NWR: House down paymt ?

Do you have to put 20% down?

How the hell do u save up $70,000 as the down payment for a crappy ranch priced at $350,000 on LI? It will take forever!

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Posted by skinny237

Do you have to put 20% down?

How the hell do u save up $70,000 as the down payment for a crappy ranch priced at $350,000 on LI? It will take forever!

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That is why I moving to NH. 20% of 175K is only 35,000. Still a hugh number, but much more doable.

You don't have to put down 20% but it helps!

No, you don't HAVE to put 20% down but it will dramatically affect your mortgage payment amount. Since my FH is a mortgage broker, I hear about (sometimes against my will! ) all of the different types of mortgages there are out there. There are some FHA loans that only require a small down payment, but once again, your monthly mortgage will definitely be higher.

Buying a house is NOT easy... we've been looking for a few months now! Good Luck!

I think depending on the type of loan you take out, your income and if the house is being sold by owner, real estate or foreclosure, you will have to put more down.

FH and I just bought a foreclosure house in Freeport. WE had to put 5% downpayment and 5% closing costs.

It's wasn't alot compared to other amounts but it still scared me. That's alot of money for me.

Closing costs are a lot too. I think ours will be around $15k

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Posted by Mici n KC

Closing costs are a lot too. I think ours will be around $15k

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yep closing cost are a killer ..we paid close to 13k..

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Posted by Bride 2 Be

If you have great credit..nope! we didn't!

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Fh didn't either (he has a really good credit score). They gave him 100% loan under the condition that it would be broken into two loans: one for 80% the amount and a second for 20% the amount. He just paid the closing costs.

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Posted by rahana316

I think depending on the type of loan you take out, your income and if the house is being sold by owner, real estate or foreclosure, you will have to put more down.

FH and I just bought a foreclosure house in Freeport. WE had to put 5% downpayment and 5% closing costs.

It's wasn't alot compared to other amounts but it still scared me. That's alot of money for me.

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how do you find foreclosure houses? I've always wondered...

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Posted by Bride 2 Be

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Posted by Mici n KC

Closing costs are a lot too. I think ours will be around $15k

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yep closing cost are a killer ..we paid close to 13k..

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Tell me about it. I'm dishing out close to 18K in closing costs.

We just started looking into all of our options -- it seems like there are so many.

Did any of you meet with someone a broker or finacial person to discuss all of the options and what was best for you personally.
This is a whole new thing for the both of us and as much as we want family/friends advise we are trying to keep them out of it as much as possible.

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Posted by WinterBride08

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Posted by rahana316

I think depending on the type of loan you take out, your income and if the house is being sold by owner, real estate or foreclosure, you will have to put more down.

FH and I just bought a foreclosure house in Freeport. WE had to put 5% downpayment and 5% closing costs.

It's wasn't alot compared to other amounts but it still scared me. That's alot of money for me.

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how do you find foreclosure houses? I've always wondered...

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I searched and searched remax and mlsli. Most listings tell you if the house is owned by the bank or not.

We found a gorgeous house in Freeport and put in a bid for it. It was tough for us because it was like a damn auction. I put in a bid, wait, someone put in a higher bid, etc. We ended up winning the bid but had to pay list price. BUT the house only cost us $276,000.

The only bad thing with foreclosure is you take a risk. The house is sold as is, no representations. That means if they is liens, violations,etc, you deal with it. The bank will not be responsible.

It's a big headache with foreclosure houses but you save a lot of money.

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Posted by anneandchris

We just started looking into all of our options -- it seems like there are so many.

Did any of you meet with someone a broker or finacial person to discuss all of the options and what was best for you personally.
This is a whole new thing for the both of us and as much as we want family/friends advise we are trying to keep them out of it as much as possible.

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Tell me about keeping family out! It's like they know best and all these people bought houses years ago so things change! FH's cousin's fiancee is a mortgage broker so we've worked with him from the beginning. He's been helping us with everything. Although he's marrying into FH's family he isn't family so we've been fine with it because he's keeping everyone else's nose out of it!

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Posted by rahana316

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Posted by WinterBride08

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Posted by rahana316

I think depending on the type of loan you take out, your income and if the house is being sold by owner, real estate or foreclosure, you will have to put more down.

FH and I just bought a foreclosure house in Freeport. WE had to put 5% downpayment and 5% closing costs.

It's wasn't alot compared to other amounts but it still scared me. That's alot of money for me.

---

how do you find foreclosure houses? I've always wondered...

---

I searched and searched remax and mlsli. Most listings tell you if the house is owned by the bank or not.

We found a gorgeous house in Freeport and put in a bid for it. It was tough for us because it was like a damn auction. I put in a bid, wait, someone put in a higher bid, etc. We ended up winning the bid but had to pay list price. BUT the house only cost us $276,000.

The only bad thing with foreclosure is you take a risk. The house is sold as is, no representations. That means if they is liens, violations,etc, you deal with it. The bank will not be responsible.

It's a big headache with foreclosure houses but you save a lot of money.

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Yes and the majority of these homes have not been maintained so there is a lot of work that needs to be put into them. So in the end it technically could cost you just as much with the repairs and renovations. Sometimes you can luck out and get a decent house and not have to do a lot of work.