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First time home buyer question
Posted on 4/20/19 at 3:43 pm
Posted on 4/20/19 at 3:43 pm
I’m about to buy my first home and I have a question I’m sure most can answer. What is an acceptable amount to put on the down payment? I want to just do 5% but idk if thats looked at as tacky or something. Anyway TIA
21
Posted on 4/20/19 at 3:44 pm to Hawgnsincebirth55
Can you even buy a house with 5% down?
Posted on 4/20/19 at 3:45 pm to Hawgnsincebirth55
Buying a home with the chick that wants those shite baby names?
Damn baw. You brave. Jody gonna be all over that house
Damn baw. You brave. Jody gonna be all over that house
Posted on 4/20/19 at 3:45 pm to Hawgnsincebirth55
I’d try my best to put 20% down to avoid the PMI if at all possible.
Posted on 4/20/19 at 3:45 pm to Hawgnsincebirth55
quote:Hello Mr. PMI
5%
Posted on 4/20/19 at 3:45 pm to GreatLakesTiger24
You can do a fha loan with 3 or 3.5% down. I can't remember which it is.
This post was edited on 4/20/19 at 3:54 pm
Posted on 4/20/19 at 3:46 pm to Hawgnsincebirth55
quote:
I’m about to buy my first home
Posted on 4/20/19 at 3:46 pm to Hawgnsincebirth55
Tacky to who? The realtor, lender, title company? The seller wouldn't know and I'm sure the ones that do know don't care.
Posted on 4/20/19 at 3:47 pm to fallguy_1978
Pay pmi and then refinance as soon as possible to get out.
Posted on 4/20/19 at 3:48 pm to GreatLakesTiger24
quote:this is my question basically.
Can you even buy a house with 5% down?
Posted on 4/20/19 at 3:49 pm to Hawgnsincebirth55
quote:
this is my question basically.
Yes you can. You'll need 3.5% down and closing costs unless you can negotiate the seller to pay them.
Posted on 4/20/19 at 3:49 pm to LSUTigerBait07
quote:
Pay pmi and then refinance as soon as possible to get out.
Or recast if available
Posted on 4/20/19 at 3:51 pm to Hawgnsincebirth55
If you have an FHA loan you can do it. Otherwise, you better have, at worst, 10% down.
Posted on 4/20/19 at 3:52 pm to fallguy_1978
quote:
You can do a fha loan with 3 or 3.5% down.
I'm pretty sure it is 3.5 currently.
To the OP do you have 10-20% to put down (if so you need to do some math to determine if you can beat PMI plus interest). If you don't have the 20% and are just asking how little you need it is likely 3.5%.
Putting a small amount down isn't "tacky" as long as you don't end u not being able to make the payments.
Posted on 4/20/19 at 3:53 pm to TechDawg2007
quote:
Hello Mr. PMI
Meh. Most first time homeowners can handle the $125 per month of PMI easier than the 50k down-payment. It's very common.
Posted on 4/20/19 at 3:53 pm to Hawgnsincebirth55
20% to avoid PMI if possible. Also, depending on your income, there might be down payment resources available to you. Contact a local non profit housing counseling agency in your area and they can look for that for you.
Posted on 4/20/19 at 4:10 pm to fallguy_1978
quote:if you can't come up with 50k, you probably shouldn't be buying a house, no?
Meh. Most first time homeowners can handle the $125 per month of PMI easier than the 50k down-payment. It's very common.
Posted on 4/20/19 at 4:11 pm to Obtuse1
Basically my issue is I’ve spent a lot of money recently on a trip I went on and only have about 6,000 in the bank. Obviously making payment wouldn’t be an issue because the house is relatively cheap (only 72,000) but I don’t want to wait and have someone else get the property because I really like it for the price but don’t have the money to pay 20% up front
Posted on 4/20/19 at 4:12 pm to Hawgnsincebirth55
20% minimum and 700sqft per person. That's what I was told and how I was raised. Only one is correct. You'll figure out which by your third house.
This post was edited on 4/20/19 at 4:13 pm
Posted on 4/20/19 at 4:13 pm to kywildcatfanone
I bro g home about 6k a month
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