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KellyNYC
LIF Adolescent
Member since 10/05 650 total posts
Name:
Kelly
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Buy a house with with very little down payment?
Is it possible to buy a house with very little down, or to take out a loan for a down payment??
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Posted 8/31/10 9:44 PM  |
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KarenG2003
My BIG man and my little man!
Member since 4/08 1684 total posts
Name:
Karen
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Re: Buy a house with with very little down payment?
Although you made have a harder time getting a mortgage, it is possible to buy a home with a very small down payment. The people who bought my house did!
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| Posted 8/31/10 9:56 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Buy a house with with very little down payment?
you can do an FHA loan with min. 3.5% down
I don't think you can take out a loan to make a downpayment - and if you need to, then you can't afford to own a house yet. I would keep saving...
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| Posted 8/31/10 9:59 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: Buy a house with with very little down payment?
3.5% is the lowest
unless you are a Vet- then you can get 0% down
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| Posted 8/31/10 10:03 PM |
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KellyNYC
LIF Adolescent
Member since 10/05 650 total posts
Name:
Kelly
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Re: Buy a house with with very little down payment?
Posted by Beth
3.5% is the lowest
unless you are a Vet- then you can get 0% down
Is it hard to get a mortgage with just 3.5% down? Income is very good.
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| Posted 8/31/10 10:10 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: Buy a house with with very little down payment?
Posted by KellyNYC
Posted by Beth
3.5% is the lowest
unless you are a Vet- then you can get 0% down
Is it hard to get a mortgage with just 3.5% down? Income is very good.
not all at
it's an FHA loan
they go as low as 580 credit scores with good income
FM me if you have any questions- I can recommend a few people to help you
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| Posted 8/31/10 10:14 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Buy a house with with very little down payment?
Posted by KellyNYC
Posted by Beth
3.5% is the lowest
unless you are a Vet- then you can get 0% down
Is it hard to get a mortgage with just 3.5% down? Income is very good.
we got a mortgage, we did 3.5% down, but we still had to prove that we had $18k in savings (to cover closing costs - this was in addition to our down downpayment - but you can get a sellers assist which will build the closing cost into your mortgage)
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| Posted 8/31/10 10:15 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Buy a house with with very little down payment?
our lawyer just told us most ppl are putting down 5-10%
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| Posted 8/31/10 10:40 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: Buy a house with with very little down payment?
Posted by maybesoon
our lawyer just told us most ppl are putting down 5-10%
other then my cash buyers- I completely disagree
most of my buyers are doing FHA loans with 3.5%
I have a few people that are putting more down- but it's rare
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| Posted 9/1/10 9:48 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Buy a house with with very little down payment?
Posted by Beth
Posted by maybesoon
our lawyer just told us most ppl are putting down 5-10%
other then my cash buyers- I completely disagree
most of my buyers are doing FHA loans with 3.5%
I have a few people that are putting more down- but it's rare
Do you get a much higher interest rate if you only put down 3.5% as opposed to putting down 20%?
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| Posted 9/1/10 10:13 AM |
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ny55angel
car seat tech & geek :-)
Member since 2/06 4346 total posts
Name:
P
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Re: Buy a house with with very little down payment?
Posted by Katareen
Posted by Beth
Posted by maybesoon
our lawyer just told us most ppl are putting down 5-10%
other then my cash buyers- I completely disagree
most of my buyers are doing FHA loans with 3.5%
I have a few people that are putting more down- but it's rare
Do you get a much higher interest rate if you only put down 3.5% as opposed to putting down 20%?
We are in the process of buying a house and went to Bethpage credit union for our mortgage. We went in thinking that we would need to get an FHA loan but the mortgage guy explained to me that in our case (and others as well) it's better to come up with the minimum of 5% that is needed by them to get a "standard" mortgage, not an FHA because the added costs of an FHA aren't worth it overall.
We were able to do the 5% down and got the same interest rate as others (we locked in at 4.375%  ) I don't know if the interest rate varies if you have an FHA though.
I would talk to someone about your options and see what works best for you. Good luck !!
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| Posted 9/1/10 10:25 AM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Buy a house with with very little down payment?
Posted by Beth
Posted by maybesoon
our lawyer just told us most ppl are putting down 5-10%
other then my cash buyers- I completely disagree
most of my buyers are doing FHA loans with 3.5%
I have a few people that are putting more down- but it's rare
I guess it depends on the area? my lawyer mainly deals w/ flushing bayside little/great neck, dglston. we are putting 20% and he seemed a little surprised
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| Posted 9/1/10 11:29 AM |
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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: Buy a house with with very little down payment?
Posted by Katareen
Posted by Beth
Posted by maybesoon
our lawyer just told us most ppl are putting down 5-10%
other then my cash buyers- I completely disagree
most of my buyers are doing FHA loans with 3.5%
I have a few people that are putting more down- but it's rare
Do you get a much higher interest rate if you only put down 3.5% as opposed to putting down 20%?
4.5% is the FHA rate as of last week
there is the MPI (like PMI) which is added to the payment and will be going up a bit as 10/3
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| Posted 9/1/10 12:51 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: Buy a house with with very little down payment?
Posted by maybesoon
Posted by Beth
Posted by maybesoon
our lawyer just told us most ppl are putting down 5-10%
other then my cash buyers- I completely disagree
most of my buyers are doing FHA loans with 3.5%
I have a few people that are putting more down- but it's rare
I guess it depends on the area? my lawyer mainly deals w/ flushing bayside little/great neck, dglston. we are putting 20% and he seemed a little surprised
I work in Suffolk and Nassau and my average first time home buyer does the 3.5%
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| Posted 9/1/10 12:54 PM |
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bonch20
LIF Adult
Member since 9/09 1290 total posts
Name:
Bonnie
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Re: Buy a house with with very little down payment?
we did the FHA loan with 3.5% down....also wrapped our closing costs into the mortgage to keep our cash for renovations.
good luck!
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| Posted 9/1/10 2:14 PM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: Buy a house with with very little down payment?
We're doing a convential 30 year fixed with a large chunk of change down, over 20% and just got a rate of 4.25% with 0 points...
Our realtor and lawyer both said that in the areas that we're looking ppl are not giving less than 20% which I believe
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| Posted 9/1/10 3:25 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Buy a house with with very little down payment?
Posted by pickles16
We're doing a convential 30 year fixed with a large chunk of change down, over 20% and just got a rate of 4.25% with 0 points...
Our realtor and lawyer both said that in the areas that we're looking ppl are not giving less than 20% which I believe
great rate ! we just signed contract so hope to get a similar rate.
I guess it does depend on where you are buying
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| Posted 9/1/10 5:51 PM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: Buy a house with with very little down payment?
Posted by maybesoon
Posted by pickles16
We're doing a convential 30 year fixed with a large chunk of change down, over 20% and just got a rate of 4.25% with 0 points...
Our realtor and lawyer both said that in the areas that we're looking ppl are not giving less than 20% which I believe
great rate ! we just signed contract so hope to get a similar rate.
I guess it does depend on where you are buying
Thanks! DH was debating on locking or not, and I told him to do it, I don't want it going up and I don't see it going down that much more!!!
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| Posted 9/1/10 7:07 PM |
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