how much did you have to put down?
how old were you?
(I'm 22 and have 15 grand to work with)
2007-01-17 02:53:52 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I was 30 when i bought my first house. I had less than $500 in the bank.
As a first time homebuyer I qualified for a program where the county made my downpayment. As long as I lived in the house I did not owe the money back. When I refinanced i had the option of paying off that downpayment or having payments (like a credit card).
I rolled all of my closing costs into the loan, and on closing day all I had to do was sign, sign, sign my name.
2007-01-17 03:39:49 · answer #1 · answered by Sharingan 6 · 0⤊ 0⤋
The question sounds like you want to know if you have enough money to put down on a home loan. I would say if you have 15 g's in the bank you have enough money to get stated. I do mortgage's for people all of the time and they may only have a few g's in the bank. There are 100% loan programs out there but typically you should put 5% down. That will get you a good loan currently a 30 year fixed rate is around 6.125%. So I guess you need to ask yourself what is your price range? Then figure out if you have 5% to put down. Hope this helps.
2007-01-17 11:18:04 · answer #2 · answered by Paul 2 · 0⤊ 0⤋
I was 23. Good job less than 1 year out of college. No savings to speak of. My grandmother provided 4% and I get another 1% from Mastercard to close with a 95% LTV ARM. This was back when 10.25% was a good interest rate.
2007-01-17 15:45:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I had just turned 19 and had 26K in my account, which was last year. That only helped me to get a V.O.D verification of deposit. I only put 500 bucks down since I a Realtor.
any questions feel free to give me a call @ 949-287-1245
Banco International Realty_________Southern Cali.
2007-01-17 13:19:18 · answer #4 · answered by The O.C Real Estate Agent 2 · 0⤊ 0⤋
I was 24. I had around $4000 in the bank. I put down $2500.
My house was cheap.
2007-01-17 10:57:45 · answer #5 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
Like most things in life that depends. How much are you looking at paying but I guess first and formost is your credit, which nobody here seems to look at. You can have much more money than that with no credit and it will get you NADA! You need to find out your FICO score then get preapproved........then you will have an idea of what you will be leant.
2007-01-17 11:23:26 · answer #6 · answered by cindysheehansuks 1 · 0⤊ 1⤋
$15,000
I bought FHA, and closed 2 weeks after my 25th birthday.
2007-01-17 14:27:28 · answer #7 · answered by tiny_dog10 2 · 0⤊ 0⤋