Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hi - I was wondering if anyone knows of any lenders doing 5% down loans in DC (20002). We are trying to purchase a home under the $729 conforming loan rate and were told by our broker that a 5% down loan wouldn't be a problem... until a few days ago when all of a sudden it was "oops, you need 10% down." We're already in the contract (thanks BB&T) and around 10k short of 10%. I love this house and really want to buy it. Any ideas?
Hi - I was wondering if anyone knows of any lenders doing 5% down loans in DC (20002). We are trying to purchase a home under the $729 conforming loan rate and were told by our broker that a 5% down loan wouldn't be a problem... until a few days ago when all of a sudden it was "oops, you need 10% down." We're already in the contract (thanks BB&T) and around 10k short of 10%. I love this house and really want to buy it. Any ideas?
FHA may help... but declining markets may reduce what the FHA is willing to offer.
Hi - I was wondering if anyone knows of any lenders doing 5% down loans in DC (20002). We are trying to purchase a home under the $729 conforming loan rate and were told by our broker that a 5% down loan wouldn't be a problem... until a few days ago when all of a sudden it was "oops, you need 10% down." We're already in the contract (thanks BB&T) and around 10k short of 10%. I love this house and really want to buy it. Any ideas?
Boost the sales price 6% and have the seller provide you with 6% seller concessions. The bottom line is the same for the seller, but it provides you with an additional 6% down payment that isnt coming out of your pocket.
Boost the sales price 6% and have the seller provide you with 6% seller concessions. The bottom line is the same for the seller, but it provides you with an additional 6% down payment that isnt coming out of your pocket.
????????
If you boost the sales price 6% wouldn't you just be increasing the amt needed for the extra 10% down??
????????
If you boost the sales price 6% wouldn't you just be increasing the amt needed for the extra 10% down??
No, because the seller credits 6% back towards the purchase.. Do the math
example:
Previous purchase price $100,000
10% down = $10,000 out of pocket needed (only $5,000 available per OP)
New sales price by boosting total $6,000(6%) to $106,000
10% down = $10,600 needed to close, but $6,000 of that is coming from the seller, meaning OP needs $4,600 to close.. they have sufficient down payment.
No, because the seller credits 6% back towards the purchase.. Do the math
example:
Previous purchase price $100,000
10% down = $10,000 out of pocket needed (only $5,000 available per OP)
New sales price by boosting total $6,000(6%) to $106,000
10% down = $10,600 needed to close, but $6,000 of that is coming from the seller, meaning OP needs $4,600 to close.. they have sufficient down payment.
What happens if the property only appraises for $100,000?
What happens if the property only appraises for $100,000?
Then you shouldnt be buying it..
Anyone not buying property with equity is crazy..
Seriously though that rarely happens. Appraisers will ask for the sales price, and then see if they can justify the sales price based upon other sales.
I have been getting 100% with FHA and Down payment assistance, even in our declinging market. The same applies to Rural Development and our local Idaho Housing and Finance Assoc.(tax exempt bond sales). Your area might be differnt if you have much higher purchase prices.
I have been getting 100% with FHA and Down payment assistance, even in our declinging market. The same applies to Rural Development and our local Idaho Housing and Finance Assoc.(tax exempt bond sales). Your area might be differnt if you have much higher purchase prices.
I've been putting 20% down, and then going back and getting a HELOC after closing for the 20% down + more.. (i.e. I'm buying them with a lot of equity).. give me more money to expand.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
What??
