puttng 3.5% down and making offer

if you only put 3.5% down on a house, was your offer accepted?

only putting that amount down, have you been turned down on offers?

Re: puttng 3.5% down and making offer

Our offer was accepted w/ 3.5% down (FHA loan).

Re: puttng 3.5% down and making offer

that's good news! anymore good stories?

Re: puttng 3.5% down and making offer

yes, we did the same you're doing an FHA loan? we had a very good experience with them.

we did have one family (on an offer that fell through) who expressed reservations about us, they thought that because we only had 3.5% down that we wouldn't qualify for the mortgage. we had our loan officer call them to assure them everything was fine. that house fell through for other reasons but not b/c of the 3.5%.

Re: puttng 3.5% down and making offer

we just had our offer accpeted a few weeks ago with 3.5% down.

FHA is one of the securest loans so sellers should not be scared of it.

it becomes an issue if the house won't appraise for the price your buying it for and your dp is low so it won't take a lot off the financed amount

I put offeres in on several houses. all with 3.5% down. they REA I was working with at the time was an older women. she would always tell me they want more down! and she would make us feel like crap for putting so little down. I think she would even talk to them about it prior to submitting our offer because they would always counter back with us havimg to put a larger down payment the REA I am working with now told me that back in the day an FHA loan was for the really really poor. Now its totally different, and its the most secure loan!

Re: puttng 3.5% down and making offer

We are putting 5% down for contract but for the mortgage it will only be 3.5%.

I do not many buyers want 5% at contract. We had an offer rejected because we were only doing the 3.5/5% and someone else had 5%.

Re: puttng 3.5% down and making offer

I put down 0% and we are about to close

Re: puttng 3.5% down and making offer

we've made several offers on homes in the last few months, and when and if they did questions the down payment, it was never an issue. our last offer was accepted and we're in contract. the other offers were too low for the sellers, so we kept looking. we're using an FHA loan w/3.5% down as well.

Re: puttng 3.5% down and making offer

as a recent seller - we had a couple of offers with people putting down 3.5 - it was not an issue for us if the asking price was right.

Re: puttng 3.5% down and making offer

We just had an offer accepted this week...3.5% down and we are asking for 3% seller's concession. So, we were very lucky and can't wait to fully go into contract!

Re: puttng 3.5% down and making offer

awesome news!

yes, we would do an FHA loan with 3.5% down. i am fearful of the Mortgage insurance though.

Re: puttng 3.5% down and making offer

The mortgage insurance does stink and I think you have to have it for 5 years.

Re: puttng 3.5% down and making offer

We did it with an FHA loan and had no problem. Our sellers were not concerned at all.

Re: puttng 3.5% down and making offer

We’ve put in 4 offers with only 3.5% down and not gotten any of them… but I don’t think the 3.5% was the issue. Two of the houses we liked sold for over the asking price, and one had 11 other offers on it, some of them all in cash.

Re: puttng 3.5% down and making offer

Posted by TeamBurns

I put down 0% and we are about to close

Re: puttng 3.5% down and making offer

Posted by NoStressBride

Posted by TeamBurns

I put down 0% and we are about to close

Wow

Re: puttng 3.5% down and making offer

Posted by TeamBurns

I put down 0% and we are about to close

Re: puttng 3.5% down and making offer

Posted by HeatherRose

Posted by TeamBurns

I put down 0% and we are about to close

how did you do that?

Re: puttng 3.5% down and making offer

the mortgage insurance is really not bad - i think it's $150 a month? you don't even notice it with paying taxes