# Anybody do an 80/20 with sonyma **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [February 3, 2008, 8:39pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899 "2008-02-03T20:39:25Z")\ **Posts on this page:** 20\ **Page:** 3
**Author:** ![Mike93](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mike93/32/7325_2.png) [@Mike93](https://forums.speedlife.net/u/Mike93)\ **Post date:** [February 4, 2008, 12:48pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/41 "2008-02-04T12:48:00Z")
> [@AWDrifter](#): > > ? > Couldn’t you get a fixed rate 80/20 without PMI? > That’s what I got, if you mean borrow 80% with 20% equity. > [@chino](#): > > with 20% down yes, he is talking about 80/20 in terms of mortgage 80%, and essentially a personal loan for 20%. basically has no money to put down… 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’. ---
**Author:** ![93dx\_hatch](https://avatars.discourse-cdn.com/v4/letter/9/90ced4/32.png) [@93dx\_hatch](https://forums.speedlife.net/u/93dx_hatch)\ **Post date:** [February 4, 2008, 12:55pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/42 "2008-02-04T12:55:33Z")
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… ---
**Author:** ![Viper966](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/viper966/32/7268_2.png) [@Viper966](https://forums.speedlife.net/u/Viper966)\ **Post date:** [February 4, 2008, 12:58pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/43 "2008-02-04T12:58:53Z")
> [@93dx--hatch](#): > > 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 ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [February 4, 2008, 1:08pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/44 "2008-02-04T13:08:47Z")
> [@93dx--hatch](#): > > 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… Most people won’t even accept an offer without pre-approval of a loan. ---
**Author:** ![93dx\_hatch](https://avatars.discourse-cdn.com/v4/letter/9/90ced4/32.png) [@93dx\_hatch](https://forums.speedlife.net/u/93dx_hatch)\ **Post date:** [February 4, 2008, 1:16pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/45 "2008-02-04T13:16:57Z")
^ 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 ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [February 4, 2008, 1:18pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/46 "2008-02-04T13:18:30Z")
> [@Viper966](#): > > PMI isnt tax deductable in NYS is it? 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. ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [February 4, 2008, 1:21pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/47 "2008-02-04T13:21:48Z")
> [@93dx--hatch](#): > > 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… 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. ---
**Author:** ![93dx\_hatch](https://avatars.discourse-cdn.com/v4/letter/9/90ced4/32.png) [@93dx\_hatch](https://forums.speedlife.net/u/93dx_hatch)\ **Post date:** [February 4, 2008, 1:24pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/48 "2008-02-04T13:24:17Z")
I have cash in hand but its not mine, which means I need to still mortgage the house ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [February 4, 2008, 1:25pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/49 "2008-02-04T13:25:12Z")
> [@AWDrifter](#): > > It is a scam for banks to collect commision on insurance, tax deductable or not. > Why would they loan you money if they thought there was a big risk? > They wouldn’t. 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. ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [February 4, 2008, 1:26pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/50 "2008-02-04T13:26:55Z")
> [@93dx--hatch](#): > > I have cash in hand but its not mine, which means I need to still mortgage the house 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. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [February 4, 2008, 1:30pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/51 "2008-02-04T13:30:36Z")
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.🙂 ---
**Author:** ![Viper966](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/viper966/32/7268_2.png) [@Viper966](https://forums.speedlife.net/u/Viper966)\ **Post date:** [February 4, 2008, 1:33pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/52 "2008-02-04T13:33:17Z")
> [@AWDrifter](#): > > 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 ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [February 4, 2008, 1:41pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/53 "2008-02-04T13:41:25Z")
I told them I sold a bunch of weed that month.:pimp: They still gave me the loan because I had 20% down.:lol: ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [February 4, 2008, 1:44pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/54 "2008-02-04T13:44:15Z")
> [@Viper966](#): > > that being said, i just got prequal’d for a bank of america no fee loan at 5.625% so im ahead of SONYMA with the closing cost $$ ARM/IO/Term? ---
**Author:** ![Viper966](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/viper966/32/7268_2.png) [@Viper966](https://forums.speedlife.net/u/Viper966)\ **Post date:** [February 4, 2008, 2:42pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/55 "2008-02-04T14:42:51Z")
> [@walter](#): > > ARM/IO/Term? 30, fixed 5.625 no pmi 5% down no closing costs, just ~3k in taxes ---
**Author:** ![greenbull](https://avatars.discourse-cdn.com/v4/letter/g/bc8723/32.png) [@greenbull](https://forums.speedlife.net/u/greenbull)\ **Post date:** [February 4, 2008, 2:43pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/56 "2008-02-04T14:43:52Z")
> [@chino](#): > > sooo 22.5K each is pretty much welfare money. Even if it is 63K, that is low combined income for someone buying a house ? 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. ---
**Author:** ![Jagermeister](https://avatars.discourse-cdn.com/v4/letter/j/f19dbf/32.png) [@Jagermeister](https://forums.speedlife.net/u/Jagermeister)\ **Post date:** [February 4, 2008, 3:03pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/57 "2008-02-04T15:03:54Z")
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. ---
**Author:** ![nelstoys](https://avatars.discourse-cdn.com/v4/letter/n/48db29/32.png) [@nelstoys](https://forums.speedlife.net/u/nelstoys)\ **Post date:** [February 4, 2008, 3:15pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/58 "2008-02-04T15:15:34Z")
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! ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [February 4, 2008, 3:33pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/59 "2008-02-04T15:33:00Z")
Don’t buy any points. FTMFL. ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [February 4, 2008, 3:46pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/60 "2008-02-04T15:46:11Z")
> [@walter](#): > > Don’t buy any points. FTMFL. :word: [Previous page](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899.md?page=2) [Next page](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899.md?page=4)