View in: Desktop
Copyright @2024 TigerDroppings.com. All rights reserved.
- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Posted by
Message
Down payment on a house.
Posted by diddydirtyAubie on 8/1/11 at 2:18 pm00
I will be a first time home buyer. I have good credit. I heard banks are not allowing anything lower than 20%. Is this true? Is it possible to only have 15%?
re: Down payment on a house.Posted by Paul Allen on 8/1/11 at 2:22 pm to diddydirtyAubie
Homepath is 3% down and FHA is 3.5% down
re: Down payment on a house.Posted by Negatiger2 on 8/1/11 at 2:31 pm to diddydirtyAubie
Like the pervious poster said, you can get an FHA loan with 3.5% down. However, you will have to pay mortgage insurance until you have 20% equity in the home. This anywhere from .25% to several % depending on home much you put down at first.
re: Down payment on a house.Posted by Paul Allen on 8/1/11 at 2:32 pm to Negatiger2
PMI is roughly $70 per month
re: Down payment on a house.Posted by jmtigers on 8/1/11 at 2:35 pm to Paul Allen
Wouldn't it be a good time to borrow as much as you can? given the current interest rates?
re: Down payment on a house.Posted by jkb531 on 8/1/11 at 2:40 pm to diddydirtyAubie
quote:
I will be a first time home buyer. I have good credit. I heard banks are not allowing anything lower than 20%. Is this true? Is it possible to only have 15%?
If you have good credit and can put at least 5% down, best to go conventional. FYI, FHA PMI has doubled in the past year. Whoever you heard that from about the 20% down is an idiot. There are plenty of options available. Rates are at lowest point since October 2010.
re: Down payment on a house.Posted by TigerDeacon on 8/1/11 at 2:50 pm to Paul Allen
quote:
PMI is roughly $70 per month
re: Down payment on a house.Posted by TigerintheNO on 8/1/11 at 3:05 pm to Paul Allen
wouldn't depend on how much you are borrowing? seems a little low
TD SponsorTD Fan
USA
Member since 2001
USA
Member since 2001
Thank you for supporting our sponsors Posted by Site Sponsor to Everyone
Advertisement
re: Down payment on a house.Posted by 1hogfan on 8/1/11 at 4:22 pm to diddydirtyAubie
quote:
I heard banks are not allowing anything lower than 20%. Is this true?
That is for sure not true. I am closing in two weeks on a $225,000 loan at 4.375% for 30 years and only putting 10% down. PMI is $75 a month until loan to value is less than 80% (for me approx 3.5 years).
re: Down payment on a house.Posted by Thomas Hudson on 8/2/11 at 10:00 am to diddydirtyAubie
What kind of downpayment are banks currently requiring on jumbos? Is it still stuck at 80% LTV?
re: Down payment on a house.Posted by TortiousTiger on 8/2/11 at 10:02 am to Paul Allen
quote:
PMI is roughly $70 per month
Good to know
re: Down payment on a house.Posted by ds1tiger on 8/2/11 at 10:19 am to Thomas Hudson
For jumbos, your best deal will be an 80% 1st and a 10% 2nd. That's as good as it gets right now.
re: Down payment on a house.Posted by Thomas Hudson on 8/2/11 at 10:42 am to ds1tiger
quote:
For jumbos, your best deal will be an 80% 1st and a 10% 2nd. That's as good as it gets right now.
Thanks
re: Down payment on a house.Posted by lsuhunt555 on 8/2/11 at 12:41 pm to diddydirtyAubie
quote:
I heard banks are not allowing anything lower than 20%. Is this true?
I bought a house in December, closed the week before Christmas. I put nothing down. It was a "Rural Development" loan, which I understood it as long as the home appraised for 15% more than was offered, I didnt need anything down.
Granted, this is in Bunkie.
Back to top
Follow TigerDroppings for LSU Football News