NT Home Owners....quick question...

[dosky323]

When you purchased your home how much did you have saved up for the down payment and how much did you have after the down payment? I ask because I am going to purchase a home in a couple years and I'm curious to know how people go about doing this. Technically I have enough for a 20% down payment but I would not have much in savings plus I don't have enough credit history to be approved for a home loan.

 

[dosky323]

When you purchased your home how much did you have saved up for the down payment and how much did you have after the down payment? I ask because I am going to purchase a home in a couple years and I'm curious to know how people go about doing this. Technically I have enough for a 20% down payment but I would not have much in savings plus I don't have enough credit history to be approved for a home loan.

 

[lazyj10]

You can get prequalified based on purchase prices and amount down. I did 5% in 2007 for my condo on a non-FHA loan. Now obviously standards are stricter but your best bet is to go and talk to a banker/broker. FHA loans are still around 3% down I think

 

[lazyj10]

You can get prequalified based on purchase prices and amount down. I did 5% in 2007 for my condo on a non-FHA loan. Now obviously standards are stricter but your best bet is to go and talk to a banker/broker. FHA loans are still around 3% down I think

 

[dosky323]

My goal is to have the monthly come to no higher than $1200 so that is why I'm shooting for that 20% on the dp.

 

[dosky323]

My goal is to have the monthly come to no higher than $1200 so that is why I'm shooting for that 20% on the dp.

 

[lazyj10]

Well ultimately the principal you take on will dictate that. You may be able to spend less, put down less and be around your target etc

 

[lazyj10]

Well ultimately the principal you take on will dictate that. You may be able to spend less, put down less and be around your target etc

 

[eltouha]

savings and downpayment are the same thing. there's no point to holding on to some savings (for the purposes of the loan), as long as there's a reliable and steady source of income.

 

[eltouha]

savings and downpayment are the same thing. there's no point to holding on to some savings (for the purposes of the loan), as long as there's a reliable and steady source of income.

 

[timcity2000]

house cost $195K (back in '07). i only put down $10K, so my loan was $185K.

if you can afford 20%, you will avoid mortgage insurance, which is nice.

 

[timcity2000]

house cost $195K (back in '07). i only put down $10K, so my loan was $185K.

if you can afford 20%, you will avoid mortgage insurance, which is nice.

 

[travisjmu]

it is nice, but if you can' get the 20% not really needed...

i put down 3.5% i think around $8.5K...monthly payment if $1349 i think.....

 

[travisjmu]

it is nice, but if you can' get the 20% not really needed...

i put down 3.5% i think around $8.5K...monthly payment if $1349 i think.....

 

[dosky323]

I'm always looking ahead though....I 'd prefer to have approx 20-30k aside for my side projects. I'm gonna lay down between 40-60k down on the pad...tired of living in a duplex.

 

[dosky323]

I'm always looking ahead though....I 'd prefer to have approx 20-30k aside for my side projects. I'm gonna lay down between 40-60k down on the pad...tired of living in a duplex.

 

[dosky323]

Housing market in L.A. is a b though...from what I can tell nice houses where I'd like to live start at 300k lol SMH.

 

[dosky323]

Housing market in L.A. is a b though...from what I can tell nice houses where I'd like to live start at 300k lol SMH.

 

[eltouha]

ah, that makes it clearer.

talk to a mortgage broker, the more you put down the better. man, LA? try sydney (australia). a good house is about double that. our shoebox sized one bedroom apartment is more that that price you quoted. your current interest rates are a heavenly dream next to ours!

good luck.

 

[eltouha]

ah, that makes it clearer.

talk to a mortgage broker, the more you put down the better. man, LA? try sydney (australia). a good house is about double that. our shoebox sized one bedroom apartment is more that that price you quoted. your current interest rates are a heavenly dream next to ours!

good luck.

 

[dosky323]

Thanks for the feedback.

 

[dosky323]

Thanks for the feedback.

 

[gatorbeltsnpattiemelts]

My total closing costs was like 4-5 stacks (that INCLUDED the down payment)

I got an FHA-Loan on a foreclosed duplex (dwn payment wasw 3.5%) My mortgage is 1k a month, and although the other side is empty, I'm still great. I put down 20 bucks every month towards principal

Not much, but it's something. Hopefully i can get somebody in there though, cuz I charge 850---which, if you do the math, I'm basically only putting 2 hundred something towards my mortgage

 

[gatorbeltsnpattiemelts]

My total closing costs was like 4-5 stacks (that INCLUDED the down payment)

I got an FHA-Loan on a foreclosed duplex (dwn payment wasw 3.5%) My mortgage is 1k a month, and although the other side is empty, I'm still great. I put down 20 bucks every month towards principal

Not much, but it's something. Hopefully i can get somebody in there though, cuz I charge 850---which, if you do the math, I'm basically only putting 2 hundred something towards my mortgage