been aproved for a mortgage laon need a 10% dow npayment any ideas?
2006-08-01 18:21:01 · 5 answers · asked by wvgal 2 in Business & Finance ➔ Renting & Real Estate
Seriously, if you do not already have the down payment, you should wait to purchase a house. People do not realize that their are a lot of added expenses when purchasing a home; Especially since it is yours and you will spend money fixing it up and maintenance. Stick to renting, save more money including an emergency fund and your 10%. You will be able to get a better and nicer home.
People always tell me that rent is a waste, but I save more money than most homes appreciate. There are some areas that have skyrocketed in value, but that is not the norm. And I have enough money to pay cash now for a house if I choose to at some point. Good luck
2006-08-01 18:26:39 · answer #1 · answered by Bear 4 · 0⤊ 0⤋
Depends on where you are buying. We bought in California with no money down two years ago and have since paid more than 10% of the loan back and refinanced. We are in a better position now than we would have been had we put 10% down right away. But talk to a couple of lenders to sift through your options before you make a decision - it might not be beneficial for you to do it the way that we did.
2006-08-02 03:39:37 · answer #2 · answered by Ariana 2 · 0⤊ 0⤋
Ask the seller to do a 10% carry back.
Do an 80/20 loan and save your downpayment for furnishings like garden hoses, lawn mower, humidifier, dehumidifier etc. If you approved for 90% you should be able to an 80/20 unless your credit is below 580. Let me know if you have more questions.
2006-08-02 19:33:54 · answer #3 · answered by unclejesse1 3 · 0⤊ 0⤋
Have you ever owned a house? If not you could qualify for a 1st home buyers and a down payment is not needed. YOur realtor should know of different types of loans out there. Have them check it out for you. Also, ou can get a gift from someone for your downpayment. You would have to get a letter from them saying it's a gift and not a loan. (you cna't take a loan out for a downpayment) or in a case that we did for someone, we financed his downpayment in his loan. It's still in his loan, but on paperwork, it's actually a 2nd mortgage for him and when that gets paid off, we get it plus the %. Does this help? I hope so
2006-08-02 01:43:38 · answer #4 · answered by Cathy P 2 · 0⤊ 0⤋
Ten per cent down payment is normal. It is better to go in only if we could afford the down payment. Balance portion of 90% with interest at a later date will have to be faced and better to go in only if possible.
VR
2006-08-02 01:52:25 · answer #5 · answered by sarayu 7 · 0⤊ 0⤋