Whats the usual %

how much is usually asked of you to put down on a house ??

my FH and I are house looking and its so damn confusing ..............

i dont think i can afford to buy a house and pay for a wedding

i think i need a job that pays more moneyyyy

I think you only need to put 3.5% down - not sure if yu have to qualify

if you put less than 20 percent you will have to pay a mortgage insurance

i think some mortgages (like an FHA) let you put down as little as 3%, but then you will have to pay something called Private Mortgage Insurance (i think you dont have to pay this PMI fee if you put 20% down)... i am not too certain but that is what someone told me... i know how you feel!!

I'm not sure what the usual % is, but here is an article:

How much to put down?

I think since the whole foreclosure thing they have wanted you to put 20% down but I don't think you NEED to. FH and I only have about 15% saved

Yeah if you put 20 down you don't have to pay the pmi which i think is around $100 added to your mortgage

I put 20 percent down because i had to - i live in a co-op

If you do an FHA mortgage it is 3.5 % and a conventional mortgage is 20%. You will pay Mortgage insurance if you put anything less than the 2-% down but it wasnt that big a deal for us.

But we had to put 5% down for contract and we will get back the 1.5% at closing and that will go towards our closing costs. Many sellers want at least 5% down so that if the contract falls through they get a decent amount of money.

I am not sure how much is usually required but FH & I personally would not put less then 40% down. (we rather have a smaller monthly payment)

which is obviously why we still live in our tiny, noisy apartment downstairs from my parents.

we have been going back and forth about a house or a coop, we keep doing pros and cons.

haroula, i was reading how frustrated u are , i totally understand. i thought it was going to be easy looking for a house but its definitely nottt

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Posted by christine2010

I am not sure how much is usually required but FH & I personally would not put less then 40% down. (we rather have a smaller monthly payment)

which is obviously why we still live in our tiny, noisy apartment downstairs from my parents.

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you should not put more than 20 percent - hold on to the money

every 10K you put down will only save you around $50 a month

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Posted by FutureMrsSoltan

we have been going back and forth about a house or a coop, we keep doing pros and cons.

haroula, i was reading how frustrated u are , i totally understand. i thought it was going to be easy looking for a house but its definitely nottt

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we could nevvvverrrr afford a house especially in LI

we love our co-op

also factor in your closing costs which is like 10-15k

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Posted by FutureMrsSoltan

we have been going back and forth about a house or a coop, we keep doing pros and cons.

haroula, i was reading how frustrated u are , i totally understand. i thought it was going to be easy looking for a house but its definitely nottt

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oh girl tell me about it......its just so frustrating and confusing. Also, we dont want to work JUST to pay for our house. We do still want to be able to go to a nice dinner here and there and not have to worry that we wont be able to make our mortgage payment.



cheers to my non existant pain in the azz headache of a house

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Posted by RitasEngaged

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Posted by christine2010

I am not sure how much is usually required but FH & I personally would not put less then 40% down. (we rather have a smaller monthly payment)

which is obviously why we still live in our tiny, noisy apartment downstairs from my parents.

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you should not put more than 20 percent - hold on to the money

every 10K you put down will only save you around $50 a month

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really? thats it? i never thought about that

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Posted by GiannisWifey

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Posted by FutureMrsSoltan

we have been going back and forth about a house or a coop, we keep doing pros and cons.

haroula, i was reading how frustrated u are , i totally understand. i thought it was going to be easy looking for a house but its definitely nottt

---

oh girl tell me about it......its just so frustrating and confusing. Also, we dont want to work JUST to pay for our house. We do still want to be able to go to a nice dinner here and there and not have to worry that we wont be able to make our mortgage payment.



cheers to my non existant pain in the azz headache of a house

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i will cheers to that

You can get an FHA loan which requires 3.5% downpayment. You will pay PMI (premium mortgage interest) for 5 years, with this loan. If you take out a conventional loan, you will be required to put down 20%, if you do not put down 20% you will have to pay PMI until you reach the 20%, which could take years.

If you have any questions, fm me, I just went through this process and had lots of questions too!

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Posted by FutureMrsSoltan

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Posted by RitasEngaged

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Posted by christine2010

I am not sure how much is usually required but FH & I personally would not put less then 40% down. (we rather have a smaller monthly payment)

which is obviously why we still live in our tiny, noisy apartment downstairs from my parents.

---

you should not put more than 20 percent - hold on to the money

every 10K you put down will only save you around $50 a month

---

really? thats it? i never thought about that

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yup that is it

the key is your mortgage rate

we were told a percent higher than what we got which took almost $100 off our mortgage