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When in the total dwn payment due once you find a house?

Valentinegirl Posted: Mar 16, 2004 01:40 PM+

Valentinegirl MEMBER SINCE: 7/03 TOTAL POSTS : 7278 WEDDING DATE: Nov 14, 2010

Posted: Mar 16, 2004 01:40 PM

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 Posted: Mar 16, 2004 01:49 PM+

dgtlsunshine MEMBER SINCE: 12/01 TOTAL POSTS : 2838 WEDDING DATE: Jul 07, 2002

Posted: Mar 16, 2004 01:49 PM

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 Posted: Mar 16, 2004 02:37 PM+

luvsun27 MEMBER SINCE: 9/03 TOTAL POSTS : 2887 WEDDING DATE: Apr 17, 2004

Posted: Mar 16, 2004 02:37 PM

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 Posted: Mar 16, 2004 02:42 PM+

heidla MEMBER SINCE: 10/02 TOTAL POSTS : 5901 WEDDING DATE: May 28, 2004

Posted: Mar 16, 2004 02:42 PM

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 Posted: Mar 16, 2004 04:58 PM+

spel MEMBER SINCE: 7/02 TOTAL POSTS : 1187 WEDDING DATE: Oct 25, 2003

Posted: Mar 16, 2004 04:58 PM

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 Posted: Mar 16, 2004 10:32 PM+

Charly MEMBER SINCE: 10/03 TOTAL POSTS : 1801 WEDDING DATE: Nov 07, 2004

Posted: Mar 16, 2004 10:32 PM

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 Posted: Mar 17, 2004 06:26 AM+

Valentinegirl MEMBER SINCE: 7/03 TOTAL POSTS : 7278 WEDDING DATE: Nov 14, 2010

Posted: Mar 17, 2004 06:26 AM

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 Posted: Mar 17, 2004 08:28 PM+

Kelly9904 MEMBER SINCE: 8/03 TOTAL POSTS : 2544 WEDDING DATE: Jun 26, 2004

Posted: Mar 17, 2004 08:28 PM

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 Posted: Mar 18, 2004 06:49 AM+

Valentinegirl MEMBER SINCE: 7/03 TOTAL POSTS : 7278 WEDDING DATE: Nov 14, 2010

Posted: Mar 18, 2004 06:49 AM

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.