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Started By
Message
Down payment on a house.
Posted on 8/1/11 at 2:18 pm
Posted on 8/1/11 at 2:18 pm
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%?
6
Posted on 8/1/11 at 2:22 pm to diddydirtyAubie
Homepath is 3% down and FHA is 3.5% down
Posted 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.
Posted on 8/1/11 at 2:32 pm to Negatiger2
PMI is roughly $70 per month
Posted 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?
Posted 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.
Posted on 8/1/11 at 2:50 pm to Paul Allen
quote:
PMI is roughly $70 per month
Posted on 8/1/11 at 3:05 pm to Paul Allen
wouldn't depend on how much you are borrowing? seems a little low
Posted on 8/1/11 at 3:09 pm to jmtigers
quote:
Wouldn't it be a good time to borrow as much as you can?
Isn't that what got us in this situation?
Posted 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).
Posted on 8/2/11 at 5:20 am to 1hogfan
I believe you have to also pay for a new appraisal on the house before they allow you to get rid of pmi.
Posted on 8/2/11 at 9:58 am to jkb531
quote:
Whoever you heard that from about the 20% down is an idiot.
He meant without PMI.
Posted 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?
Posted on 8/2/11 at 10:02 am to Paul Allen
quote:
PMI is roughly $70 per month
Good to know
Posted 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.
Posted 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
Posted 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.
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