| Posted By |
Message |
MaeDe
LIF Adult
Member since 4/11 1169 total posts
Name:
|
down payments
has anyone purchased a house and not put a full down payment down. I know you have to pay PMI but is it very hard to impossible to get a mortgage with out the whole down payment?
|
Posted 2/12/12 7:21 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
|
Re: down payments
We put down 3.5% cause we have an FHA loan.
For the contract though we put down 5% but then got the 1.5 back at closing.
|
| Posted 2/12/12 7:49 PM |
| |
|
MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
|
Re: down payments
Get an FHA loan and you wont have to put down 20%... I put down about 7-8%... I had to pay an upfront PMI cost and then PMI is paid monthly wrapped up into mortgage payment
|
| Posted 2/12/12 8:04 PM |
| |
|
|
|
Re: down payments
There's no such thing as a "whole" down payment.
As others have said, you can go as low as 3.5% with an FHA loan. The interest rates are actually usually a bit lower for an FHA loan (and the credit and debt-to-income requirements a bit less stringent), but you do pay monthly mortgage insurance plus a 1% upfront fee (which is rolled into the loan).
With a conventional loan, it's a common misperception that you need 20% down. If you put down less, you will pay pmi, but you can do it. People who have great credit and great debt-to-income ratio will be able to get a conventional loan with as little as 5% down, but usually people put at least 10% when going the conventional route. Usually you get the best rates if you put down a larger down payment for a conventional loan.
|
| Posted 2/12/12 8:23 PM |
| |
|
MaeDe
LIF Adult
Member since 4/11 1169 total posts
Name:
|
Re: down payments
Posted by Century 21 Dallow - Christine Braun
There's no such thing as a "whole" down payment.
As others have said, you can go as low as 3.5% with an FHA loan. The interest rates are actually usually a bit lower for an FHA loan (and the credit and debt-to-income requirements a bit less stringent), but you do pay monthly mortgage insurance plus a 1% upfront fee (which is rolled into the loan).
With a conventional loan, it's a common misperception that you need 20% down. If you put down less, you will pay pmi, but you can do it. People who have great credit and great debt-to-income ratio will be able to get a conventional loan with as little as 5% down, but usually people put at least 10% when going the conventional route. Usually you get the best rates if you put down a larger down payment for a conventional loan.
do you stop paying PMI at any point? i read that it was once you have paid 20% into the house but then someone told me that you have to refinance.
|
| Posted 2/12/12 9:03 PM |
| |
|
maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
|
Re: down payments
When we closed, Our lawyer told us most people put down between 5-10%
|
| Posted 2/12/12 9:33 PM |
| |
|
MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
|
Re: down payments
Posted by MaeDe
Posted by Century 21 Dallow - Christine Braun
There's no such thing as a "whole" down payment.
As others have said, you can go as low as 3.5% with an FHA loan. The interest rates are actually usually a bit lower for an FHA loan (and the credit and debt-to-income requirements a bit less stringent), but you do pay monthly mortgage insurance plus a 1% upfront fee (which is rolled into the loan).
With a conventional loan, it's a common misperception that you need 20% down. If you put down less, you will pay pmi, but you can do it. People who have great credit and great debt-to-income ratio will be able to get a conventional loan with as little as 5% down, but usually people put at least 10% when going the conventional route. Usually you get the best rates if you put down a larger down payment for a conventional loan.
do you stop paying PMI at any point? i read that it was once you have paid 20% into the house but then someone told me that you have to refinance.
Pmi must stay on fo 5 yrs even if you have the 20% before then. After that point, you have to request that the bank have it removed. They will not tell you when you reached it.
|
| Posted 2/13/12 7:41 AM |
| |
|
8ternity
<3
Member since 11/08 10586 total posts
Name:
Formally NYPD-Wife
|
Re: down payments
We put 15%
|
| Posted 2/13/12 10:42 AM |
| |
|
MaeDe
LIF Adult
Member since 4/11 1169 total posts
Name:
|
Re: down payments
Thanx everyone! i feel much better.
|
| Posted 2/13/12 11:34 AM |
| |
|
