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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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low-no down payment options
Can someone offer guidance on options for mortgages with little to no down payment?
People say there are out there and to use a bank and we are willing to, but can you offer more specific suggestions?
So far the best help we have had has been with Bank Of America.
TIA!!!!!!!!!!!!!!!!!!!
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Posted 10/6/07 8:20 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: low-no down payment options
B of A was going to be my suggestion. You can try Chase also.
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| Posted 10/6/07 8:22 PM |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: low-no down payment options
I am not sure which banks but my friend is going through this now and is having a lot of difficulties. Some banks say they will do it and then when it comes down to it, they won't. Good luck!
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| Posted 10/6/07 8:34 PM |
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dbleplay17
My 2 boys!
Member since 10/06 4578 total posts
Name:
Chrissy
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Re: low-no down payment options
we used BOA and they have a great 1st ttime homebuyer program with no money down. we had a wonderful experience and had no problems and we checked out a ot of places
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| Posted 10/6/07 9:00 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: low-no down payment options
we used BOA - we put 10% down and paid for our own closing costs - but we do not pay PMI or took out a second mortgage, the 90% is one crazy low interest rate
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| Posted 10/7/07 9:26 AM |
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Nicole728
My Happy Girl
Member since 7/06 8198 total posts
Name:
Me
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Re: low-no down payment options
we got our mortgage through Wells Fargo...only put down 10% and the builder paid half the closing costs.
You should see if your builder has any kinds of incentives at closing.
also BOA has some great Mortgages.
eta: we did an 80/10/10 mortgage
Message edited 10/7/2007 1:13:48 PM.
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| Posted 10/7/07 11:39 AM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: low-no down payment options
I would becarfeul with no to low money down.. when doing this.. you have to becareful of the interest rate that they will give you. the more money down.. the better your rate will be. if you only have 10% you can do a home equity loan and finance the other 10%.. by doing this.. you will be telling the bank that you do have the 20% and you are less of a liability.. and the better your interest rate will be. even if you have 5% to put down.. you can do a 80/15 loan. I know this b/c we checked BoA and they wanted to give us a rate of 7.125% even though we were putting 10% down and paying for our closing costs and we have excellent credit. We ended up with Chase.. it made more sense to us to go with them b/c of the mortgage option and the rate. good luck!
and we did the 80/10/10 loan and we got a rate of 6.125%
Message edited 10/7/2007 12:02:11 PM.
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| Posted 10/7/07 11:47 AM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: low-no down payment options
]
Message edited 10/7/2007 12:01:30 PM.
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| Posted 10/7/07 12:00 PM |
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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Re: low-no down payment options
Posted by Nicole728
we got our mortgage through Wells Fargo...only put down 10% and the builder paid half the closing costs.
You should see if your builder has any kinds of incentives at closing.
also BOA has some great Mortgages.
eta: we did an 80/10/10 mortgage
Yeah we are thinking about something like a 80/10/10. No the builder's not paying closing, he's paying the realestate agent commission though
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| Posted 10/7/07 1:28 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: low-no down payment options
Posted by njbound07
I would becarfeul with no to low money down.. when doing this.. you have to becareful of the interest rate that they will give you. the more money down.. the better your rate will be. if you only have 10% you can do a home equity loan and finance the other 10%.. by doing this.. you will be telling the bank that you do have the 20% and you are less of a liability.. and the better your interest rate will be. even if you have 5% to put down.. you can do a 80/15 loan. I know this b/c we checked BoA and they wanted to give us a rate of 7.125% even though we were putting 10% down and paying for our closing costs and we have excellent credit. We ended up with Chase.. it made more sense to us to go with them b/c of the mortgage option and the rate. good luck!
and we did the 80/10/10 loan and we got a rate of 6.125%
Your experience with BoA isn't the same as everyone. We put down 3% & paid our closing costs. We have one and only one mortgage & our rate is 6.125%.
I know some that had under 6% too.
It really depends on when & who you talk to.
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| Posted 10/7/07 1:39 PM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: low-no down payment options
Posted by lorich
Posted by njbound07
I would becarfeul with no to low money down.. when doing this.. you have to becareful of the interest rate that they will give you. the more money down.. the better your rate will be. if you only have 10% you can do a home equity loan and finance the other 10%.. by doing this.. you will be telling the bank that you do have the 20% and you are less of a liability.. and the better your interest rate will be. even if you have 5% to put down.. you can do a 80/15 loan. I know this b/c we checked BoA and they wanted to give us a rate of 7.125% even though we were putting 10% down and paying for our closing costs and we have excellent credit. We ended up with Chase.. it made more sense to us to go with them b/c of the mortgage option and the rate. good luck!
and we did the 80/10/10 loan and we got a rate of 6.125%
Your experience with BoA isn't the same as everyone. We put down 3% & paid our closing costs. We have one and only one mortgage & our rate is 6.125%.
I know some that had under 6% too.
It really depends on when & who you talk to.
i never said that all experiences will be the same. I stated my experience.. and told the original post to be aware of all possibilities. She could go to Chase and have a negative experience.
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| Posted 10/7/07 3:02 PM |
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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Re: low-no down payment options
yes it is funny how everything is about timing.
We did go to Chase around the same time of BOA and they actually said they cannot beat BOA offer.
We have a little time, so that is why we are looking to other options
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| Posted 10/7/07 3:42 PM |
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bigtrux707
LIF Infant
Member since 9/07 217 total posts
Name:
Raymond J. Jr.
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Re: low-no down payment options
We used B of A and had no problems... Not to mention saved a decent amount of cash at closing....
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| Posted 10/8/07 12:39 AM |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: low-no down payment options
Posted by NewlyMrs
yes it is funny how everything is about timing.
We did go to Chase around the same time of BOA and they actually said they cannot beat BOA offer.
We have a little time, so that is why we are looking to other options
It is all about timing. The information people are sharing about mortgages they got even a few months ago has drastically changed today. It is a completely different mortgage industry right now and people are having to pay much higher interest rates with low-no down payment.
Just an FYI
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| Posted 10/8/07 7:40 AM |
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