My fiance and I are trying to get going with our search for a condo. Is it possible to buy something without a down payment for first time buyers or do you really get ripped off????
you can finance 100% if you have really good credit. the first thing you should is get pre-qualified for a loan. this way you'll know for sure.
I agree, get pre-approved. Also keep in mind that interest rates can be higher with no money down.
you can do it- if you want to talk to a pro I can FM you my hubby's email- he owns a mortgage company and deals with this every day
Posted by tara51799
My fiance and I are trying to get going with our search for a condo. Is it possible to buy something without a down payment for first time buyers or do you really get ripped off????
Posted by DjPiLL
Posted by tara51799
My fiance and I are trying to get going with our search for a condo. Is it possible to buy something without a down payment for first time buyers or do you really get ripped off????
I wouldn't. Your interest rate will be very high. You will also have an even higher HELOC interest rate... or pay a ton of PMI.
You still have to come up with closing costs as well.
Posted by MCDO15
Posted by DjPiLL
Posted by tara51799
My fiance and I are trying to get going with our search for a condo. Is it possible to buy something without a down payment for first time buyers or do you really get ripped off????
I wouldn't. Your interest rate will be very high. You will also have an even higher HELOC interest rate... or pay a ton of PMI.
You still have to come up with closing costs as well.
not true..there is always 108% financeing over a 80/20 split which would avoid the PMI
When we were shopping i was happy with the fixed 6 percent on what would of been my 80% loan with a tad higher on the 20% but we didnt do 100 financing....
Posted by MCDO15
not true..there is always 108% financeing over a 80/20 split which would avoid the PMI
When we were shopping i was happy with the fixed 6 percent on what would of been my 80% loan with a tad higher on the 20% but we didnt do 100 financing....
Posted by DjPiLL
Posted by MCDO15
not true..there is always 108% financeing over a 80/20 split which would avoid the PMI
When we were shopping i was happy with the fixed 6 percent on what would of been my 80% loan with a tad higher on the 20% but we didnt do 100 financing....
Yes... back then when you bought HELOC interest rates were not nearly as high as they are now. Since then... the fed has raised interest rates a few times.
The interest rate on my HELOC right now is at 8% !!!!!! That is VERY high. And somebody wants to finance 20% of their mortgage, plus their closing costs at this rate? I can get a credit card with a lower interest rate (for the life of the card)!
Thank god my HELOC has a zero balance currently.
Anyone that is willing to do 108% financing in this very unsteady market right now is nuts IMO.
Posted by KarAnthony
I believe credit card interest rates are different than mortage interest rates even if they are the same amt. they are calculated differently.
