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Old 01-15-2009, 07:37 AM
 
23 posts, read 80,835 times
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I know these days are numbered or depleted, but do they still exist anywhere?

What happens to the people in the shoes my wife and I are in? We make a very steady salary, no big debts other than car loan, and we would like to buy our first home in the 230k range. The problem is, most want a 3-5% money down which is understandable. Being young, although we can afford the mortgage we don't have the needed money saved for a down payment and it would deplete our emergency funds. Are we just out of luck? Although more expensive, 100% is ideal for us, especially given the interest rates.
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Old 01-15-2009, 07:45 AM
 
Location: San Antonio, Texas
51 posts, read 195,164 times
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Hmmm....I just bought a house through USAA...100% financing. Shop around. Good luck.
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Old 01-15-2009, 07:47 AM
 
824 posts, read 1,606,563 times
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No - these loans are gone, and, while it might seem counter-intuitive, you should be grateful.

It's very important that borrowers have real equity when purchasing a home. It protects both you & the lender (and by extension, the market at large) in case of a market downturn. Just being able to afford the mortgage payment is how many good folks got into very real trouble with their new homes.

If you can't save $10k-$20k, you're really not ready to be a homeowner. Please don't think I'm being judgemental, though. It took me a long time to have enough cash to purchase a house.

Rent something right now that allows you to save enough for the price range you've targeted, and in 2-3 years, you should be in a very good position.

Good luck!
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Old 01-15-2009, 08:57 AM
 
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You might try SACU. We did 100% at 6% in June. It requires very good credit. Clearly things have changed since June, so I don't know if they still offer this.
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Old 01-15-2009, 09:46 AM
 
152 posts, read 366,281 times
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My wife and I are in the same boat. Excellent credit scores, low debt, secure jobs (as much as can be expected in these days), and ready to get in to a house. Coming up with the down payment, without depeleting emergency funds, is our current hold-up. What we are doing is:

1. Looking for a house WAY below what we were approved for
2. Being patient, and waiting for another year if need be to save up more
3. Renting a small apt. that is on the low end of the rates (but still safe)

Sure interest rates and house prices may go back up soon, BUT the economy could get way worse, we could lose our jobs, rates and prices may stay low, and in the end we will still get a house and we will be glad we had the money to put more down on it, which will lower our payments and help us build equity in the property quicker.
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Old 01-15-2009, 10:48 AM
 
1,740 posts, read 5,197,992 times
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Quote:
Originally Posted by dvlpr View Post
No - these loans are gone, and, while it might seem counter-intuitive, you should be grateful.

It's very important that borrowers have real equity when purchasing a home. It protects both you & the lender (and by extension, the market at large) in case of a market downturn. Just being able to afford the mortgage payment is how many good folks got into very real trouble with their new homes.

If you can't save $10k-$20k, you're really not ready to be a homeowner. Please don't think I'm being judgemental, though. It took me a long time to have enough cash to purchase a house.

Rent something right now that allows you to save enough for the price range you've targeted, and in 2-3 years, you should be in a very good position.

Good luck!
The loans aren't gone but they are now very hard to find. I do agree that if a two earner household can't save $10K-$20K then you probably shouldn't be buying a house. Also - why does your first house have to be so expensive? Buy a cheaper home you can afford to put money down on, steadily pay down the mortgage in advance and build equity so that in 5-10 years you can get that nicer more expensive home.

I did just that and have no regrets. The best way to build equity is to buy a home you can comfortably afford and pay down the note early. We can no longer bet on rising values to give us equity down the road.
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Old 01-15-2009, 11:25 AM
 
1,365 posts, read 3,981,447 times
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Quote:
Originally Posted by banker View Post
The loans aren't gone but they are now very hard to find. I do agree that if a two earner household can't save $10K-$20K then you probably shouldn't be buying a house. Also - why does your first house have to be so expensive? Buy a cheaper home you can afford to put money down on, steadily pay down the mortgage in advance and build equity so that in 5-10 years you can get that nicer more expensive home.

I did just that and have no regrets. The best way to build equity is to buy a home you can comfortably afford and pay down the note early. We can no longer bet on rising values to give us equity down the road.
i think i may have to agree with banker on this --- when dh and i bought our first home we did so with an offer from my father-in-law --- he offered to gift us 20% to put down on a house, any price level, just as long we could afford the payments ---

being a young couple and this being our first home we did not go all out, even though we could have --- we wanted to make sure we could afford and enjoy our home --- we bought a house for $90k, back in 1997 --- we were there for 5yrs, refi'd to a 15yr note and then stayed in the house for another 6yrs --- we ended up selling for $154,500 --- we were able to walk away with a huge profit and were able to put apx 35% down on our new home --- so we already have tons of equity in a house that we have been in apx 3months ---
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Old 01-15-2009, 11:35 AM
 
Location: 78108
667 posts, read 1,407,533 times
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if we all had father-in-law's like that.... what a guy!
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Old 01-15-2009, 11:44 AM
 
1,365 posts, read 3,981,447 times
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Quote:
Originally Posted by mpd33 View Post
if we all had father-in-law's like that.... what a guy!
well, the story is a little more detailed --- my father in law & late mother in law were divorced when dh was 2 --- MIL remarried very soon and kept FIL from dh ---

it's a long story and i am leaving out tons of info but after 30yrs of not knowing his dad we found him on the internet --- needless to say it was a wonderful reunion and FIL said that since he was not in his son's life, did not support him, wasn't able to pay for college, he felt the least he could do was put 20% down on a house for us ---

my dh actually declined the offer --- telling him all he wanted now was to have his dad in his life --- but FIL would not take no for an answer ---
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Old 01-15-2009, 11:45 AM
 
1,740 posts, read 5,197,992 times
Reputation: 336
I didn't have a rich father in law to help...but we put 20% down back in 2001 and when I got a big raise in 2002 refinanced to a 15 year mortgage. That allowed us to buy our current house last summer with 40% down. It can be done - just takes hard work and willing to live in a house that is cheaper than what the bank says you can afford. We still bought much less than the bank said we could afford today - because we want to have the house paid for when our oldest heads off to college in 15 years.
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