How much down....

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Posted by lauren721

If you put nothing down, you will have crazy payments and you will likely have to pay something called a PMI which is a penalty that most mortgage companies make you pay if you don't have 20% -- it is like 400-450 per month.

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with house prices on LI, even if you put 20% down your payment is still crazy!

PMI is definitely NOT 400-450 per month! it totally depends on how much your house vs. your mortgage is - and you can avoid PMI by taking a second mortgage. When we were looking, PMI was only going to run about $150 per month.

I would go to a bank to see what your options are...I looked and looked and found that Bank of America has a program for first time homebuyers that are NYC teachers (FH is), and we only put 10% down and didnt have to pay PMI or take out a second mortgage - just do some research!

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Posted by lauren721

If you put nothing down, you will have crazy payments and you will likely have to pay something called a PMI which is a penalty that most mortgage companies make you pay if you don't have 20% -- it is like 400-450 per month.

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I did 100% financing and do not have PMI. You can avoid it by taking out a second mortgage. You can also do an 80/15/5 (5% down, one mort 15%, etc.) or 80/10/10. there are million options out there.

For us, the down payment we would've gave wouldn't have made a huge difference in our monthly payments and we decided we'd rather bank the money.

ETA: House prices are going down. You have decent options for houses in nassau under $400K. In Suffolk, you can even cheaper.

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Posted by R&J0806
ETA: House prices are going down. You have decent options for houses in nassau under $400K. In Suffolk, you can even cheaper.

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Where? Any towns in particular?

ETA..when did I become so nonchalent about under $400K being reasonable..I could buy a mansion for that amount where I'm from...
I know the prices are higher here...I just hate that I'm strating to accept it as normal

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Posted by kate&chris11/06
if you finace your whole mortage you will have very high interest rates.

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thats not necesarily true - I put 10% down, dont have PMI, and ONE mortgage (not two) and its at 5.875% fixed for 30 years....

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Posted by bridezilla08

Hey everyone. How is it possible to do 100% financing? FH and I would love to purchase a house but we were going to wait a year or 2 to save up to put down a large deposit.

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as long as ur credit is good they will let u finance 100%

If anyone needs help with a free prequalification ,, please fm I work for a bank and do mortgages ,, no obligation or you can visit

www.brodiganmortgage.com

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Posted by kate&chris11/06

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Posted by bridezilla08

Hey everyone. How is it possible to do 100% financing? FH and I would love to purchase a house but we were going to wait a year or 2 to save up to put down a large deposit.

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as long as ur credit is good they will let u finance 100%

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surprisingly, you dont even need good credit to get 100% financing...you'll just have a really high interest rate! just keep one thing in mind, even if you do 100% financing that doesnt mean you will come out of pocket $0. you have to leave some kind of deposit when you sign contracts which will be held in escrow and applied to your mortgage. typically thats a minimum of $10k. no sellers attorney will ever let their client go into contract without some kind of money held. there's also closing costs which could range anywhere between 3%-6% of the agreed on sale price.