- 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 4:15 pm to GreatLakesTiger24
Posted on 4/20/19 at 4:15 pm to GreatLakesTiger24
You can buy a house with nothing down technically, depending where you are
This post was edited on 4/20/19 at 4:18 pm
Posted on 4/20/19 at 4:16 pm to GreatLakesTiger24
quote:
if you can't come up with 50k, you probably shouldn't be buying a house, no?
I'd assume that most people buy their first house around age 25-30. I know this is the OT and we all have 200k in our checking accounts but what percentage of people that age do you think have 50k of liquid assets? 5% maybe. Those requirements would cripple the housing market tbh.
You usually build up equity in the first place and roll it into the next one. Didn't quite work out for me though. I bought my first house in 2006
Posted on 4/20/19 at 4:16 pm to Hawgnsincebirth55
You need to get in touch with a bank or mortgage company. They will tell you all of your loan options available and down payment requirements.
Posted on 4/20/19 at 4:17 pm to Ben Hur
Don’t just talk to one lender. There are some that have exclusive or limited loan programs for just this situation
Not all lenders and not all loans and loan programs are treated equally
Not all lenders and not all loans and loan programs are treated equally
Posted on 4/20/19 at 4:18 pm to Hawgnsincebirth55
If downpayment is a problem, look for a house outside the city. You can get a rural development loan with 0% down. But there's PMI and a higher note with no initial equity. If monthly payments aren't a problem, double up or get a 15 yr fixed.
Posted on 4/20/19 at 4:25 pm to Hawgnsincebirth55
quote:
I bro g home about 6k a month
You can double your income by hosting animal versus man fights in the backyard. I'll put the shows together for you.
Posted on 4/20/19 at 4:30 pm to fallguy_1978
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
I get a lot of people like to buy a house as soon as possible for whatever reason, so that's not an option for many
I get a lot of people like to buy a house as soon as possible for whatever reason, so that's not an option for many
Posted on 4/20/19 at 4:31 pm to TechDawg2007
PMI is not a death sentence as most make it out to be. Put down 5-10%, and invest the rest. After all, PMI is tax deductible.
Posted on 4/20/19 at 4:36 pm to fallguy_1978
quote:
50k of liquid assets? 5% maybe.
You mean .5%?
No way 5% has 50k liquidity.
Posted on 4/20/19 at 4:41 pm to Paul Allen
quote:
PMI is not a death sentence as most make it out to be. Put down 5-10%, and invest the rest. After all, PMI is tax deductible
It's not a big deal. Sure it might add an extra $100-150 to your payment but it's something that the vast majority of first time homeowners will pay.
Posted on 4/20/19 at 4:58 pm to GreatLakesTiger24
(no message)
This post was edited on 10/19/21 at 1:41 pm
Posted on 4/20/19 at 5:07 pm to Hawgnsincebirth55
Only buy houses in cash. Save up until then
Posted on 4/20/19 at 5:09 pm to Hawgnsincebirth55
1. Jesus. Do not fret about what others think about your down payment.
Just be darn sure the monthly payment is not going to squeeze your life. That's on your interest, as much as the down payment.
2. Some nice towns are in rural designated regions.
You can put down nothing or very little.
I got in my first with 3%.
Two years later when I bought another and sold I cleared $55k after all fees.
3. UsDA has the lists of counties/parishes where you can get the low down payment.
Just be darn sure the monthly payment is not going to squeeze your life. That's on your interest, as much as the down payment.
2. Some nice towns are in rural designated regions.
You can put down nothing or very little.
I got in my first with 3%.
Two years later when I bought another and sold I cleared $55k after all fees.
3. UsDA has the lists of counties/parishes where you can get the low down payment.
This post was edited on 4/20/19 at 5:11 pm
Posted on 4/20/19 at 5:12 pm to Hawgnsincebirth55
Can do zero down with USDA and VA
FHA requires 3.5%
Conventional allows 3%, of course you can put 5%
FHA requires 3.5%
Conventional allows 3%, of course you can put 5%
Posted on 4/20/19 at 5:13 pm to Hawgnsincebirth55
I would never buy a home unless I have at least 20% to put down.
Posted on 4/20/19 at 5:15 pm to fallguy_1978
quote:
It's not a big deal. Sure it might add an extra $100-150 to your payment but it's something that the vast majority of first time homeowners will pay.
This is okay advice to someone buying a starter house well within their means, but just too fresh into their career to have a huge savings. However, there are far too many 30-somethings buying 350k houses who should have had a little more discipline to save 20%.
Posted on 4/20/19 at 5:19 pm to Hawgnsincebirth55
vA loan 0% here :)
Posted on 4/20/19 at 5:24 pm to Hawgnsincebirth55
If 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 5:36 pm to Hawgnsincebirth55
Get a buyer's agent. They will tell you all your options and will not cost you a dime. Seller pays all agent costs.
Posted on 4/20/19 at 5:47 pm to Hawgnsincebirth55
Depends
Are you paying the full appraised value of the home?
Are you paying the full appraised value of the home?
Back to top
Follow TigerDroppings for LSU Football News