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Started By
Message
Mortgage question
Posted on 7/20/14 at 9:43 am
Posted on 7/20/14 at 9:43 am
A little background: Good income, currently renting, and we have been feverishly paying off student loans from two professional degrees for the past several years. Because of this, we haven't been focusing on accumulating a down payment. We are looking at houses between 350-400, as this payment will be comfortable for us. How much can we expect to have to put down? Not worried about qualifying for the loan, just how much of a down payment we'll need.
4
Posted on 7/20/14 at 9:46 am to Costanza
at least 10% i would think isnt that the norm?
Posted on 7/20/14 at 9:50 am to Costanza
Eta: I woke up grumpy.
3.5 % for FHA
5% for single family conventional
these are both mortgage insurance backed.
20% down for conventional with no mortgage insurance
3.5 % for FHA
5% for single family conventional
these are both mortgage insurance backed.
20% down for conventional with no mortgage insurance
This post was edited on 7/20/14 at 9:52 am
Posted on 7/20/14 at 9:53 am to Mr.Perfect
Never claimed to be smart! The student loans are actually pretty compelling evidence to the contrary. 
Posted on 7/20/14 at 10:33 am to Mr.Perfect
quote:
Mortgage question Eta: I woke up grumpy. 3.5 % for FHA 5% for single family conventional these are both mortgage insurance backed. 20% down for conventional with no mortgage insurance
There are some 5% down but with PMI financed upfront can go up to 97%. Also have lender oh can do no PMI with 15% down and will pay 1% of cc. All conv of course. Shop around
Posted on 7/20/14 at 10:42 am to Costanza
Are you in Bama? 400k is a shitload of house.
Posted on 7/20/14 at 10:55 am to I Love Bama
Yep and yep. Pricey area. Wouldn't spend that much if we couldn't hit our saving and investing goals as well.
Posted on 7/20/14 at 11:19 am to Costanza
see if you can do a purchase money second. you avoid mortgage insurance/not required to escrow property taxes.
not a bad option.
not a bad option.
Posted on 7/20/14 at 11:20 am to Costanza
quote:
Wouldn't spend that much if we couldn't hit our saving and investing goals as well.
Thats the key
Posted on 7/20/14 at 11:37 am to Costanza
Very nice.
Posted on 7/20/14 at 1:10 pm to I Love Bama
quote:
Are you in Bama? 400k is a shitload of house.
Come up to DC and move into a 1BR condo instead.
Posted on 7/20/14 at 9:59 pm to Costanza
Bear in mind you are getting close to jumbo loan territory there.
Posted on 7/21/14 at 5:07 pm to LSUFanHouston
What's the deal with jumbos???
Say I have 200k to put down and looking to but a 900k house - would this be a jumbo? And are there anymore requirements to qualify for a jumbo??
Say I have 200k to put down and looking to but a 900k house - would this be a jumbo? And are there anymore requirements to qualify for a jumbo??
Posted on 7/22/14 at 10:33 am to RollTheRock
quote:
Say I have 200k to put down and looking to but a 900k house - would this be a jumbo? And are there anymore requirements to qualify for a jumbo??
yes, jumbo is any loan amount over $417,000. Lots of other issues, if you really need to do this, go to your bank, and do it internally. the big boys will claim they do it, but will put you through the ringer in the process, and it will be miserabel for you.
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