Just curious what you went through to get it and HOW.
not too many people know that i dance, and my questions are best asked here first!
What is a good amount for a down payment?
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Just curious what you went through to get it and HOW.
not too many people know that i dance, and my questions are best asked here first!
What is a good amount for a down payment?
20% is a great amount for a down payment, if you can swing it.
You get better choicecs for loans (no doc) and you won't have to pay PMI, which is kind of expensive and a waste of money. Plus you'll get better interest rates.
When I got my house, I put 5% down, but I also had a legit tax return and went through a first-time homebuyers program. I also pay PMI. If you are not being compeltely honest on your income taxes, you should probably avoid standard loans.
PM me. I do this for a living, but ther is too much info to post. It is not hard!
Have you thought of refi-ing your place and making an 80/15 split? That way you avoid the PMI and the money that you spend on PMI will pretty much go towards paying off the small 2nd you have. Just a thought.Quote:
Originally Posted by Emily link=board=6;threadid=12546;start=msg162487#msg162 487 date=1093359095
ask yourself what do you want? A bigger down payment means a lower rate. you can do a no downpayment loan. You can put less $$ down and invest the rest of your cash in some sort of money making investment. there is no right or wrong answer, but if you intend to put no $$ down, you need decent credit.
I normally would, but I'm in the process of selling my house right now....moving up into something bigger very soon. I have enough equity in this house to put 20% down on the next one, so it shouldn't be an issue then.Quote:
Originally Posted by VenusGoddess link=board=6;threadid=12546;start=msg163501#msg163 501 date=1093454179
20% down money plus closing costs works magic - banks ask far fewer questions. This is a major concern when you don't work in a profession with a reliable, repeatable, documented income.
That's cool! Good luck, Em!
From the limited amount i kow the best way for you to probably do this is useing an alternate credit bank. They will do a full documentation loan and use 12 -24 months of bank statements for income. Basically taking your monthly deposits and averagving them over 12 months to get your monhly income. These banks don't charge PMI if you put less than 20% down. There are also stated incomes you can use also. If you need a good mortgage rep i know of someone in Pasco Co area who covers the whole state.
yeah, it's called a SUB-PRIME lender, and they carry higher rates. Expect to pay 7-8% on a 2 year Adjustable. Some have interest only loans to make them more affordable. If you have good credit, you can get Stated Income loans (do not verify income, no tax returns) with an "A Paper" lender for as little as 3% on a adjustable. Talk with someone who knows what they are doing.Quote:
Originally Posted by Pazzo link=board=6;threadid=12546;start=msg165726#msg165 726 date=1093695610
Scorpio is right--You need a pro. And not just one necessarily. No offense to Scopio's profession but you may need a second opinion, not just one. Listen to both and if they disagree get a third opinion. Not all pros are created equal.
The ultimate truth is going to depend on things no reader here is going to know.
except, me. I am a mortgage broker! But I would need to hear her entire story.
You are right I was talking about a sub prime lender. When you don't know someones specific situation you assume nothing. Basically her options can be anything from the best situation to the worst situation or anywhere in between.There are tons of mortgage products out there so i was just generalizing on things she might be able to get. Especially because we are pretty damn sure she isnt getting paid by a W2. Im not going to get too much in detail about this because as i said i dont know her personal situation. Plus what the hell do i know im only the general manager of a mortgage company.Quote:
Originally Posted by scorpio link=board=6;threadid=12546;start=msg165904#msg165 904 date=1093720361
Tampa when you are ready for it i can give you some very qualified people in florida who can handle your mortgage. They are only about 1/2 hr or less from Tampa and they will do a good job. Simply because i will kick thier ass if they don't LOL.
Listen to Paz. he's local to you and can help I'm sure. Don't waste time, do it now. rates are still great, and buying a home is no more difficult than renting one. Plus, you will never get yourself on the road to financial stability without owning property. Good luck.
Well scorp, i dont know about owning a house leading to financial stability. im in pretty good shape and rent an apartment. Then again im renting because my job is currently like 1400 miles from where i want to buy. So until we open offices there ill be renting.
you are a mortgage manager and you rent?
i had a house until last winter. The market was really good so i sold it foralmost double what i paid 3 years earlier. I was going to buy another but plan on relocating within a year. We want to expand the company and i want to move and open 2 or 3 offices for them. So what good would it hvae been to buy ahouse again for a year.
Oh, you know...just for the fun of house hunting, finding all of the papers to send to the bank to get a mortgage...and all of those "last minute" problems that seem to pop up the day of closing. Oh, and the joys of underwriting! Yeah!! :D J/KQuote:
Originally Posted by Pazzo link=board=6;threadid=12546;start=msg167327#msg167 327 date=1093920638
that makes sense, paz.
I can't wait until the day I move back to New Orleans and by a house on the water.
i just can't wait to move south and buy a damn boat. Id like to live on the water but the houses with property where i am going are about a million bucks. Cant afford that yet. Plus too much upkeep i want something low maint. so i can travel and do what i want.Quote:
Originally Posted by onlythebest link=board=6;threadid=12546;start=msg167651#msg167 651 date=1093984900
The properties I have my eye on are about $250K,to $300K.Quote:
Originally Posted by Pazzo link=board=6;threadid=12546;start=msg168038#msg168 038 date=1094056931
Quote:
Originally Posted by onlythebest link=board=6;threadid=12546;start=msg168044#msg168 044 date=1094057385