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Jesaroo
is not the girl you knew
Member since 5/05 14266 total posts
Name:
Jes
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Q for HomeOwners.
how much $ do you usually need on average for a down payment on a house?
TIA
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Posted 11/30/06 1:52 PM  |
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Prudential Douglas Elliman Real Estate
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: Q for HomeOwners.
It depends. You can get a 1st time homeowners loan that only requires 5% down. You may need to get 2 mortgages though to make up the difference.
It can also be anywhere from 10% to 30% or better depending on the type of mortgage you get.
Are you guys looking in LV?
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| Posted 11/30/06 1:54 PM |
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Jesaroo
is not the girl you knew
Member since 5/05 14266 total posts
Name:
Jes
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Re: Q for HomeOwners.
Posted by MsMBV
It depends. You can get a 1st time homeowners loan that only requires 5% down. You may need to get 2 mortgages though to make up the difference.
It can also be anywhere from 10% to 30% or better depending on the type of mortgage you get.
Are you guys looking in LV?
YES AND NO.
oops, caps, sorry.
i just figured, why not? i mean, we dont have to STAY there, we can always sell and chances are that we'd make money off it
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| Posted 11/30/06 2:01 PM |
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curliegirl
He's here!!!!
Member since 3/06 10128 total posts
Name:
Gina
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Re: Q for HomeOwners.
To not have to pay PMI you would have to put down 20%. Remember that closing cost are a killer too..
DH put down 100K when he bought our house, almost 25%
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| Posted 11/30/06 2:04 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Q for HomeOwners.
Posted by curliegirl
To not have to pay PMI you would have to put down 20%. Remember that closing cost are a killer too..
DH put down 100K when he bought our house, almost 25%
the closing costs in LV are probably lower than here- they dont have mortgage recording tax in Nevada.
It depends on how much of a mortgage you can afford - there is no rule about how much to put down as long as you are comfortable with your monthly payment - there are pleanty of programs whre you dont have to put 20% down.
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| Posted 11/30/06 2:06 PM |
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curliegirl
He's here!!!!
Member since 3/06 10128 total posts
Name:
Gina
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Re: Q for HomeOwners.
Oh, I didn't see you were looking in Nevada, sorry.
You can put down $500 if you want to, it all depends on the financing you get and what penalties you choose to pay.
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| Posted 11/30/06 2:09 PM |
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Marcie
Complete Happiness :)
Member since 5/05 27789 total posts
Name:
LOVE being a Mommy!
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Re: Q for HomeOwners.
We put $10,000 down and we are paying about another $10,000 in closing costs.
We are financing the rest
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| Posted 11/30/06 2:27 PM |
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Jesaroo
is not the girl you knew
Member since 5/05 14266 total posts
Name:
Jes
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Re: Q for HomeOwners.
ok cool thank you!
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| Posted 11/30/06 2:29 PM |
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steph4777
**************
Member since 5/05 11726 total posts
Name:
Stephanie
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Re: Q for HomeOwners.
We put down about 8K plus closing costs. We did an 80/15/5 loan to avoid PMI.
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| Posted 11/30/06 2:31 PM |
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Jesaroo
is not the girl you knew
Member since 5/05 14266 total posts
Name:
Jes
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Re: Q for HomeOwners.
whats PMI?
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| Posted 11/30/06 2:37 PM |
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JenBenMen
party of five
Member since 9/06 11343 total posts
Name:
Jen
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Re: Q for HomeOwners.
The deal is hopefully going through, but we are putting 10% down on a condo....I wish we could put more, but we are poor
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| Posted 11/30/06 2:41 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Q for HomeOwners.
Posted by ThusSpokeLaLolita
whats PMI?
Private Mortgage Insuance.
If you dont put 20% down, you are a higher risk of default in the banks eye. So you have to pay insurance (maybe an extra $100-150 per month depending on your mortgage). if you do a second mortgage, you can avoid the PMI.
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| Posted 11/30/06 2:43 PM |
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Jesaroo
is not the girl you knew
Member since 5/05 14266 total posts
Name:
Jes
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Re: Q for HomeOwners.
oooooh ok
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| Posted 11/30/06 2:43 PM |
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curliegirl
He's here!!!!
Member since 3/06 10128 total posts
Name:
Gina
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Re: Q for HomeOwners.
Posted by Meaghan729
Posted by ThusSpokeLaLolita
whats PMI?
Private Mortgage Insuance.
If you dont put 20% down, you are a higher risk of default in the banks eye. So you have to pay insurance (maybe an extra $100-150 per month depending on your mortgage). if you do a second mortgage, you can avoid the PMI.
Or you could just pay the PMI until you reach the 20%, you have to see ahich is better for your credit....
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| Posted 11/30/06 2:45 PM |
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curliegirl
He's here!!!!
Member since 3/06 10128 total posts
Name:
Gina
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Re: Q for HomeOwners.
Posted by JenBenMen
The deal is hopefully going through, but we are putting 10% down on a condo....I wish we could put more, but we are poor
YAY Jen!!!! Can't wait to see it! Don't worry, we can be poor together. I just sent Kevin a ton of houses, 'cuz we gotta always keep our eyes open!!!!
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| Posted 11/30/06 2:46 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Q for HomeOwners.
Posted by curliegirl
Posted by Meaghan729
Posted by ThusSpokeLaLolita
whats PMI?
Private Mortgage Insuance.
If you dont put 20% down, you are a higher risk of default in the banks eye. So you have to pay insurance (maybe an extra $100-150 per month depending on your mortgage). if you do a second mortgage, you can avoid the PMI.
Or you could just pay the PMI until you reach the 20%, you have to see ahich is better for your credit....
thats true - but you get to write off the interest of the second mortgage on your taxes - there are definite pros and cons for both.
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| Posted 11/30/06 2:48 PM |
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kaklesmay
Love my baby boy!
Member since 9/05 1151 total posts
Name:
Kim
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Re: Q for HomeOwners.
5-10% of price plus closing costs (another 5ish%)
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| Posted 11/30/06 3:15 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: Q for HomeOwners.
you don't have to put anything down
and Vegas is going to be hit hard- it's going to be a great time to buy there-
you might even be able to get the closing costs paid for you
FM me if you want my husbands email- he is Lic. to do mortgages in Nevada and he can answer all your questions
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| Posted 11/30/06 3:58 PM |
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Jesaroo
is not the girl you knew
Member since 5/05 14266 total posts
Name:
Jes
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Re: Q for HomeOwners.
Posted by Beth1210
you don't have to put anything down
and Vegas is going to be hit hard- it's going to be a great time to buy there-
you might even be able to get the closing costs paid for you
FM me if you want my husbands email- he is Lic. to do mortgages in Nevada and he can answer all your questions
omg thank you!!!
we are not looking JUST yet, but i may take you up on that when the time arrives. im just trying to figure out all details before we decide to move.
thanks so much!
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| Posted 11/30/06 4:03 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: Q for HomeOwners.
omg thank you!!!
we are not looking JUST yet, but i may take you up on that when the time arrives. im just trying to figure out all details before we decide to move.
thanks so much!
your welcome- he would be happy to help you- even if it's just to help you gather information and set you in the right direction
buying your first home is scary- and buying one in another state adds a whole other level
the first thing you guys should do - before you look- is find out how much you can afford
then take a trip to vegas and see what is available
a short term rental wouldn't even be a bad idea to feel things out- get settled- and then take it from there
and being that you job is more a cash job- then a salary job- Jake has certain types of loans that would work better for you- then for other people
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| Posted 11/30/06 4:07 PM |
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Jesaroo
is not the girl you knew
Member since 5/05 14266 total posts
Name:
Jes
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Re: Q for HomeOwners.
thanks so much for the advice!
i agree, i think we should:
-visit and look at different homes and areas
-then once we decide, RENT a home that has th option to buy.... which alot of place in LV seem to offer
-THEN look into loans and such
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| Posted 11/30/06 5:24 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Q for HomeOwners.
My friend bought her house in LV with nothing down
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| Posted 11/30/06 5:28 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Q for HomeOwners.
i can also ask what areas to stay away from....
if you want
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| Posted 11/30/06 5:28 PM |
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Jesaroo
is not the girl you knew
Member since 5/05 14266 total posts
Name:
Jes
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Re: Q for HomeOwners.
Posted by Redhead
i can also ask what areas to stay away from....
if you want
that would actually be extremely helpful thanks!
we were thinking of staying in:
Henderson
Green Valley
Summerlin
if you dont mind asking her if she recomends any others?? and/or which ones to avoid that would be awesome!
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| Posted 11/30/06 5:50 PM |
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