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JennB
My princess <3
Member since 5/09 2473 total posts
Name:
Jenn
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Question for those of you who recently got a mortgage
Is it true that the banks are now requiring people to put a 20% down payment?
I am totally freaking out here - if that is true, where the heck do people get that kind of money from?!?
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Posted 6/12/11 8:43 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: Question for those of you who recently got a mortgage
I don't know if it's true because we bought in '08, and did not put that much down, however, I would imagine they saved up, used wedding money, inheritances, had some help from family..............
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| Posted 6/12/11 8:48 PM |
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KellyNYC
LIF Adolescent
Member since 10/05 650 total posts
Name:
Kelly
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Re: Question for those of you who recently got a mortgage
No way. We had no problem getting a mortgage with a great rate and 5% down. We compared a few different banks and nobody gave us a problem. FM me for recommendations.
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| Posted 6/12/11 8:57 PM |
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JennB
My princess <3
Member since 5/09 2473 total posts
Name:
Jenn
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Re: Question for those of you who recently got a mortgage
I bought in 09 but I bought a co-op and it was required by the board to put down 20% but it actuallt ended up being more like 30%. A co-op costs no where near what a house costs though. It just makes this process seem a little less hopeless for me
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| Posted 6/12/11 8:58 PM |
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JennB
My princess <3
Member since 5/09 2473 total posts
Name:
Jenn
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Re: Question for those of you who recently got a mortgage
Posted by KellyNYC
No way. We had no problem getting a mortgage with a great rate and 5% down. We compared a few different banks and nobody gave us a problem. FM me for recommendations.
Was this recently? We aren't really looking but something came up that would be awesome for us - I would never be able to afford it with 20% down though. Everything is tsill up in the air but this info I got kind of put a damper on things
Message edited 6/12/2011 9:00:53 PM.
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| Posted 6/12/11 9:00 PM |
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KellyNYC
LIF Adolescent
Member since 10/05 650 total posts
Name:
Kelly
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Re: Question for those of you who recently got a mortgage
Yup, we closed 4/13.
Eek...I should clarify, just remembered. We did an FHA loan which I think was for first time home buyers. Minimum required was 3.5% down.
Message edited 6/12/2011 9:03:13 PM.
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| Posted 6/12/11 9:00 PM |
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JennB
My princess <3
Member since 5/09 2473 total posts
Name:
Jenn
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Re: Question for those of you who recently got a mortgage
Thats good to know!thanks!
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| Posted 6/12/11 9:01 PM |
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8ternity
<3
Member since 11/08 10586 total posts
Name:
Formally NYPD-Wife
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Re: Question for those of you who recently got a mortgage
We are in the process of buying a home and we are putting 15% down. If you don't put 20% just know that you will be paying PMI on your monthly mortgage.
Message edited 6/12/2011 9:30:37 PM.
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| Posted 6/12/11 9:30 PM |
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Charly
LOVE!
Member since 5/05 12578 total posts
Name:
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Re: Question for those of you who recently got a mortgage
Posted by KellyNYC
Yup, we closed 4/13.
Eek...I should clarify, just remembered. We did an FHA loan which I think was for first time home buyers. Minimum required was 3.5% down.
FYI FHA loans are NOT only for first time home buyers. We are 3rd time home buyers and qualified to apply for a FHA loan. We will only be putting down 3.5%.
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| Posted 6/12/11 9:48 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Question for those of you who recently got a mortgage
we closed nov 2010 and were putting down 20%. our lawyer (and the sellers lawyer) told us that most people in the area are putting down 5 % maybe 10% so I doubt you will have any issues.
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| Posted 6/12/11 9:57 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: Question for those of you who recently got a mortgage
We're just starting to get into the homebuying process for the first time. We were told it's 3.5% down for an FHA loan.
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| Posted 6/12/11 11:39 PM |
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BAM 2009
I am who I am!!!
Member since 5/09 6081 total posts
Name:
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Re: Question for those of you who recently got a mortgage
Posted by ElizaRags35
We're just starting to get into the homebuying process for the first time. We were told it's 3.5% down for an FHA loan.
Same here!!!!
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| Posted 6/13/11 12:05 AM |
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MrsKR88
LIF Adult
Member since 2/10 979 total posts
Name:
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Re: Question for those of you who recently got a mortgage
Posted by NYPD-Wife
We are in the process of buying a home and we are putting 15% down. If you don't put 20% just know that you will be paying PMI on your monthly mortgage.
We are putting down 20% and were told that we still had to pay pmi because it is an FHA loan.
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| Posted 6/13/11 1:52 AM |
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JennB
My princess <3
Member since 5/09 2473 total posts
Name:
Jenn
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Re: Question for those of you who recently got a mortgage
maybe a silly question but what is PMI?
I would have more than 3.5% to put down, just not the full 20%.
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| Posted 6/13/11 8:09 AM |
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Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
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Re: Question for those of you who recently got a mortgage
Posted by JennB
maybe a silly question but what is PMI?
I would have more than 3.5% to put down, just not the full 20%.
i think it stands for private mortgage insurance. its an additional monthly expense if you put down less than a certain amount (i was under the impression it was less than 20%).
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| Posted 6/13/11 9:32 AM |
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MockingJay
Ring out the old...
Member since 9/08 1312 total posts
Name:
Ring in the new!
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Re: Question for those of you who recently got a mortgage
Just did my FHA mortgage over the weekend and we're only putting down 3.5%.
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| Posted 6/13/11 11:03 AM |
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EMC11709
LIF Toddler
Member since 3/10 484 total posts
Name:
Erica
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Re: Question for those of you who recently got a mortgage
Posted by BAM 2009
Posted by ElizaRags35
We're just starting to get into the homebuying process for the first time. We were told it's 3.5% down for an FHA loan.
Same here!!!!
Agreed we are only putting 3.5% down.
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| Posted 6/13/11 12:11 PM |
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LovesMike
LIF Adult
Member since 8/10 978 total posts
Name:
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Re: Question for those of you who recently got a mortgage
Posted by MrsKR88
Posted by NYPD-Wife
We are in the process of buying a home and we are putting 15% down. If you don't put 20% just know that you will be paying PMI on your monthly mortgage.
We are putting down 20% and were told that we still had to pay pmi because it is an FHA loan.
Out of curiosity, why would you do an FHA if you have 20% down? What is the benefit? TIA!
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| Posted 6/13/11 12:33 PM |
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MrsFuller
LIF Infant
Member since 5/11 103 total posts
Name:
Mrs.Fuller
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Re: Question for those of you who recently got a mortgage
Posted by BAM 2009
Posted by ElizaRags35
We're just starting to get into the homebuying process for the first time. We were told it's 3.5% down for an FHA loan.
Same here!!!!
Same here and I did my Mortgage in March of this year we are actually closing July 7th 
FM me for recomendations I have a great mortgage guy!
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| Posted 6/13/11 12:37 PM |
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JennyPenny
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Member since 1/08 12702 total posts
Name:
Jen
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Re: Question for those of you who recently got a mortgage
We did conventional because we put 24% down and wanted to steer clear of the PMI. For FHA the down payment amt. is MUCH less.
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| Posted 6/13/11 12:37 PM |
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MrsKR88
LIF Adult
Member since 2/10 979 total posts
Name:
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Re: Question for those of you who recently got a mortgage
Posted by LovesMike
Posted by MrsKR88
Posted by NYPD-Wife
We are in the process of buying a home and we are putting 15% down. If you don't put 20% just know that you will be paying PMI on your monthly mortgage.
We are putting down 20% and were told that we still had to pay pmi because it is an FHA loan.
Out of curiosity, why would you do an FHA if you have 20% down? What is the benefit? TIA!
I think we had t do an FHA loan because we did not have enough credit built.
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| Posted 6/13/11 2:31 PM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: Question for those of you who recently got a mortgage
We saved and recieved a generous gift from my father-in-law. we put 20% down. If it weren't for the gift I would have continued renting and saving $.
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| Posted 6/13/11 3:23 PM |
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Dana517
LIF Infant
Member since 3/11 291 total posts
Name:
Dana
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Re: Question for those of you who recently got a mortgage
Hey Jenn! U can do an FHA for a lot less down but like someone said u will pay PMI on top of ur mortgage. I think ours is an extra $300 a month, but it doesn't get applied towards your loan which sucks but it's for 5 yrs I think
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| Posted 6/13/11 3:32 PM |
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hmm8191
My loves
Member since 3/06 2908 total posts
Name:
Heather
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Re: Question for those of you who recently got a mortgage
We closed a year ago and qualified for and received an FHA mortgage which requires only 3.5% down. We put more than that but not anywhere close to 20%.
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| Posted 6/14/11 1:51 PM |
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ThePs1023
LIF Toddler
Member since 8/10 377 total posts
Name:
Rachel
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Re: Question for those of you who recently got a mortgage
Posted by Dana517
Hey Jenn! U can do an FHA for a lot less down but like someone said u will pay PMI on top of ur mortgage. I think ours is an extra $300 a month, but it doesn't get applied towards your loan which sucks but it's for 5 yrs I think
not all pmi caps at 5 years. it depends on the mortgage service company. if you do not put 20% upfront you might need to prove a certain LTV (sometimes is 75% meaning 25% equity). it also depends on the neighborhood and type of dwelling (co-op, house, etc).
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| Posted 6/14/11 9:43 PM |
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