Dockside Chat - home loans

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redneck joe
03-20-2012, 08:00 PM
whats the state of down payments on home loans? We want to sell and move but i bought this one in 08 with zero down and will only clear about 10% for next house.

is everyone still doing 20%.


Reel Boobs
03-21-2012, 04:44 AM
FHA has a 3% down program.

redneck joe
03-21-2012, 04:54 AM
isnt fha only for first time buyers? This is my 7th house


alligatorgar
03-21-2012, 04:57 AM
I see you are from TN, are you farmiliar with Murfreesboro?

gort
03-21-2012, 05:05 AM
whats the state of down payments on home loans? We want to sell and move but i bought this one in 08 with zero down and will only clear about 10% for next house.

is everyone still doing 20%.

isnt fha only for first time buyers? This is my 7th house

After 6 houses you had zero to put down?

Nice boat.

fichtion
03-21-2012, 05:12 AM
Joe,

You have 2 options, one is FHA. but the upfront MI premium is like 1.25%, plus you pay monthly.

Check with either a local bank or Wells Fargo.

Or,

I have done a few purchases with WF recently and they are doing MI loans again. You can either pay it monthly (not deductible on tax return) or they bump the rate a bit and it is lender paid (but you can deduct the interest that you pay.

Your credit must be 740 or better for an MI loan. Can be lower for FHA.

I have a contact at WF, he is located in Indianapolis, but can lend in any state, let me know if you would like his contact information.

Good luck.

redneck joe
03-21-2012, 06:42 AM
I see you are from TN, are you farmiliar with Murfreesboro?

yes we are in Manchester, but want to move to Winchester (wifes family)

redneck joe
03-21-2012, 06:43 AM
After 6 houses you had zero to put down?

Nice boat.

divorce is a bitch. Got out cash poor but with no long term obligations; doing well but only been paying 3 years and didn't kick in any real money until year two so only about 8-12k equity now.

and thanks - she's for sale as are all boats... Want to move up to the MY style 38xx. Yes will stay with the bayliner brand; you can take the boy out of redneck....

redneck joe
03-21-2012, 06:52 AM
Joe,

You have 2 options, one is FHA. but the upfront MI premium is like 1.25%, plus you pay monthly.

Check with either a local bank or Wells Fargo.

Or,

I have done a few purchases with WF recently and they are doing MI loans again. You can either pay it monthly (not deductible on tax return) or they bump the rate a bit and it is lender paid (but you can deduct the interest that you pay.

Your credit must be 740 or better for an MI loan. Can be lower for FHA.

I have a contact at WF, he is located in Indianapolis, but can lend in any state, let me know if you would like his contact information.

Good luck.

cool actually i am with WF today and my credit scores are 766, 787, and 792. Could be better but used the 4% HELOC for $20k of car and boat financing so counting as revolving debt and the card i use for work expenses is usually over 50% avail credit before i get exp checks but just upped the credit line so should be ok there now.

this may happen next week, but may not be too quick. Actually we have a perfect area to add third bath and 2 bedroom or bed/office upstairs. materials and paying my (unemployed) electrician some case to knock this out would only be about $4k so if my immediate deal doesnt happen i'll be doing that. Figured pretty good ROI to make a 3/2 a 5/3 or 4/3 with office.

Bugbuster
03-21-2012, 07:31 AM
Is there a lake near Winchester. Winchester sounds like a town I'd like. hehe. RJ, you can buy a house with 10 percent down but you will be hit with PMI. It at all possible, go with 20 percent for 15 years. Rates are very low and the only problem I forsee you having is selling your current house.

redneck joe
03-21-2012, 07:47 AM
hey bug yes there is, Tims Ford. Good fishing and lots of rednecks.

I could use the HELOC or dip into 401k or sell the midlife crisis boat or a combo thereof to get the 20%.




or i could prostitute myself...

Bugbuster
03-21-2012, 09:53 AM
Sell something to get the 20%, never borrow for a down payment, that goes for the 401k also. You will get old any you WILL need that money. Sell something then work your way back up form there by the money you will save.



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