- 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
Started By
Message
re: First time home buyer question
Posted on 4/20/19 at 5:49 pm to GreatLakesTiger24
Posted on 4/20/19 at 5:49 pm to GreatLakesTiger24
quote:
I'm not trying to be a big baller but buying a house with anything less than 50k down just doesn't seem right to me
The OP is looking at a property that's less than $80K, not $800K. Why does he need to put 50 grand down?
0
Posted on 4/20/19 at 5:52 pm to GreatLakesTiger24
quote:
if you can't come up with 50k, you probably shouldn't be buying a house, no?
He shouldn’t even be on the OT if he doesn’t have $50k
Posted on 4/20/19 at 6:10 pm to jscrims
quote:I just started working here in February and spent most of my money I had saved in late March on a trip out of the country which is why I only have about 6k in the bank but I make enough the monthly payments won’t be an issue
you are making $6k a month and buying a $75k house, you are a fool if you aren’t saving at least $1-2k monthly. Three months and you have more than enough for 10%. If you are really smart, you would do a short term loan and use some of that $6k a month to pay that loan off quickly.
Posted on 4/20/19 at 6:14 pm to Hawgnsincebirth55
quote:
just started working here in February and spent most of my money I had saved in late March on a trip out of the country
Your new employer let you take a vacation 45-60 days on the job?
Posted on 4/20/19 at 6:23 pm to MrLarson
Yeah I told them About it when they hired me that I already had it planned and he said no problem
Posted on 4/20/19 at 6:26 pm to Hawgnsincebirth55
Can you not just wait 6 months or so? Seems like you are in a big change in your life. Might be worth settling in. Also a good time to save up.
Posted on 4/20/19 at 6:27 pm to Hawgnsincebirth55
maybe skip the next vacation and save the cash for the house? 
Posted on 4/20/19 at 6:29 pm to Hawgnsincebirth55
20% used to be the standard
Posted on 4/20/19 at 7:15 pm to Hawgnsincebirth55
If you can’t do the 20% to avoid pmi, put as little down as possible. Then refi as soon as possible to get out of paying pmi.
Posted on 4/20/19 at 7:45 pm to Hawgnsincebirth55
If your credit is strong, you can do a conventional mortgage with 5% or even 3% down.
In a perfect world, it is best to have 20% as others have said, but that can be difficult even for high earners, especially if you are in a high cost of living area.
Additionally, there are likely some local or regional first time homebuyer programs that could help. The best thing you can do is get in contact with a few reputable mortgage brokers in your area. Get prequalified and pick their brain about various loan options.
Edit: just saw that you are buying a house for $75k. Don’t be a dumbass baw, save some money first.
In a perfect world, it is best to have 20% as others have said, but that can be difficult even for high earners, especially if you are in a high cost of living area.
Additionally, there are likely some local or regional first time homebuyer programs that could help. The best thing you can do is get in contact with a few reputable mortgage brokers in your area. Get prequalified and pick their brain about various loan options.
Edit: just saw that you are buying a house for $75k. Don’t be a dumbass baw, save some money first.
This post was edited on 4/20/19 at 7:46 pm
Posted on 4/20/19 at 9:58 pm to Hawgnsincebirth55
Lol OP, wait until you get to escrow.
Page 3 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News