Yep, I bought my house 2 months after graduating college and did not much to put down…so I got an 80/20. I’ll admit at the time I wasn’t as informed as I should have been, but my mortgage payments aren’t very high and in the past year I’ve been able to start paying off my ‘20’.
I am reading all of this and its all news to me, which is bad because I am inches away from making an offer and I don’t have a mortgage. It all happened so fast…
the internet has TONS of info… but your realitor should help you through most of it… but rmember they only want you to get $$… they dont care how much it costs you
Most people won’t even accept an offer without pre-approval of a loan.
^ I am making a cash offer with funds from a family member to get the house since it has 4 offers already and has been on the market for 2 days
I dont think anyone will take an offer without a pre-approval
It is on federal return. Not NYS.
Same for home loan interest paid - so long as its the primary, or second home & it was used for purchase or improvements.
If you literally have the cash in hand, you don’t need to know all of this. You only need to be concerned with the legal aspects.
I have cash in hand but its not mine, which means I need to still mortgage the house
Its not so much about profit persay.
Its about the ability to reassure the stock holders where the lender is “extra” exposed to real estate market swings.
AND
The ability to sell the mortgages to econdary buyers for a better block price, which is how banks raise capital.
if you can prove you have the funds in hand, you should have a pretty damned easy time.
Still, get some counsel; read up online; talk to family or friends who’ve been there & done that a few times… make sure you get teh best possible terms.
FYI
My parents gave me some money for a down payment(on my first house) and the bank asked all sorts of questions about it when it showed up in my account.
yea… i always thought that was really lame… usually u gotta put it 2-3 months ahead of time…my one friend said he helped restore a car for 10k… they couldnt prove it either way so he got to use the funds
I told them I sold a bunch of weed that month.:pimp:
They still gave me the loan because I had 20% down.:lol:
ARM/IO/Term?
30, fixed 5.625 no pmi 5% down no closing costs, just ~3k in taxes
63k may be low but thats about how much my girl and i bring in and we are doing fine in our house. :shrug: Paying Bi-weekly on a 108k loan at a rate of 5.625% after putting 10% down. Should be done in 23-24 years. But hopefully sooner.
I have the B of A no fee plus mortgage. I like it but expect to pay 1.0-1.5 points up front. Thats how they recoup a portion of the no closing costs. I ended up paying approx. $6,600 in addition to my 5% DP. That included taxes, 1.38 pts., state tax/stamp, recording fee, interest, etc. Subtract the taxes and there was about $2500 in closing costs.
Hmm good reading. Ill have to figure this all out soon also. Me and the girl are looking for a nice house. I want more land and a big garage. So far i found a nice property with enough indoor storage for 20 cars, storage outside also and a nice house for around 250,000. I would just settle for a nice garage and live upstairs!
Don’t buy any points. FTMFL.
:word: