos there, but the prices are just ridiculous. We said that we would get really serious after Christmas... I'm just starting to do some research.
Re: How much did everyone put down for a downpayment?
I used to live in Park City in Rego Park...they are pretty nice sized coops...and reasonable... a few years ago studios were going for about $50K...1 BRs were $80-120K and 2 brs were $200K...
granted I'm sure they have gone up...but its worth looking into...
christy
Posted:
Member since
Re: How much did everyone put down for a downpayment?
i think we are doing like 8.5%
smooch
Posted:
Member since
Re: How much did everyone put down for a downpayment?
when mortgage rates are low (though they are climbing now) it makes sense to put less down because you can make the rest of your money work for you, or you can double pay on your mortgage saving on interest, but keeping the money with YOU should the need arise.
DH and I put less than 20% down, but our house is now at about 125% of the value it was when we bought it so as soon as we get the upstairs in some sort of presentable order, we will have the house reappraised and get rid of PMI.
SandyP
Posted:
Member since
Re: How much did everyone put down for a downpayment?
You can even put down as low as 3% (if you're a first time home buyer) through FHA! I know lots of people who have done it in this market! Like many others on the board, you can refinance after a year or so and eliminate PMI. You have so many options in this market! The key is to find a good mortgage broker who will lay out all the different options that are available to you.
