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Started By
Message
Down Payment on a HOME!!!
Posted on 7/21/11 at 3:14 pm
Posted on 7/21/11 at 3:14 pm
wondering how much should I put down on a home that cost $160,000...
or if I should put down any?
thanks
or if I should put down any?
thanks
5
Posted on 7/21/11 at 3:21 pm to Jaylafa
I would not buy a home right now if i couldn't put 20 percent down. PMI is getting harder and harder to remove
Posted on 7/21/11 at 3:23 pm to Jaylafa
I think the minimum you have to put is 3.5% on an FHA loan. Put down 20% if you have it so you can avoid PMI.
Posted on 7/21/11 at 3:29 pm to Boh
thanks
Posted on 7/21/11 at 3:44 pm to Jaylafa
quote:
wondering how much should I put down on a home that cost $160,000...
or if I should put down any?
thanks
Are you asking because you have $160K in cash and you can just pay cash for the whole thing?
Posted on 7/22/11 at 3:21 am to Jaylafa
i recently purchased man and putting down 3.5 % for an fha was a little over 6000 prepare for about 6-7k in closing costs out of pocket if the seller isn't will to do any sellers concession. oh yeah and pmi for 10 years on top of that for about 150 dollars a month on top your mortgage. good luck
Posted on 7/22/11 at 9:59 am to Mrtommorrow1987
we just closed on our new home yesterday and put down $65K....that hurt 
Posted on 7/22/11 at 11:46 am to Kingwood Tiger
quote:
Down Payment on a HOME!!!
we just closed on our new home yesterday and put down $65K....that hurt
How much do you make? Jesus
Posted on 7/22/11 at 12:28 pm to wegotdatwood
Together we do pretty good....just hated paying that out of pocket....still plenty of backup
Posted on 7/22/11 at 12:47 pm to Kingwood Tiger
How much was the total price of house?
Posted on 7/22/11 at 2:23 pm to LSU1018
quote:
PMI is getting harder and harder to remove
Tell me about it. I have been in my home almost 6 yrs and am still paying that shite to the tune of $68/month. I thought it would drop off automatically but evidently not and the idiots at the local chase branch aren't any help it would appear. I only had 12.5% to put down when I bought my home.
This post was edited on 7/22/11 at 2:25 pm
Posted on 7/22/11 at 2:47 pm to bayoudude
You should be able to get it removed by calling asking them. Don't deal with local people. I had a loan about the same time as you and was able to get my PMI removed after 2 years. I just had to pay the 400 appraisal fee. In reality, with as low as rates are, I would look into refinancing and that would get it removed possibly too if you have enough equity
Posted on 7/22/11 at 6:31 pm to LSU1018
I have been in my house since nov of 2009 how do i get rid of that pmi crap... i placed only 3.5% down on my home
Posted on 7/22/11 at 8:52 pm to Mercy Percy
You SOL. You need to have it paid to 78%.
Posted on 7/23/11 at 2:37 pm to LSU1018
The 160,000 number doesn't necessarily mean anything in terms of PMI. What matters is going to be appraised value. The property may appraise for 200k and he might not have to put anything down to avoid PMI. Not that I believe that's necessarily the best move, just pointing out that until there is an appraised value established, we don't have the info available to make an educated reccomendation.
This post was edited on 7/23/11 at 2:38 pm
Posted on 7/23/11 at 3:05 pm to Jaylafa
If PMI will be required, just wait to buy the house.
Posted on 7/23/11 at 5:47 pm to Forgiving Morgan
quote:
The 160,000 number doesn't necessarily mean anything in terms of PMI. What matters is going to be appraised value. The property may appraise for 200k and he might not have to put anything down to avoid PMI. Not that I believe that's necessarily the best move, just pointing out that until there is an appraised value established, we don't have the info available to make an educated reccomendation. This post was edited on 7/23 at 2:38 pm
It depends on which loan program he uses. Some go based on appraisal, some go on purchase price. Either way, I wouldn't pay PMI again. I would buy a smaller house before paying PMI again
Posted on 7/23/11 at 8:08 pm to LSU1018
Once you build up equity in your home,...if it appraises 20 percent more than what you paid for it,. you can have the PMI dropped.. but don't wait on somebody to tell you...you have to do this on your own...the 20 percent might not be accurate...check on that too....
Posted on 7/23/11 at 8:10 pm to Forgiving Morgan
My bank told me that appraised value was only used on Refi not on purchase.
Posted on 7/23/11 at 8:50 pm to tiger chaser
quote:
Once you build up equity in your home,...if it appraises 20 percent more than what you paid for it,. you can have the PMI dropped.. but don't wait on somebody to tell you...you have to do this on your own...the 20 percent might not be accurate...check on that too....
This is not accurate anymore. On new loans, most have a minimum 5 year limit before getting it removed. You can ask your mortgage company and they will send you a letter on every possible way to get it removed
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