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Posted on 6/27/11 at 9:47 am to tigerdup07
quote:
you're not having to put a down payment of any kind?
Yeah, that seems weird. I work at a bank and they would want something for that
Posted on 6/27/11 at 9:48 am to Rouge
quote:
you know how few people would ever be able to get a house?
the banks would not even consider my loan unless i put at least 15% down.
maybe things have changed in the last few years.
Posted on 6/27/11 at 9:49 am to TopWaterTiger
quote:
265k at 5% for 30 yrs = 1422 a month
Plus tack on insurance, prop taxes, and PMI if applicable.
this
Posted on 6/27/11 at 9:49 am to Rouge
quote:
you know how few people would ever be able to get a house?
putting away 35K+ is not an easy thing to achieve
thanks to this thought process, the whole housing market is fricked up. if you can't put away 35k in a couple of years, you really can't afford a $265k house.
Posted on 6/27/11 at 9:49 am to tigerchick555
30 year 5.5% interest will put you at $1,500 per month
Add $200 a month for PMI if you don't put 20% down and another $200 a month for insurance.
Tax varies depending on your location so you would have to research that.
Add $200 a month for PMI if you don't put 20% down and another $200 a month for insurance.
Tax varies depending on your location so you would have to research that.
This post was edited on 6/27/11 at 9:51 am
Posted on 6/27/11 at 9:49 am to tigerdup07
quote:
the banks would not even consider my loan unless i put at least 15% down.
maybe things have changed in the last few years.
we bought our house in 2007 when they were giving away homes like candy. we didnt have anything down and it was no big deal
Posted on 6/27/11 at 9:50 am to TexasTiger05
quote:
we didnt have anything down and it was no big deal
what was the total of the loan?
Posted on 6/27/11 at 9:51 am to tigerdup07
190,500
Posted on 6/27/11 at 9:51 am to Springlake Tiger
quote:well on a 265K house, you would need to put away 53K
if you can't put away 35k in a couple of years, you really can't afford a $265k house.
i just dont know many households south of 6 figures that can make that happen in less than 8 years
Posted on 6/27/11 at 9:52 am to TexasTiger05
you can get away with not having to put anything down, or very little (5%)., but the banks make you jump through some serious hoops to qualify for those loans nowadays.
Posted on 6/27/11 at 9:52 am to yellowfin
quote:
Add $200 a month for PMI if you don't put 20% down
My PMI is like $12/month
Posted on 6/27/11 at 9:53 am to Rouge
quote:
households south of 6 figures
these people should not be buying a house > $200,000
Posted on 6/27/11 at 9:54 am to tgrbaitn08
quote:I'm sure they do, back then is when you had min wage guys buying $250K homes with 0% down
but the banks make you jump through some serious hoops to qualify for those loans nowadays.
Posted on 6/27/11 at 9:54 am to Salmon
Was you house 265k?
Posted on 6/27/11 at 9:54 am to TexasTiger05
I am not saying I am not putting anything down, just don't know yet how much. But I have talked to several realtors who say you can get the 100% financing at this moment. She mentioned it to me, I didn't bring it up. My sister-in-law just bought a house with $0 down.
Posted on 6/27/11 at 9:55 am to yellowfin
Not far from it
But I put down 5%, so we financed the PMI into the mortgage
But I put down 5%, so we financed the PMI into the mortgage
Posted on 6/27/11 at 9:55 am to TexasTiger05
quote:the good ole days when lenders cared more about commission and not doing any sort of risk assessment
back then is when you had min wage guys buying $250K homes with 0% down
Posted on 6/27/11 at 9:56 am to TexasTiger05
To the OP -
I have a house in Alabama that we financed for 179K.
After insurance, PMI, and property tax, it comes out to 1210/month.
I have a house in Alabama that we financed for 179K.
After insurance, PMI, and property tax, it comes out to 1210/month.
Posted on 6/27/11 at 9:56 am to Rouge
rule of thumb- if you house note exceeds 30 percent of your net income, don't buy it.
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