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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
Posted by MrsD06
I hope you don't mind me asking if you're paying PMI? I was told recently that the less than 20% down with no PMI loans no longer exist.
We put 10% down and are not paying PMI. Check out the BofA no fee mortgage plus loan.
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Posted 5/21/08 7:09 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
christys0925
LIF Adolescent
Member since 9/07 512 total posts
Name:
Christy
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
DH and I put 0 down. We actually got a check for 700 at closing. It was the only option for us at the time. We do not regret it at all.
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| Posted 5/21/08 7:36 PM |
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MG156
LIF Infant
Member since 2/07 358 total posts
Name:
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
In NY, and in this market...we were told by 2 mortgage brokers that the banks will not approve you with nothing down.
With the way the market is today, banks are covering their a$$es. People might complain that two years ago they got riped off paying top dollar for their homes, and now prices dropped (which on LI is not so) but two years ago the banks approved everyone for a mortgage.
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| Posted 5/21/08 8:30 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
Posted by donegal419
Dh and I were just approved for a 5.75 % rate mortgage with only 5% down.
That's an excellent deal. I'd do that deal every day of the week and twice on sundays.
ETA: That's the kind of deal I will be looking for when it comes time to purchase some investment property.
Message edited 5/21/2008 8:46:40 PM.
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| Posted 5/21/08 8:38 PM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
Posted by CaMacho
Posted by MrsD06
I hope you don't mind me asking if you're paying PMI? I was told recently that the less than 20% down with no PMI loans no longer exist.
We put 10% down and are not paying PMI. Check out the BofA no fee mortgage plus loan.
Thanks! We'll look into this.
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| Posted 5/22/08 7:33 AM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
Posted by MrsD06
I hope you don't mind me asking if you're paying PMI? I was told recently that the less than 20% down with no PMI loans no longer exist.
We just went into contract, so nothing is finalized just yet, but it looks like we may be and she calculated the estimated mortgage with PMI. However, i have a credit score of 810 and no debt, so they think they may be able to waive that for us. i hope so!
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| Posted 5/22/08 11:53 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
Posted by ave1024
Posted by donegal419
Dh and I were just approved for a 5.75 % rate mortgage with only 5% down.
That's an excellent deal. I'd do that deal every day of the week and twice on sundays.
ETA: That's the kind of deal I will be looking for when it comes time to purchase some investment property.
We got this deal through the Nassau Educators Credit UNion... look into it if you or your DH works in the schools, or someone in your immediate family does (they can sponsor you in).
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| Posted 5/22/08 11:54 PM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
We bought our house with 10% down and rolled the closing costs into the price of the house.
We had no problem getting approved for a mortgage and are paying 5.625%...
We do pay PMI - and I haven't done anything about it because the value of our home has most likely gone down since we bought it, but not enough to affect the PMI yet.
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| Posted 5/23/08 9:34 AM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
I would put down at a minimum 5%.
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| Posted 5/23/08 9:44 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
If you do your research, it's an option. I don't know if they still do it (in light of the mortgage crisis), but Bank of America for years would loan teachers 100%. I would think other profesions might have those options too.
For us, we have always put down at least 20% (some OOS and OOC land 100%).
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| Posted 5/23/08 10:58 AM |
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Nicole728
My Happy Girl
Member since 7/06 8198 total posts
Name:
Me
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
I would put at least 5% down, b/c godforbid something was to happen, you might need that equity in your house.
But BOA does have some great mortgage products...def check them out.
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| Posted 5/23/08 11:51 AM |
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alisha
LIF Adult
Member since 3/07 1199 total posts
Name:
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
If you can do it, have reserves in the bank, and not stretch yourself so that you are in a potential foreclosure situation, then go for it.
Unfortunately buying in Manhattan is a different game altogether. We need at least 10% down, and some coops require 20%.
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| Posted 5/23/08 12:38 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
for LI I have researched and the banks want at least 10% bc of all the forclousres and short sales going on. AND if the house is in a declining area the banks will most def ask for 10% which most of LI is in a declining area ( at least for suffolk)
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| Posted 5/23/08 1:03 PM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
Posted by donegal419
Posted by ave1024
Posted by donegal419
Dh and I were just approved for a 5.75 % rate mortgage with only 5% down.
That's an excellent deal. I'd do that deal every day of the week and twice on sundays.
ETA: That's the kind of deal I will be looking for when it comes time to purchase some investment property.
We got this deal through the Nassau Educators Credit UNion... look into it if you or your DH works in the schools, or someone in your immediate family does (they can sponsor you in).
Thanks. That's good to know. I'm actually a member already but my DH is not.
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| Posted 5/23/08 8:12 PM |
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LIPrincess
Foxy Lady
Member since 6/05 1610 total posts
Name:
Jaimie
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
We did this, because everything (I do mean everything) needed to be done, so we wanted to keep cash in our pocket.
It worked out fine. The only complaint is we are paying PMI and even though our house was worth more with this market right now it wont appraise enough to get rid of it.
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| Posted 5/24/08 7:49 AM |
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dbleplay17
My 2 boys!
Member since 10/06 4578 total posts
Name:
Chrissy
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
FM
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| Posted 5/24/08 10:55 AM |
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neenie
Member since 5/05 22351 total posts
Name:
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Re: is it ever a good idea to buy a house/get a mortgage with no money down?
Posted by bicosi
If you do it in a smart manner, then it is. If you are doing it because you simply have NO money, no reserves, then no, I don't think it's ever a good idea.
ITA and i think that the rise in forclosures is a prime example of "just because you *could* doesn't mean you *should*".
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| Posted 5/26/08 12:45 PM |
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