When in the total dwn payment due once you find a house?
Valentinegirl
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When in the total dwn payment due once you find a house?
Do you need it all or part of it up front or when you close a few mnths later you can give a part of it?
dgtlsunshine
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Re: When in the total dwn payment due once you find a house?
I believe you can arrange things so that you put a % upfront and the rest before you close.
ETA: I just remember we only put down 3k to start the contract and the rest of the money at closing.
luvsun27
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Re: When in the total dwn payment due once you find a house?
When I signed the contract...I said I would put 10% down....5% now and 5% at closing. I never had to come up with the 5% at closing...I just got a mortgage for the remaining 95% of the purchase price.
So...if you can only swing 5% or 10%...you should do this. Makes you more attractive as a buyer...and totally legal. Good luck.
heidla
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Re: When in the total dwn payment due once you find a house?
Our dwn payment was 20% of the total cost. I believe that we gave 10% at the signing of the contract and 10% at closing.
spel
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Re: When in the total dwn payment due once you find a house?
we put a few grand in escrow upon signing the contract (as good faith money, i believe). the bulk of it was due in a cashier's check at closing.
Charly
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Re: When in the total dwn payment due once you find a house?
Posted by luvsun27
When I signed the contract...I said I would put 10% down....5% now and 5% at closing. I never had to come up with the 5% at closing...I just got a mortgage for the remaining 95% of the purchase price.
So...if you can only swing 5% or 10%...you should do this. Makes you more attractive as a buyer...and totally legal. Good luck.
We did something very similar! If you want more info - FM me!!
Valentinegirl
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Re: When in the total dwn payment due once you find a house?
Thanks for all your responses! I guess I will learn all this when I talk to someone but these answers are helping me.
Kelly9904
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Re: When in the total dwn payment due once you find a house?
We are putting 10K down at contract and the rest at closing for a total of 20%. We gave the lawyer the check for 10K just a week ago but have until June/July until the rest is due.
I have heard alot of people doing with Luvsun said b/c house prices are so insane its hard to have the money you want to put down in place in time!
Good Luck this weekend!
(where are you looking?)
Valentinegirl
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Re: When in the total dwn payment due once you find a house?
Posted by Kelly9904
We are putting 10K down at contract and the rest at closing for a total of 20%. We gave the lawyer the check for 10K just a week ago but have until June/July until the rest is due.
I have heard alot of people doing with Luvsun said b/c house prices are so insane its hard to have the money you want to put down in place in time!
Good Luck this weekend!
(where are you looking?)
Thank you. We are looking in Wantagh, Bellemore, Levittown, those areas. Maybe a Co-op or condo too. Not sure yet.
