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photoshopbabe
wow....
Member since 5/07 2197 total posts
Name:
linda
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Home Buying Questions...
#1-Does ANYONE put 20% down anymore? If so, how the frig did you do it?
#2-Can anyone reco. a mortage broker in Queens?
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Posted 6/16/09 11:23 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
pnbplus1
Family
Member since 5/09 5751 total posts
Name:
Mommy
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Re: Home Buying Questions...
We are putting 20% down. With the credit markets being what they are, you need to put down at least that much. Some banks are even requiring more.
It wasn't that hard for us to do but that's not true for everyone. I'm kicking myself sometimes for not saving more. We didn't make any real sacrifices, we just saved our entire tax refund and DH's full bonus every year for a couple of years. But we were renting and didn't have kids. Also, I'm a full-time student so we got an extra 2K credit on our taxes.
Can't help with a broker in Queens though. We contacted the bank ourselves but that's because a friend recommended BofA.
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| Posted 6/16/09 12:02 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
Name:
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Re: Home Buying Questions...
We are putting 20% down as well. We have saved this money over the years and finally (!!) have enough to buy!
I don't know any brokers in Queens. We're financing through Bethpage Credit Union - they were great!
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| Posted 6/16/09 12:08 PM |
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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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Re: Home Buying Questions...
I am putting down 3.5% through an FHA loan.
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| Posted 6/16/09 12:37 PM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: Home Buying Questions...
We did 25% to avoid 2 things; jumbo rates and the PMI.
I saw no need to pay an extra .75 point if I could avoid it and my banker said PMI is like throwing money out.
We saved the money by living on one pay check for a year and by having made some good stock onvestments over the past 2-3 years before buying
believe me, we ate a LOT of pasta leading up to and after our home purchase
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| Posted 6/16/09 12:54 PM |
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mrsD08
LIF Zygote
Member since 6/09 19 total posts
Name:
Irene liw: snowcutie82
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Re: Home Buying Questions...
Posted by annoyedTTCer
We did 25% to avoid 2 things; jumbo rates and the PMI.
I saw no need to pay an extra .75 point if I could avoid it and my banker said PMI is like throwing money out.
same for us...we are doing more than 20% so that our mortgage is manageable for us and to avoid higher rates, points, pmi etc.
i knew we'd want to buy a house one day (and if not that...something else) so i set goal amounts and save towards them for forever...so endless saving + $ from our wedding = the down payment.
fha loans allow u to put less down.
we were dealing with wells fargo.
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| Posted 6/16/09 1:08 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: Home Buying Questions...
we have been going back and forth with fha and conventional, i think we'll be doing 20% though....it will lower our mortgage and no PMI - it's going to be hard to part with all of our money though 
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| Posted 6/16/09 1:15 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Home Buying Questions...
Posted by mrsD08
Posted by annoyedTTCer
We did 25% to avoid 2 things; jumbo rates and the PMI.
I saw no need to pay an extra .75 point if I could avoid it and my banker said PMI is like throwing money out.
same for us...we are doing more than 20% so that our mortgage is manageable for us and to avoid higher rates, points, pmi etc.
here too. we were able to get the best rate available (4.5%, bought down to 4%, about 3 mos. ago) because of the money down and our excellent credit scores.
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| Posted 6/16/09 1:38 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: Home Buying Questions...
We did 5% with FHA
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| Posted 6/16/09 1:40 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: Home Buying Questions...
We will be putting at least 20% down once we find a house we both agree on.
DH and I are savers by nature. We currently live off one paycheck and save the other one. DH would like to keep this up once we get a house, but the mortgage payment (plus taxes and insurance) will be be about double our rent.
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| Posted 6/16/09 1:51 PM |
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Dee0522
And then there were four...
Member since 6/09 2088 total posts
Name:
Denise
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Re: Home Buying Questions...
We only put 10% down on our condo.
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| Posted 6/16/09 4:24 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Home Buying Questions...
Posted by kahlua716
I am putting down 3.5% through an FHA loan.
so are we. you definitely do NOT need to put down 20%. DH and i can well afford a house, and now is the perfect time to buy - but if we waited until we had saved 20% we would not be able to buy a house for another couple of years!
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| Posted 6/16/09 4:36 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Home Buying Questions...
we are putting about 10-12% down but we only qualify for 210K on a mortgage due to our income so it doesn't get us very far on LI but for us to save more money means we would wait another 2-3 years and by that time the market will start crawling back.
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| Posted 6/16/09 4:39 PM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: Home Buying Questions...
Posted by headoverheels
Posted by kahlua716
I am putting down 3.5% through an FHA loan.
so are we. you definitely do NOT need to put down 20%. DH and i can well afford a house, and now is the perfect time to buy - but if we waited until we had saved 20% we would not be able to buy a house for another couple of years!
If you don't do 20% do you still have to pay PMI?
That was the rule when we made our purchase.
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| Posted 6/16/09 4:41 PM |
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jteach
2 and through
Member since 9/07 3939 total posts
Name:
Jess
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Re: Home Buying Questions...
We put 20% down also
We put away all the money we made from our wedding and had a decent savings to begin with, plus help from fil.
My dh is a mortgage broker if you would like his info. He has done loans for a bunch of my friends and family
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| Posted 6/16/09 4:44 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Home Buying Questions...
MMI (FHA loan for us) breaks down to about $93 extra a month until 20% of the value is paid (this is what we have been told)
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| Posted 6/16/09 4:46 PM |
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ThreeCats
Train Ride
Member since 5/05 3127 total posts
Name:
A
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Re: Home Buying Questions...
yes, lots of people put 20% or more down.... not, us!
out of all the offers on our house only 2 offers were under 20% (both were FHA)
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| Posted 6/16/09 9:24 PM |
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MikesCutie
May 26, 2007
Member since 12/07 1478 total posts
Name:
Marianne
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Re: Home Buying Questions...
We put down 20% because both sets of parents gave us our wedding gifts early. If not for that, we would have had to rent something and would probably still be in it.
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| Posted 6/17/09 3:52 PM |
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