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down payment on houses
we are in a 2-bedroom townhouse and it's time to move. we literally can't save any money our mortgage is so high. we purchased this place about 5 years ago when the market was at its peak and while trying to save, its just not happening.
do you have to put money down on houses these days? i remember when we purchased this place we almost were able to put down 20% but not quite. not gonna happen now, lol!
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Posted 5/16/12 8:13 PM  |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: down payment on houses
The minimum is 3.5%
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| Posted 5/16/12 11:19 PM |
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Re: down payment on houses
I didn't know that. Is that in every bank or mortgage brokerage?
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| Posted 5/17/12 12:49 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: down payment on houses
It depends on the type of mortgage. But as far as I know, that is the bare minimum unless you get a VA Loan (for veterans) but I'm not an expert. Just what I learned when buying my own house.
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| Posted 5/17/12 1:27 PM |
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ny55angel
car seat tech & geek :-)
Member since 2/06 4346 total posts
Name:
P
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Re: down payment on houses
we put down 5% and have a conventional mortgage through Bethpage Credit union. We have PMI added into our mortgage payment until the equity in the house reached the 20% necessary to get it removed.
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| Posted 5/21/12 11:22 PM |
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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: down payment on houses
on an FHA loan the minium down payment is 3.5%
then you will need about another 5%-6% for closing costs
then MPI (mortgage insurace) is pretty steep on these loans these day- there is an upfront fee (in that 5-6%) and a monthly fee
as a real estate professional- are you sure you can afford a larger home when you are unable to save in your current home?
with a house vs a condo- the bills are higher
also- can you afford to sell and take a loss? and cover it? if you bought during the height on the market- chances are you owe more then your condo is worth
I would sit down with a mortgage lender and work the numbers to see if this is possible
any questions- feel free to send me an FM
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| Posted 5/22/12 3:21 PM |
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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Re: down payment on houses
If you do need to stay where you are to save up longer, would you consider refinancing?
If you haven't done so, you might be able to reduce your monthly rate considerably.
At least worth looking into as an option.
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| Posted 6/3/12 9:25 PM |
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MrsRinNY
LIF Infant
Member since 4/10 117 total posts
Name:
Gina
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Re: down payment on houses
I was going to say the same thing.
Refi might be your best bet at the moment. That will give you some room to save, and lower your payment.
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| Posted 6/20/12 10:31 AM |
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