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seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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Anyone recently purchase a home in Suffolk
When getting your mortgage did you find that the banks are requiring at least an 8% downpayment?
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Posted 4/16/08 9:04 AM  |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Anyone recently purchase a home in Suffolk
I did in Oct
I really don't think it has anything to do with being in Suffolk though, it's the individual bank you are dealing with and prob your credit.
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| Posted 4/16/08 9:11 AM |
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seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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Re: Anyone recently purchase a home in Suffolk
This is something thats very recent within the last three weeks..my mortgage broker is telling me that becuase Suffolk is a declining area that most banks are requiring atleast 8% down. Was wondering if anyone else had a different experience.
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| Posted 4/16/08 9:17 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Anyone recently purchase a home in Suffolk
Oh I don't want to hear this.....grrrrrr.
I guess I need to save a little more each month now...
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| Posted 4/16/08 9:28 AM |
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seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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Re: Anyone recently purchase a home in Suffolk
Posted by neener1211
Oh I don't want to hear this.....grrrrrr.
I guess I need to save a little more each month now...
I know! I have been trying to call around bank of america actually told me 10% after I told them the zipcode 
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| Posted 4/16/08 9:34 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Anyone recently purchase a home in Suffolk
Posted by seeinstarz
Posted by neener1211
Oh I don't want to hear this.....grrrrrr.
I guess I need to save a little more each month now...
I know! I have been trying to call around bank of america actually told me 10% after I told them the zipcode
Are they taking into account a person's credit history?
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| Posted 4/16/08 9:45 AM |
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seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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Re: Anyone recently purchase a home in Suffolk
As far as I know your credit score has more to do with the rate your going to get. They told me this before we even talked about my credit scores. My mortgage broker told me this has nothing to do with your credit scores its because of the area is declining. Was hoping someone had a first hand experience.
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| Posted 4/16/08 9:49 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Anyone recently purchase a home in Suffolk
Posted by seeinstarz
As far as I know your credit score has more to do with the rate your going to get. They told me this before we even talked about my credit scores. My mortgage broker told me this has nothing to do with your credit scores its because of the area is declining. Was hoping someone had a first hand experience.
poop on them!  
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| Posted 4/16/08 9:56 AM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Anyone recently purchase a home in Suffolk
Where in Suffolk is this?
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| Posted 4/16/08 10:02 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Anyone recently purchase a home in Suffolk
Posted by seeinstarz
This is something thats very recent within the last three weeks..my mortgage broker is telling me that becuase Suffolk is a declining area that most banks are requiring atleast 8% down. Was wondering if anyone else had a different experience.
Suffolk is a declining area? In terms of what? 
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| Posted 4/16/08 10:37 AM |
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seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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Re: Anyone recently purchase a home in Suffolk
Posted by SweetTooth
Posted by seeinstarz
This is something thats very recent within the last three weeks..my mortgage broker is telling me that becuase Suffolk is a declining area that most banks are requiring atleast 8% down. Was wondering if anyone else had a different experience.
Suffolk is a declining area? In terms of what?
Declining market I should have said.
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| Posted 4/16/08 10:42 AM |
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TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: Anyone recently purchase a home in Suffolk
The bank made us put down 10%. At first we were planning on doing 5%, but the back wouldn't approve it because the house is in a "declining market area"  Aren't they all at this point.
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| Posted 4/16/08 11:30 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Anyone recently purchase a home in Suffolk
taking this back!
DH said that is illegal
you can not do that!
Message edited 4/16/2008 9:53:08 PM.
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| Posted 4/16/08 12:03 PM |
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Theresa05
Sofialiciciousssssssssssss
Member since 10/06 4891 total posts
Name:
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Re: Anyone recently purchase a home in Suffolk
8% I never heard of that
I thought it was ALWAYS 20%
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| Posted 4/16/08 12:15 PM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: Anyone recently purchase a home in Suffolk
I agree I was thinking 8% is reasonable to ask for a down payment. So the bank is thinking if you put more than 8% down you are less likely to go into forclosure?
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| Posted 4/16/08 12:20 PM |
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seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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Re: Anyone recently purchase a home in Suffolk
Posted by Theresa05
8% I never heard of that
I thought it was ALWAYS 20%
20% to not have PMI..This is atleast 8% to even get a mortgage.
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| Posted 4/16/08 12:45 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: Anyone recently purchase a home in Suffolk
what areas in suffolk ? what zip code did you give?? (FM me if you dont want to post)
I know Centereach is considered declining..
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| Posted 4/16/08 3:58 PM |
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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: Anyone recently purchase a home in Suffolk
We just closed on April 1, and banks were requiring a minimum of 3% for the most part from what we saw.
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| Posted 4/16/08 9:42 PM |
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JennasMom
?**?
Member since 11/05 3463 total posts
Name:
does it matter
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Re: Anyone recently purchase a home in Suffolk
If you are a first time home buyer you can get an FHA mortgage for as little as 3% down, but you will have to pay PMI
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| Posted 4/17/08 9:29 AM |
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ladybug78
LIF Adolescent
Member since 1/06 719 total posts
Name:
K
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Re: Anyone recently purchase a home in Suffolk
We just closed last week and our mortgage broker was shopping around at different banks and some banks approved our mortgage, but once it went to the underwriter, they came back and said they wanted more money down because of a declining market!
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| Posted 4/17/08 9:45 AM |
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JenniferLMSW
LIF Infant
Member since 6/07 79 total posts
Name:
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Re: Anyone recently purchase a home in Suffolk
never heard of this....I think it depends on the type of loan you are taking out. We are going with FHA because we did not have a sig amount of money to put down. FHA only mortgages 97%..you put down the rest...its like 2.5% or something like that.
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| Posted 4/19/08 3:23 PM |
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