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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
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Re: how long did it take you to save for a 10% or 20% downpayment?
Posted by hunnybunnyxoxo
Posted by DaniRella
oh and i believe heather's closing costs (and mine in a week) will reflect the new rules where you now need to put down 6 months worth of your taxes upfront. so, yeah, you don't have to pay them for the six months but you have to have them up front. you also have to show bank statements that show you have at least double the amount of a mortgage payment in your savings and/or checking accounts. now, when my sister closed (only a few years back) this was not the case. i think this is a new thing since the recent economic/market problems.
so, normally, our closing costs would be about $10,000ish -- but they went up to almost $16,000 b/c of that.
what?!?!?!?!?!!?!? are you serious?!?! i'll never move into a house!  
you will!! I thought the same thing!! I'm sending you FM
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Posted 4/1/10 2:23 PM  |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: how long did it take you to save for a 10% or 20% downpayment?
I also forgot to mention that after July, I read that you will not be allowed to put less then 5% down *i think* for FHA anymore and the limit on sellers consessions will be 3%
I don't know if the laws are in place yet, but it seemed like it was in works when I read it in newsday about a month or 2 ago
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| Posted 4/1/10 2:28 PM |
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hunnybunnyxoxo
this is what it's all about
Member since 11/07 3321 total posts
Name:
Lisa
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Re: how long did it take you to save for a 10% or 20% downpayment?
thank you!!!looks like i just have to save save save! and penny pinch my arse off!
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| Posted 4/1/10 3:02 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
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Re: how long did it take you to save for a 10% or 20% downpayment?
as much as I don't like hearing this stuff I'm glad I know what to expect now - like expect to pay double whatever you thought
scary but it would be very embarressin to go into contract then don't have money to pay for some of these things
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| Posted 4/1/10 5:11 PM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: how long did it take you to save for a 10% or 20% downpayment?
Posted by HeatherRose
Posted by DaniRella
oh and i believe heather's closing costs (and mine in a week) will reflect the new rules where you now need to put down 6 months worth of your taxes upfront. so, yeah, you don't have to pay them for the six months but you have to have them up front. you also have to show bank statements that show you have at least double the amount of a mortgage payment in your savings and/or checking accounts. now, when my sister closed (only a few years back) this was not the case. i think this is a new thing since the recent economic/market problems.
so, normally, our closing costs would be about $10,000ish -- but they went up to almost $16,000 b/c of that.
we paid 6 months upfront but you still have to pay your taxes every month, they just escrow it for 6 months. you don't see any of the until you sell
ooooh ok -- so i had it partially correct lol !
yeah, that set-up is fine by me!
at this point, whatever LOL! 
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| Posted 4/2/10 12:19 AM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: how long did it take you to save for a 10% or 20% downpayment?
my only question is -- when do you get the money back??
DO you get the money back?
it really makes no difference lol i'm just confused.
i know we have to lay out the money hahah i just don't know when/if we are getting it back! lovely!
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| Posted 4/2/10 12:23 AM |
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Re: how long did it take you to save for a 10% or 20% downpayment?
we put 20% down + closing costs and we have been saving together since we started dating... 19 years old  so 5 years.
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| Posted 4/2/10 2:02 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: how long did it take you to save for a 10% or 20% downpayment?
Posted by DaniRella
my only question is -- when do you get the money back??
DO you get the money back?
it really makes no difference lol i'm just confused.
i know we have to lay out the money hahah i just don't know when/if we are getting it back! lovely!
I'm pretty sure you get it back when you sell because your basically 6 months ahead of the game so the new owners pay you that back. I think.
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| Posted 4/2/10 10:32 AM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: how long did it take you to save for a 10% or 20% downpayment?
took us a year to save 10% for our condo, I think it was around 25K for that and closing cost.
now we have saved 20% + closing for a house , took just under 2 years. DH gets large bonuses, plus my bonus and tax returns we have saved.
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| Posted 4/2/10 7:41 PM |
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