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dcl08
<3
Member since 4/07 3915 total posts
Name:
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downpayment....
what are you/did you put down? 5, 10 or 20%. We were told we only need to put 5 but were not sure what to do
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Posted 8/26/09 11:04 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: downpayment....
the more the better you will be!
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| Posted 8/26/09 11:31 AM |
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skinny
3 boys and a princess!
Member since 11/08 8178 total posts
Name:
Momma
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Re: downpayment....
We did an FHA so only put 3.5% down.
We could have put down a bit more but wanted some $ for repairs, furniture, etc....
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| Posted 8/26/09 11:47 AM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: downpayment....
We have yet to find a house, but when we do we plan to put at least 20% down.
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| Posted 8/26/09 1:04 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: downpayment....
We put 10% down.
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| Posted 8/26/09 1:21 PM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: downpayment....
5%
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| Posted 8/26/09 1:25 PM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: downpayment....
25%
20% to avoid PMI and 5% to avoid the jumbo rates
Jumbo limits were raised after we made our purchase 
Message edited 8/26/2009 1:43:31 PM.
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| Posted 8/26/09 1:42 PM |
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mandasue
LIF Adolescent
Member since 3/09 772 total posts
Name:
Amanda
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Re: downpayment....
Posted by skinny
We did an FHA so only put 3.5% down.
We could have put down a bit more but wanted some $ for repairs, furniture, etc....
ditto
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| Posted 8/26/09 2:10 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: downpayment....
23%
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| Posted 8/26/09 2:27 PM |
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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Re: downpayment....
20%
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| Posted 8/26/09 2:33 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: downpayment....
11% for us
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| Posted 8/26/09 2:44 PM |
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lovemy2boys
LIF Adult
Member since 10/07 3915 total posts
Name:
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Re: downpayment....
we did 10% for our coop
when we buy a home we'll probably do 20% to avoid PMI tho I would love to put 10% and keep the rest
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| Posted 8/26/09 2:47 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: downpayment....
20%
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| Posted 8/26/09 2:49 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: downpayment....
10% of the appraised price, plus an extra $3k to make up the difference between the purchase price and the appraised value (it was appraised less than what we contracted for, so the seller came down 10k, and we paid the rest out of pocket)
this still left us with a good nest egg for any repairs, furniture, and a few months of mortgage payments.
which disappeared far faster than it materialized  
make sure you have an idea of what you want to do and what you HAVE to do so you don't leave yourself short after all the checks are cashed.
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| Posted 8/26/09 2:58 PM |
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k-diggity
stay classy.......
Member since 6/08 1332 total posts
Name:
: )
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Re: downpayment....
20%
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| Posted 8/26/09 4:00 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: downpayment....
Posted by Ophelia
10% of the appraised price, plus an extra $3k to make up the difference between the purchase price and the appraised value (it was appraised less than what we contracted for, so the seller came down 10k, and we paid the rest out of pocket)
this still left us with a good nest egg for any repairs, furniture, and a few months of mortgage payments.
which disappeared far faster than it materialized
make sure you have an idea of what you want to do and what you HAVE to do so you don't leave yourself short after all the checks are cashed.
we're in the same boat - kind of ....
even though we are putting down 20% the appraisal was a little low and the seller's bank has us by the balls (its a short sale)
we dont want to lose the house and we are pretty confident that the appraisal was on the low side (we are actually in the process of re-butting the appraisal but we haven't heard anything back yet on that - our broker said it probably won't get us anywhere but it's worth a shot and the appraisal company may change the value)
we did try feeling out the bank to re-negotiate and they aren't playing with us - their appraisal came back a lot higher than our lender's and we went through some negotiating just to get to the sales price - so we don't think we'll get them to go any lower....right now they are paying our closing as part of the deal and they would def take that away if they lower the price...
instead of laying out the difference up front in cash to make our loan to value 80/20 we opted to do PMI....the PMI comes out to $47 a month vs paying $7,600 extra up front....it would take 13 years for the PMI payments to equal the $7,600 and i don't think we'll be paying PMI for that long hahaha - so for us it works out better to keep the $7,600 in our pocket (we planned on using that money in the house) - hopefully we won't have to do the PMI any longer than the 2 year minimum....
we looked at A LOT of different options - and weighed pros and cons....we want the house and we are determined to get it - so this was the best solution to the situation we are in....i am hoping we are in the house long enough to see some kind of appreciation vs depriciation but in any case we are looking at this as our home and not just an investment...who knows what the next few years will bring - it could get worse, values can still fall - we're hoping we can ride it out longer than that and in the meantime have a great home that is ours :)
i am praying we can still get to closing on 9/3 
Message edited 8/26/2009 4:35:53 PM.
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| Posted 8/26/09 4:24 PM |
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JML83
LIF Adolescent
Member since 12/07 540 total posts
Name:
Lauren
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Re: downpayment....
Only put about 7% down but don't pay PMI. Used extra $ for repairs etc.
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| Posted 8/26/09 6:14 PM |
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Alexandra17
Keep It Positive
Member since 4/09 6262 total posts
Name:
Alexandra (ali)
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Re: downpayment....
100%...I wish..
no..as much as we could so we put down 17%.
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| Posted 8/26/09 9:54 PM |
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snowflake08
Love my boys!!!
Member since 8/07 5148 total posts
Name:
Laura
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Re: downpayment....
we are putting down 20% because I really do not want to pay PMI
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| Posted 8/26/09 10:13 PM |
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snowflake08
Love my boys!!!
Member since 8/07 5148 total posts
Name:
Laura
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Re: downpayment....
Nik211 - Just wondering, how is the PMI so low? the reason we are doing 20% is that the PMI would be $142 per month
JML83 - How do you not pay PMI if you put less than 20%
just wondering and hoping we did the right thing!!
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| Posted 8/26/09 10:17 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: downpayment....
Posted by snowflake08
Nik211 - Just wondering, how is the PMI so low? the reason we are doing 20% is that the PMI would be $142 per month
JML83 - How do you not pay PMI if you put less than 20%
just wondering and hoping we did the right thing!!
i think that the PMI is so low b/c we are only mortgaging around 150k...there is some sort of calculation they use to figure out PMI and i believe it's a percentage of the loan amount divided by 12 months....obviously in NY the loan amounts are usually a lot higher so the PMI will be higher.....
we purposely put 20% down to avoid PMI and now we are stuck paying it anyway because of what happened with the appraisal so thank god for us it's only $47
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| Posted 8/27/09 9:23 AM |
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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: downpayment....
I am going to be putting down 20% plus closing costs on my second house.
I was going to do 10%, but PMI is such a PITA to get removed after you hit 80% LTV that i don't want to be bothered argueing with the banks over removing it.
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| Posted 8/27/09 9:26 AM |
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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: downpayment....
Posted by Nik211
we purposely put 20% down to avoid PMI and now we are stuck paying it anyway because of what happened with the appraisal so thank god for us it's only $47
If this ends up happening to me, I would have went back to the bank and decided to then put down 10% and that 10% you planned on putting towards the house into a 4% interest bearing account. The interest made on the 4% interest account could have very likely offset the PMI payments.
There are plenty of 3-4% reward checking accounts out there if you do a google search.
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| Posted 8/27/09 9:28 AM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: downpayment....
Posted by ave1024
Posted by Nik211
we purposely put 20% down to avoid PMI and now we are stuck paying it anyway because of what happened with the appraisal so thank god for us it's only $47
If this ends up happening to me, I would have went back to the bank and decided to then put down 10% and that 10% you planned on putting towards the house into a 4% interest bearing account. The interest made on the 4% interest account could have very likely offset the PMI payments.
There are plenty of 3-4% reward checking accounts out there if you do a google search.
If we put less down then our monthly payment would increase and we want to keep our monthly payments as low as possible - so for us having the 20% down puts the principle payment exactly where we want it to be...
Also, I am pretty sure that our PMI would increase if we put less money down...I believe PMI is based off the loan amount - and if the loan amount is higher (90% vs 80%) than I think the PMI would be higher - so the interest from a savings wouldn't really be offsetting the PMI payment b/c the PMI would have increased (*i think*)....
Also, decreasing the downpayment would probably cause an issue with getting a mortgage in time to close...I'm not sure but I think we'd have to switch lenders and go with an FHA loan if we wanted to decrease our downpayment to 10% or less....
We did look into FHA loans and they have more fees upfront (with FHA you pay fees that are like mortgage insurance) which might cost us more than the 2 years of PMI will (i'd have to do the math to be sure) - and again our monthly payment would increase with having less money down....
Message edited 8/27/2009 10:05:11 AM.
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| Posted 8/27/09 10:02 AM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: downpayment....
0% and no PMI. USDA loan
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| Posted 8/27/09 10:03 AM |
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