Want to buy but can’t come up with 20% down payment,

[sdrealtor]

You’ve got plenty if you can find something you like and can get an accepted offer at a decent price. You could go FHA with 3.5% down or higher. You can get sellers to provide a credit up to 3% of the purchase price in most cases to cover closing costs. You have plenty of cash and an adequate. the real challenge will be finding something you like. Where do you want to live?

[waiting hawk]

Spoke with BofA yesterday. You can get a conventional they said with 10 or 15% down but you will still have to pay the mortgage insurance until the loan to value hits 78%. He stated the rates were about the same as a 20% down. It may be all bs (as I dont listen to much to people dealing in RE) but it is what they said. I will tell you that my buddy had a hard ass time buying in Huntington Beach recently becaue all the decent houses that could go FHA are sellin faster than the fixers. The obvious reason of course are because everyone wants to buy with little cash. I am still waiting for the fixer at 20% down. I need 50-75k reduction to buy from here on a few properties I have recently view here in Racho Cucamonga. FHA is the new subprime.

FHA is pretty stricked on houses needing work. If its a large fixer and you are looking at going FHA you might well forget it as the banks are not willing to do many repairs.

[waiting hawk]

Spoke with BofA yesterday. You can get a conventional they said with 10 or 15% down but you will still have to pay the mortgage insurance until the loan to value hits 78%. He stated the rates were about the same as a 20% down. It may be all bs (as I dont listen to much to people dealing in RE) but it is what they said. I will tell you that my buddy had a hard ass time buying in Huntington Beach recently becaue all the decent houses that could go FHA are sellin faster than the fixers. The obvious reason of course are because everyone wants to buy with little cash. I am still waiting for the fixer at 20% down. I need 50-75k reduction to buy from here on a few properties I have recently view here in Racho Cucamonga. FHA is the new subprime.

FHA is pretty stricked on houses needing work. If its a large fixer and you are looking at going FHA you might well forget it as the banks are not willing to do many repairs.

[waiting hawk]

Spoke with BofA yesterday. You can get a conventional they said with 10 or 15% down but you will still have to pay the mortgage insurance until the loan to value hits 78%. He stated the rates were about the same as a 20% down. It may be all bs (as I dont listen to much to people dealing in RE) but it is what they said. I will tell you that my buddy had a hard ass time buying in Huntington Beach recently becaue all the decent houses that could go FHA are sellin faster than the fixers. The obvious reason of course are because everyone wants to buy with little cash. I am still waiting for the fixer at 20% down. I need 50-75k reduction to buy from here on a few properties I have recently view here in Racho Cucamonga. FHA is the new subprime.

FHA is pretty stricked on houses needing work. If its a large fixer and you are looking at going FHA you might well forget it as the banks are not willing to do many repairs.

[waiting hawk]

Spoke with BofA yesterday. You can get a conventional they said with 10 or 15% down but you will still have to pay the mortgage insurance until the loan to value hits 78%. He stated the rates were about the same as a 20% down. It may be all bs (as I dont listen to much to people dealing in RE) but it is what they said. I will tell you that my buddy had a hard ass time buying in Huntington Beach recently becaue all the decent houses that could go FHA are sellin faster than the fixers. The obvious reason of course are because everyone wants to buy with little cash. I am still waiting for the fixer at 20% down. I need 50-75k reduction to buy from here on a few properties I have recently view here in Racho Cucamonga. FHA is the new subprime.

FHA is pretty stricked on houses needing work. If its a large fixer and you are looking at going FHA you might well forget it as the banks are not willing to do many repairs.

[waiting hawk]

Spoke with BofA yesterday. You can get a conventional they said with 10 or 15% down but you will still have to pay the mortgage insurance until the loan to value hits 78%. He stated the rates were about the same as a 20% down. It may be all bs (as I dont listen to much to people dealing in RE) but it is what they said. I will tell you that my buddy had a hard ass time buying in Huntington Beach recently becaue all the decent houses that could go FHA are sellin faster than the fixers. The obvious reason of course are because everyone wants to buy with little cash. I am still waiting for the fixer at 20% down. I need 50-75k reduction to buy from here on a few properties I have recently view here in Racho Cucamonga. FHA is the new subprime.

FHA is pretty stricked on houses needing work. If its a large fixer and you are looking at going FHA you might well forget it as the banks are not willing to do many repairs.

[Bob]

[quote=EmilyHicks]Hi,

My first post here.

I and my husband want to buy a house in the range of $400,000 to $450,000 but we only have $55,000 cash. Our combined income is higher than $140,000.

Is it possible to put a 10% down right now? Do we even have enough for a 10% down payment considering other costs related to home buying?

thanks[/quote]

Since you asked a sincere question, I will give you a sincere answer.

If you only have $55K on hand for a down payment, NO WAY should you be looking in the range of $400K-$450K. While its technically possible to get in with 10% down or less, doing so puts you at risk if one of you loses your source of income. This is the type of behavior that caused much of the bubble the last few years. Many are pumping FHA loans, yet the stats show that FHA loans have a very high default rate due to people getting in over their heads. In my opinion, FHA loans should be eliminated, but thats a subject for a different thread.

My advice to you is to find something you can afford at a lower price range, or save up until you have a larger down payment.

[Bob]

[quote=EmilyHicks]Hi,

My first post here.

I and my husband want to buy a house in the range of $400,000 to $450,000 but we only have $55,000 cash. Our combined income is higher than $140,000.

Is it possible to put a 10% down right now? Do we even have enough for a 10% down payment considering other costs related to home buying?

thanks[/quote]

Since you asked a sincere question, I will give you a sincere answer.

If you only have $55K on hand for a down payment, NO WAY should you be looking in the range of $400K-$450K. While its technically possible to get in with 10% down or less, doing so puts you at risk if one of you loses your source of income. This is the type of behavior that caused much of the bubble the last few years. Many are pumping FHA loans, yet the stats show that FHA loans have a very high default rate due to people getting in over their heads. In my opinion, FHA loans should be eliminated, but thats a subject for a different thread.

My advice to you is to find something you can afford at a lower price range, or save up until you have a larger down payment.

[Bob]

[quote=EmilyHicks]Hi,

My first post here.

I and my husband want to buy a house in the range of $400,000 to $450,000 but we only have $55,000 cash. Our combined income is higher than $140,000.

Is it possible to put a 10% down right now? Do we even have enough for a 10% down payment considering other costs related to home buying?

thanks[/quote]

Since you asked a sincere question, I will give you a sincere answer.

If you only have $55K on hand for a down payment, NO WAY should you be looking in the range of $400K-$450K. While its technically possible to get in with 10% down or less, doing so puts you at risk if one of you loses your source of income. This is the type of behavior that caused much of the bubble the last few years. Many are pumping FHA loans, yet the stats show that FHA loans have a very high default rate due to people getting in over their heads. In my opinion, FHA loans should be eliminated, but thats a subject for a different thread.

My advice to you is to find something you can afford at a lower price range, or save up until you have a larger down payment.

[Bob]

[quote=EmilyHicks]Hi,

My first post here.

I and my husband want to buy a house in the range of $400,000 to $450,000 but we only have $55,000 cash. Our combined income is higher than $140,000.

Is it possible to put a 10% down right now? Do we even have enough for a 10% down payment considering other costs related to home buying?

thanks[/quote]

Since you asked a sincere question, I will give you a sincere answer.

If you only have $55K on hand for a down payment, NO WAY should you be looking in the range of $400K-$450K. While its technically possible to get in with 10% down or less, doing so puts you at risk if one of you loses your source of income. This is the type of behavior that caused much of the bubble the last few years. Many are pumping FHA loans, yet the stats show that FHA loans have a very high default rate due to people getting in over their heads. In my opinion, FHA loans should be eliminated, but thats a subject for a different thread.

My advice to you is to find something you can afford at a lower price range, or save up until you have a larger down payment.

[Bob]

[quote=EmilyHicks]Hi,

My first post here.

I and my husband want to buy a house in the range of $400,000 to $450,000 but we only have $55,000 cash. Our combined income is higher than $140,000.

Is it possible to put a 10% down right now? Do we even have enough for a 10% down payment considering other costs related to home buying?

thanks[/quote]

Since you asked a sincere question, I will give you a sincere answer.

If you only have $55K on hand for a down payment, NO WAY should you be looking in the range of $400K-$450K. While its technically possible to get in with 10% down or less, doing so puts you at risk if one of you loses your source of income. This is the type of behavior that caused much of the bubble the last few years. Many are pumping FHA loans, yet the stats show that FHA loans have a very high default rate due to people getting in over their heads. In my opinion, FHA loans should be eliminated, but thats a subject for a different thread.

My advice to you is to find something you can afford at a lower price range, or save up until you have a larger down payment.

[CBad]

Sorry, I agree with Bob. You should have more saved by now to get in that price range or you pay the price of PMI. That’s the way this worked before the mess we are in now. Keep looking and saving or lower your range. What is the hurry to buy right now?

[CBad]

Sorry, I agree with Bob. You should have more saved by now to get in that price range or you pay the price of PMI. That’s the way this worked before the mess we are in now. Keep looking and saving or lower your range. What is the hurry to buy right now?

[CBad]

Sorry, I agree with Bob. You should have more saved by now to get in that price range or you pay the price of PMI. That’s the way this worked before the mess we are in now. Keep looking and saving or lower your range. What is the hurry to buy right now?

[CBad]

Sorry, I agree with Bob. You should have more saved by now to get in that price range or you pay the price of PMI. That’s the way this worked before the mess we are in now. Keep looking and saving or lower your range. What is the hurry to buy right now?

[Author]

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