A Question for Homeowners

[Kalika]

Hey Homeowners of ENA,

 

I was wondering if any of you would be willing to tell me

1) How much you put as a down payment for your house

2) How much you bought your house for (total cost of the home)

and

3) How much your monthly mortgage is

 

as well as the area you live (or general area if that's more comfortable)

[StrawberryYogurt]

Hey, do you want my SSN, too? Ha ha, j/k. Well, I'll just tell you I put 20% down, but that is all I'm saying

[NJRon]

I have bought 2 houses and in both cases I ended up paying about 7% of the purchase price in total closing costs and about 1% of the value of the house in monthly mortgage payment (both times including PMI).

 

Though, that was well before the mortgage crisis.. so not sude if it is applicable.

[BeStrongBeHappy]

Are you interested in buying a house? Most private mortgage co.s (in the U.S.) want 20% down these days, and FHA loans i think can be had for 3% down.

 

There are also qualifying amounts, as in what percentage of your income can be spent on a house, so if you want to know what you can afford you should get on a mortgage website (like quickenloans) and they can tell you what you'd qualify for.

[Kalika]

Hey, do you want my SSN, too? Ha ha, j/k. Well, I'll just tell you I put 20% down, but that is all I'm saying

 

Noooo not your SSN .. unless you want to

 

I'm trying to get a good idea of how much people are putting down for, say, a $200K home, or a $250K home, or a $300K home.. etc.

 

I hope it's not too personal to ask but I'm really curious.

[Kalika]

Yes BeStrong - I am buying a home within the next few months (I hope)..

 

I want to buy a home that's around $250K - maybe a bit more - but the ones I'm looking at are all around that price.

Right now I have about $10K saved up for a down payment.

 

So that got me curious as to what other people have put down for similar houses.

[NJRon]

It varies so much you will have to talk to a mortgage broker... The information you get from a poll would be next to useless.

[Kalika]

It varies so much you will have to talk to a mortgage broker... The information you get from a poll would be next to useless.

 

I'm not statistically analyzing the data or anything. It's just an innocent question, I swear

 

I'm not expecting anyone to tell me what *I* can expect - I'm just curious as to what other people are paying and in what countries (or areas they live)..

 

So anyone feel like going back to the orig question(s)?

[Alezia]

I'm expecting a 300-400K mortgage with 50-75K down payment... yup =)

[FortunateOne]

I'm in banking; thereforee, I would need to know if you reside in the United States and do you want your property tax & insurance included in the payment?

 

You know, as a favor if you want to PM me I can prequalify what you can actually afford so it remains private.

[sidehop]

Fortunate, isn't 3% pretty much required even for FHA's? Last I was told few months ago due to the economy...even the most giving credit union's are requiring 3% down.

 

Mortgage varies so much...at least in New Hampshire, the state income comes primarily from real estate so that property tax can really skew the payment estimate.

[deleted-account]

I'd say you should have at least 10% down on a house, which is 25K for the houses you are looking at. After closing costs, your 10K will be closer to 4K. You could always try to have the sellers pay the closing costs, that way your full 10K will go towards the down payment.

[bmwm3]

Alot dep on your credit score... with the housing meltdown and credit crunch.. lot of lenders are looking for 10-20% down... are you a first time buyer??

 

if so.. govermen is coming out with great new incentives to new homebuyers to spur. demand with low intrest rates. might wanna look into that also....

[FortunateOne]

Here's an article I wrote a couple of years ago and still applies in today's world.

 

 

[Kalika]

Thanks for all the info everyone

[glegend]

I know this isn't much help now. In a few years when I flip a house, I want to put about 50K-100K down payment and mortage the rest or save up enough and then pay it one shot and then dump another 50K-75K to flip the house.

[waveseer]

I financed 100%, followed a strict budget, and refinanced until I got a decent rate and rid of the second mortgage. I now owe about 66% of the current value at 5.25% interest. It took 8 years to get here.

[Alezia]

What is considered debt with those debt to income ratio? I always feel weird putting 0$ debt on those calculators. We didnt purchase a house yet.... (we pay monthly rent) We do have monthly credit card bills which we pay off entirely each month (only use CC for convenience, not for the credit line), no student debt... no car payments/loan since we paid it cash.

 

So should I put 0$ or an estimate of the monthly bills?

[anya85]

I bought my condo about 3 years ago. It's in a very small town, about 1000 square feet, 2 bedrooms, 2 baths. The condo itself was $59,000. I put $32,000 down(had the money from an insurance settlement) and my mortage is $240 a month.

 

Oh yeah---a research park center opened right down the road so the value of my condo jumped $20,000.

[isthisused]

I bought my house 4 years ago with no money down, the seller picked up the closing costs but we added half that amount onto the price. I live in a small town in OR. The total price was 108,000 we have a 30-year fixed with no pmi and our payment is $770 and it includes taxes and Ins. I hope this helps. Good luck and shop around, take your time. And shop around for your mortgage. So many people try to get a good deal on the house but they act like they must take the first mortgage that a bank is willing to offer.

[eaglesfem]

1) How much you put as a down payment for your house: £500 deposit, and then 2 per cent the value of the property or more if we wished, we payed 12 thousand.

 

2) How much you bought your house for (total cost of the home) : 82 thousand.

and

3) How much your monthly mortgage is : £478

 

that is all in gbp i will let you work it out in $ lol...