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What % do you have to put down on a house?
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Re: What % do you have to put down on a house?
I believe they have 100% financing these days that allows you to put nothing down. My sister's FI is a mortgage broker and he told me about it. But I know you can't do it in all cases.
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Re: What % do you have to put down on a house?
well my FI is trying to tell me that you HAVE to put a minimum of 20%, which I don't agree with. I think it's more like 5% minimum??????
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Re: What % do you have to put down on a house?
Maybe what he meant was that you have to put 20% down so that you don't pay PMI (Private Mortgage Insurance).
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Re: What % do you have to put down on a house?
Depending on what the value of the home is / compared to the sales price... you can even get 103% financing that will even pay for ALL your closing costs. Completely NO money down.
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Re: What % do you have to put down on a house?
I agree.. Its 20%, this will eliminate the PMI charges that can go up to $100.00 extra a month. So basically you are getting penalized if you dont have the 20%..![]()
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Re: What % do you have to put down on a house?
We did an 80/15/5
What that means is we put down 5%
Took a mortgage for 80% and a line of credit for 15% in order to not pay PMI and have tax deductible credit. Only requirement is good credit.
What that means is we put down 5%
Took a mortgage for 80% and a line of credit for 15% in order to not pay PMI and have tax deductible credit. Only requirement is good credit.
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Re: What % do you have to put down on a house?
Posted by Oct04Bride
We did an 80/15/5
What that means is we put down 5%
Took a mortgage for 80% and a line of credit for 15% in order to not pay PMI and have tax deductible credit. Only requirement is good credit.
we are doing that too.
