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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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First time home buying
It's highly recommended to save 20% for a down payment which is fairly high nowadays. I hear that many times you are only required to put 10% down. How much did everyone save towards a DP vs. how much you put down?
I'd like to save the 20% and if I put 10% down, use the left over for any necessary renovations and updates. Does this sound like a good idea?
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Posted 9/7/08 7:22 PM  |
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Prudential Douglas Elliman Real Estate
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strongisland
All you need is love
Member since 8/07 2474 total posts
Name:
T
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Re: First time home buying
i wouldn't put any less than 10% down and if possible i recommend 20% down
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| Posted 9/7/08 7:45 PM |
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Sherwood
LIF Adult
Member since 8/08 1643 total posts
Name:
s
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Re: First time home buying
Posted by strongisland
i wouldn't put any less than 10% down and if possible i recommend 20% down
I agree...you will have a harder time getting a mortgage these days and will pay a higher interest rate if you dont put down 20%
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| Posted 9/7/08 8:06 PM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: First time home buying
Posted by sideshowbob
Posted by strongisland
i wouldn't put any less than 10% down and if possible i recommend 20% down
I agree...you will have a harder time getting a mortgage these days and will pay a higher interest rate if you dont put down 20%
not necessarily. your income, credit history, and other outstanding financial obligations also play a role. we did what the OP wants to do, and it worked out well for us. we have a house we love, a low interest rate, and had an opportunity to do work on it right away. good luck!!
Message edited 9/7/2008 8:12:18 PM.
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| Posted 9/7/08 8:11 PM |
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seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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Re: First time home buying
We did 10% Dp..12k for closing and 10K left for updates..As long as your credit is good you should be able to get a good interest rate.
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| Posted 9/7/08 8:17 PM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: First time home buying
Thanks!
It's just when I see these homes in my price range I cringe! They are so outdated and really need some TLC. So it will take some time but at least I have a good idea of what to save.
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| Posted 9/7/08 8:21 PM |
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jax1023
LIF Adult
Member since 3/07 1165 total posts
Name:
Jackie
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Re: First time home buying
Don't forget you have to have the $ for closing costs saved as well, which is a significant amount.
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| Posted 9/7/08 8:25 PM |
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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: First time home buying
We financed nearly 100% with an FHA loan.
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| Posted 9/7/08 10:40 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: First time home buying
not necessarily. your income, credit history, and other outstanding financial obligations also play a role. we did what the OP wants to do, and it worked out well for us. we have a house we love, a low interest rate, and had an opportunity to do work on it right away. good luck!!
This is true....we're actually only putting around 7-8% down and then closing costs and will have extra for renovations....we got a low interest rate too. In our case though, we'll be paying PMI.
Message edited 9/7/2008 11:15:50 PM.
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| Posted 9/7/08 11:14 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: First time home buying
We put 10% down plus all closing costs. We got the best interest rate out there along with a HELOC to cover the rest of the 10% so we avoided PMI.
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| Posted 9/8/08 8:50 AM |
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ali120206
2 Boys
Member since 7/06 17790 total posts
Name:
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Re: First time home buying
Posted by VickiC
We put 10% down plus all closing costs. We got the best interest rate out there along with a HELOC to cover the rest of the 10% so we avoided PMI.
Us too.
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| Posted 9/8/08 9:45 AM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: First time home buying
It's going to be a long time before we can buy.
  
Thanks for the help.
Message edited 9/8/2008 11:04:26 AM.
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| Posted 9/8/08 11:04 AM |
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LINewbie
Tigger the the Rescue!
Member since 8/08 5647 total posts
Name:
LB
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Re: First time home buying
You can go as low as 3%. I REALLY wanted 20% but we're doing 15%
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| Posted 9/8/08 1:14 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: First time home buying
Posted by ali120206
Posted by VickiC
We put 10% down plus all closing costs. We got the best interest rate out there along with a HELOC to cover the rest of the 10% so we avoided PMI.
Us too.
Same here
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| Posted 9/8/08 1:16 PM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: First time home buying
Posted by Mrs-D-Girl
Posted by ali120206
Posted by VickiC
We put 10% down plus all closing costs. We got the best interest rate out there along with a HELOC to cover the rest of the 10% so we avoided PMI.
Us too.
Same here
I didn't realize you could use credit towards a DP?  Doesn't that count as a loan?
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| Posted 9/8/08 1:30 PM |
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StressedNoMore
LIF Toddler
Member since 6/05 493 total posts
Name:
Christine
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Re: First time home buying
We put nothing down and were 100% financed. We paid closing of only 3000.
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| Posted 9/10/08 9:49 AM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: First time home buying
Posted by StressedNoMore
We put nothing down and were 100% financed. We paid closing of only 3000.
Was this done recently?
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| Posted 9/10/08 1:28 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: First time home buying
Posted by cindy104
Posted by StressedNoMore
We put nothing down and were 100% financed. We paid closing of only 3000.
Was this done recently?
That can't be on LI. It's not really to compare any other area, since our closing costs here average 5 times that amount.
If you want to move to FL or NC you could do that.
Message edited 9/10/2008 2:33:19 PM.
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| Posted 9/10/08 2:32 PM |
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IrishLasss334
I'll be there soon!
Member since 1/08 6549 total posts
Name:
Patty
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Re: First time home buying
We put 10% of our own money down and during the mortage closing took a HELC at the same time and put down another 10%, so technically we had 20% down.
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| Posted 9/10/08 3:20 PM |
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mrsmck
Be a big girl!
Member since 5/05 4898 total posts
Name:
Donna
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Re: First time home buying
We bought our house almost 3 years ago and put down 5%. We have 2 mortgages: 80% and 15%.
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| Posted 9/10/08 6:34 PM |
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