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Old 03-16-2009, 02:17 AM
 
Location: Macao
15,694 posts, read 34,684,028 times
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What is the % of total house cost that is expected to get a loan, etc. for a house/apt in this economy?

Has it gone HIGHER (as so many bad loans in the past) or LOWER (to get more people into homes again)?
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Old 03-16-2009, 02:34 AM
 
Location: Las Vegas
444 posts, read 1,429,236 times
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In Nov 2008 we got in for 3% down on an FHA loan on a bank owned property. Hope this helps.
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Old 03-16-2009, 06:43 AM
 
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Banks are sticking very tightly to the ratio of 31% of monthly income allowed for a mortgage. That figure includes your house payment, property taxes, home insurance and HOA fees.
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Old 03-16-2009, 06:56 AM
 
Location: Here and there, you decide.
11,578 posts, read 22,673,604 times
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if you are referring to downpayment to get a loan for investor 20-30%
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Old 03-16-2009, 07:29 AM
 
Location: NW Las Vegas - Lone Mountain
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Standard owner occupied at this point is getting to be an FHA with 3.5% down. Often closing costs paid by seller so the 3.5% if pretty much it.

Investors appear to be required to put down about 25%.
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Old 03-16-2009, 09:47 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,097,275 times
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FHA will require 3.5%. VA doesn't require amy money down. Most conventional lenders will require 10% down (although I have a source for 5% down but guidelines are VERY stringent). These are all for owner occupied homes. A second/vacation home will require 10% down. Most lenders are starting to require 20$ down for condos, regardless of occupancy type (I have a source for 10% down on owner occ condos). An investment property will require a minimum of 20% down, but 25% down will get you a much better rate.
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Old 03-16-2009, 02:02 PM
 
Location: Here and there, you decide.
11,578 posts, read 22,673,604 times
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20 bucks down for a condo?? I'll take ten of them! (i know, i know, it was a typo!)
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Old 03-16-2009, 02:12 PM
 
Location: Sitting on a park bench...
2,753 posts, read 5,757,028 times
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How much (cash) would I need to put down on house worth up to $80k? I was thinking about putting down $15k. My credit isn't the best, so I'd probably have to go with a hard money loan, even though I'm a first time buyer.
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Old 03-16-2009, 02:41 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,097,275 times
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Quote:
Originally Posted by airics View Post
20 bucks down for a condo?? I'll take ten of them! (i know, i know, it was a typo!)

Whoops! I can't edit it now either.
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Old 03-16-2009, 02:51 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,097,275 times
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Quote:
Originally Posted by aqualung8705 View Post
How much (cash) would I need to put down on house worth up to $80k? I was thinking about putting down $15k. My credit isn't the best, so I'd probably have to go with a hard money loan, even though I'm a first time buyer.
$15K down won't be enough for a hard money loan. Most hard money lenders want between 40% and 50% down, some will do 35% down if they really like it.
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