how much do i need to put a down payment on a house? (serious)

pittsburgh_muscle25 · 07-24-2008, 02:28 PM

I have about 30 g's int he bank and im looking to buy a house or divided home (two sections) and rent them out...any ideas if 30 grand is enough for this, im looking to do it next spring so hopefully i can save up another 10 grand towards putting work into it if necessary. thx and reps for helpful answers.

iccyman001 · 07-24-2008, 02:29 PM

a good rule of thumb is 20% of the house cost

30gs is a good chunk of change for a down payment

bruno · 07-24-2008, 02:31 PM

Quote:

Originally Posted by km89

I have about 30 g's int he bank and im looking to buy a house or divided home (two sections) and rent them out...any ideas if 30 grand is enough for this, im looking to do it next spring so hopefully i can save up another 10 grand towards putting work into it if necessary. thx and reps for helpful answers.

I wouldnt do it if those 30 g's are all you have, and then the 10,000 you hope to have saved up by then for the house as well, not having any safety net in case it fails.

dfdsgdfgyh · 07-24-2008, 02:32 PM

Quote:

Originally Posted by iccyman001

a good rule of thumb is 20% of the house cost

30gs is a good chunk of change for a down payment

but he probably doesnt wants to put down ALL HIS SAVINGS as a downpayment for his house.

better yet, get a condo in downtown, and rent that

Stray800 · 07-24-2008, 02:33 PM

Not sure where you live but the real estate market is awful here in Florida - alot of sellers.

20% is a good down payment.

stsmurf · 07-24-2008, 02:33 PM

If you dont put down 20% on your house you have to pay mortage insurance.

But if say you put down 15% you wont pay as much mortgage insurance as if you put down only 5%, it does very.

I financed with 0 down

my mortgage insurance sucks ass.... but i rent out 4 rooms in my house

alegend90 · 07-24-2008, 02:34 PM

tree hundred fitty thousand

i honestly don't know. where are the misc realtors?

jeff00z28 · 07-24-2008, 02:34 PM

depends. i will prolly put less than 20grand when i buy a house. as long as its 10%

Brashanic · 07-24-2008, 02:36 PM

i put 3% percent down and then refied out of my pmi 6 months later. but the market was smokin hot right then. when i bought rental property they wanted 25% down because it wasn't my primary residence. good luck!

lookin4size · 07-24-2008, 02:38 PM

Quote:

Originally Posted by stsmurf

If you dont put down 20% on your house you have to pay mortage insurance.

But if say you put down 15% you wont pay as much mortgage insurance as if you put down only 5%, it does very.

I financed with 0 down

my mortgage insurance sucks ass.... but i rent out 4 rooms in my house

This used to be the case until they began packaging mortgages together. You can get a piggy back loan (typically higher interest - but still deductible vs. PMI that is not, so weigh your options here). I'm guessing lending practices have become more strict so this option may not be as readily available, but it does exist.

stsmurf · 07-24-2008, 02:40 PM

Quote:

Originally Posted by lookin4size

This used to be the case until they began packaging mortgages together. You can get a piggy back loan (typically higher interest - but still deductible vs. PMI that is not, so weigh your options here). I'm guessing lending practices have become more strict so this option may not be as readily available, but it does exist.

Yeah i had heard about this when i bought my house in november. I asked 2 loan companies (wells fargo was 1) and they said this wasnt done any more. *shurg* no idea. My mortgage insurance is $180 a month

pittsburgh_muscle25 · 07-24-2008, 02:40 PM

Quote:

Originally Posted by bruno

I wouldnt do it if those 30 g's are all you have, and then the 10,000 you hope to have saved up by then for the house as well, not having any safety net in case it fails.

well the thing about where i live is that its a university town...im looking at buying a house literally down the streeet from the university and renting it out, there are other options as well, plent of them...but im trying to buy something small and rent it out.

CEO Alex · 07-24-2008, 02:45 PM

Depending on your credit, income, and bank's guidelines (guidelines differ from bank to bank), you could technically get a loan up to 97% LTV. So, 3% + closing costs would be your downpayment. Standard guidelines are typically up to 90% LTV/10% Down Payment. Worst case scenario, you'll need 20-25% down. It's completely dependent on your personal scenario.

Emil_Hudson · 07-24-2008, 02:46 PM

Quote:

Originally Posted by km89

I have about 30 g's int he bank and im looking to buy a house or divided home (two sections) and rent them out...any ideas if 30 grand is enough for this, im looking to do it next spring so hopefully i can save up another 10 grand towards putting work into it if necessary. thx and reps for helpful answers.

30g's in the bank at age 19? Strong financial skills.

stsmurf · 07-24-2008, 02:47 PM

Quote:

Originally Posted by Emil_Hudson

30g's in the bank at age 19? Strong financial skills.

I typically just assume their parents took care of them a lot. Or like one of my friends got hit by a car while riding his bike and ended up with 20k from it.

1SIKALTI · 07-24-2008, 02:47 PM

> 20%= PMI ins

5x10 · 07-24-2008, 02:49 PM

the more the better

buster_hymen · 07-24-2008, 02:49 PM

Depends on the amount of the loan bro.

juju_BEAN · 07-24-2008, 02:50 PM

Suzy Orman says at least 10%.

edible_eye · 07-24-2008, 02:52 PM

You can put any amount down. That's up to you.

20% will likely get you the best interest rate.

If you go for an FHA loan, you usually don't need anything - but there are "penalties".

Augnon · 07-24-2008, 02:53 PM

Quote:

Originally Posted by km89

I have about 30 g's int he bank and im looking to buy a house or divided home (two sections) and rent them out...any ideas if 30 grand is enough for this, im looking to do it next spring so hopefully i can save up another 10 grand towards putting work into it if necessary. thx and reps for helpful answers.

umm how do have 30k in the bank at 19???

Lovetodream · 07-24-2008, 02:55 PM

Quote:

Originally Posted by stsmurf

I typically just assume their parents took care of them a lot. Or like one of my friends got hit by a car while riding his bike and ended up with 20k from it.

or their smart and earn it themselves

don't assume

juju_BEAN · 07-24-2008, 03:02 PM

Quote:

Originally Posted by Augnon

umm how do have 30k in the bank at 19???

lol i'm 18 and i only have about 8k in my own earned assets....

C. Griswald · 07-24-2008, 03:02 PM

20% trust me PMI blows. i just tried to get mine removed. built the house in 05, moved in, in 06. bought for 120,000. house is now worth 145,000. STILL cant get PMI off it. fukers

BBmisc420196 · 07-24-2008, 03:05 PM

Quote:

Originally Posted by tech2

20% trust me PMI blows. i just tried to get mine removed. built the house in 05, moved in, in 06. bought for 120,000. house is now worth 145,000. STILL cant get PMI off it. fukers

Damn I wish I lived where you are! Most houses here got for $400,000 to $500,000. I did good though. Bought a 1 bed 1 bath condo in a ghetto Seattle suburb for $90k 3 years ago, now its worth $150k. Wish I could live in a house and not a tiny condo in a ghetto area.

C. Griswald · 07-24-2008, 03:15 PM

Quote:

Originally Posted by deathwish420196

Damn I wish I lived where you are! Most houses here got for $400,000 to $500,000. I did good though. Bought a 1 bed 1 bath condo in a ghetto Seattle suburb for $90k 3 years ago, now its worth $150k. Wish I could live in a house and not a tiny condo in a ghetto area.

yes cost of living is very reasonable around here. i think thats why people think im fraudin on here but im not. i have a few toys, older boat, camper. couple of cars but my mortgage is dirt cheap so i have money for other crap

thats a nice investment !

MusclesMarinara · 07-24-2008, 03:21 PM

Make sure you have enough for closing costs...ie lawyer, taxes, etc...usually 5-7k or more, plus you need a safety net of at least 10k imho.

I'm currently looking for a house w/ my fiance and you wouldn't believe some of the asking prices for POS houses. I made 3 separate offers on this one house and they won't budge...dumbasses are going to get far less than what I've offered...

C. Griswald · 07-24-2008, 03:23 PM

make the seller pay closing costs ftw!

rf0t0 · 07-24-2008, 03:24 PM

i know this has been asked already, but how the **** do you have 30k dollars in the bank at 18? did your grand parents leave you something behind? care to explain? because i am feelings like a piece of ****, because i am 22 and i don't got a ****ing penny in the bank.

MusclesMarinara · 07-24-2008, 03:27 PM

Quote:

Originally Posted by R072286

i know this has been asked already, but how the **** do you have 30k dollars in the bank at 18? did your grand parents leave you something behind? care to explain? because i am feelings like a piece of ****, because i am 22 and i don't got a ****ing penny in the bank.

You need to start saving bro. When I was 18 I had 30-35k in the bank as well and 90% of it was money I saved up...