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Anyone help with down payments?
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amother
OP


 

Post Wed, Jun 05 2019, 7:08 pm
We're looking to buy our first house. A down payment with all the fees cost a lot of money. How do people do it? Anyway, is there any one that helps with it?
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amother
Aquamarine


 

Post Wed, Jun 05 2019, 7:16 pm
1. Make big money.
2. Family help
3. Move oot where houses are much cheaper.
4. Get married late so you saved lots of money.
Pretty sure that covers it.
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amother
cornflower


 

Post Wed, Jun 05 2019, 7:21 pm
Is there a Hebrew Free Loan Society where you live? In my city, HFLS gives an interest free loan of 15 000$ to first time home buyers. This money must not be used for the down payment. It is intended to help cover closing costs, moving expenses and repairs. It helped us be able to buy our home.
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unexpected




 
 
    
 

Post Wed, Jun 05 2019, 7:24 pm
amother [ Aquamarine ] wrote:
1. Make big money.
2. Family help
3. Move oot where houses are much cheaper.
4. Get married late so you saved lots of money.
Pretty sure that covers it.

You left out win a law suit. That's how we bought our house...
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amother
Papaya


 

Post Wed, Jun 05 2019, 7:24 pm
amother [ Aquamarine ] wrote:
1. Make big money.
2. Family help
3. Move oot where houses are much cheaper.
4. Get married late so you saved lots of money.
Pretty sure that covers it.

Good old fashioned budgeting to save for a downpayment
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SixOfWands




 
 
    
 

Post Wed, Jun 05 2019, 7:25 pm
amother [ cornflower ] wrote:
Is there a Hebrew Free Loan Society where you live? In my city, HFLS gives an interest free loan of 15 000$ to first time home buyers. This money must not be used for the down payment. It is intended to help cover closing costs, moving expenses and repairs. It helped us be able to buy our home.


Because mortgage lenders won't allow you to borrow your down payment. Of course, people try lots of ways to get around that, but its pretty basic.

OP, the answer is that people save to get the money for a down payment. They buy starter homes, build equity, hopefully sell for a profit to move to a bigger home.
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watergirl




 
 
    
 

Post Wed, Jun 05 2019, 9:21 pm
Or you can do what I did. Search for my other threads on this topic. We didn't have a down payment. We qualified for a Fannie Mae loan that only needed a 3% down payment and no PMI. Almost unheard of but its a current loan product. Seller paid 3% at closing and we got a small grant to cover the rest. All we paid at closing was $900. We had also paid $1000 earnest money, inspection fees, etc. And we did not buy in NY/NJ so it was much cheaper for our house.
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amother
OP


 

Post Wed, Jun 05 2019, 10:01 pm
watergirl wrote:
Or you can do what I did. Search for my other threads on this topic. We didn't have a down payment. We qualified for a Fannie Mae loan that only needed a 3% down payment and no PMI. Almost unheard of but its a current loan product. Seller paid 3% at closing and we got a small grant to cover the rest. All we paid at closing was $900. We had also paid $1000 earnest money, inspection fees, etc. And we did not buy in NY/NJ so it was much cheaper for our house.


Thanks. Can you give me more information how you did it
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amother
Periwinkle


 

Post Wed, Jun 05 2019, 11:26 pm
We just bought a house on Long Island for 600k. My in-laws gave us 10k which was very appreciated. The rest we did ourselves the good old fashioned way of 2 full time working parents...:.
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dankbar




 
 
    
 

Post Thu, Jun 06 2019, 2:36 am
Find out if there is a grant from govt for first time homebuyers in your area. Also if you can file for tax abatement for first couple of years to save on teal estate tax, if its available in your area
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Rappel




 
 
    
 

Post Thu, Jun 06 2019, 2:45 am
OP, it sounds like you would benefit more from a rent-to-own arrangement, than a down payment + mortgage.
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DVOM




 
 
    
 

Post Thu, Jun 06 2019, 6:45 am
We inherited 20,000$ when my granddad passed away. My grandparents from the other side promised us 5,000 whenever we were ready to buy a house. That's a lot of money, but I was shocked to see how little it was in comparison to how much we needed for a down payment and closing costs. The rest we saved, penny by penny, over the course of 10 years. We lived in a tiny two bedroom basement apartment for those years, which kept our rent really low, which allowed us to save. I would start each week with whatever we'd allotted for grocery money/living expenses in cash, and whatever was left over by the end of the week we put in a cookie jar. When the jar was full, we took it to the bank. There were some months, like those right after I had a baby or yom tov months, that we saved nothing at all and sometimes needed to draw from our savings, but most weeks we were able to put at least something away. It was actually kind of fun, a challenge, to see how much we could save. It feels good to choose the beach over an amusment park, a picknick over going out to dinner when you have a goal in mind. We're doing the same thing now, but with different financial goals: Repairing the ceiling and walls in the very old and dilapidated house we purchased, saving for my oldests bar mitzvah (in only 2 years! yowzers!), saving to purchase tickets for my whole family to visit my husband's parents who live far away and have only met our kids once. Saving is really doable with the right mindset.
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amother
Copper


 

Post Thu, Jun 06 2019, 6:55 am
DVOM, you're an inspiration!
I'm the real saving up type; I love budgets, enjoy getting a better deal, or sale item.
My DH, otoh... It's something that is easier and more fun to do as a couple/ family.
We have VERY different spending and saving mentalities. Oh well Speechless
Sorry for going off topic...
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nicole81




 
 
    
 

Post Thu, Jun 06 2019, 7:21 am
We did an FHA loan, which only required 3.5% down. If course, that means the mortgage is higher and you need to pay MIP, so this is all income dependent. If you can swing a higher payment, you don't need to put as much down. You need to work out how much you can realistically afford monthly, determine the requisite down-payment that will get you there, and go from there.
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amother
Aquamarine


 

Post Thu, Jun 06 2019, 7:49 am
amother [ Papaya ] wrote:
Good old fashioned budgeting to save for a downpayment




I'm curious to understand this idea. Sure budgeting is great, but the down payment is often so high that it's not practical to save without family help. In other words if a buyer needs 150k for a down payment, and let's say they have 30k in savings. That would mean they'd have to raise 120k. It's hard to raise that by simple "budgeting". An example would be saving 1000 a month for 10 years. I really don't think most people are buying houses that way.
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L25




 
 
    
 

Post Thu, Jun 06 2019, 8:39 am
there are plenty of places where housing is cheaper so they don't need 150,000 as a down payment. Is your question specific to places like Brooklyn, LA....
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meme6




 
 
    
 

Post Thu, Jun 06 2019, 8:44 am
If you need help with a down payment then you don’t buy a house!!
I’m seeing so many borrow money for a down payment and they get into huge debt they can afford basic living. It’s a fad you must buy, there’s nothing wrong with renting and affording life.
Someone that live OOT and can get a house for 200,000 then buy a house but in NY and surrounding areas it’s almosy impossible unless you save 150,000+ and pay a mortgage between 3,000++++++ a month .
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watergirl




 
 
    
 

Post Thu, Jun 06 2019, 8:46 am
amother [ Chocolate ] wrote:
there are plenty of places where housing is cheaper so they don't need 150,000 as a down payment. Is your question specific to places like Brooklyn, LA....

This. Many people simply cant afford this type of downpayment. These people (like me) buy in an area where they can afford.
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watergirl




 
 
    
 

Post Thu, Jun 06 2019, 8:53 am
amother [ OP ] wrote:
Thanks. Can you give me more information how you did it

I did not go through a broker. I went through a bank. Ask for Fannie Mae Home Ready. Where I live, all first time home buyers have to complete a home-buying workshop and 1:1 sessions with a counselor before being approved for a loan - state requirement and part of HUD. They recommended three different loan officers, a mix of brokers and bank representatives. I went with the one who offered me this program.
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amother
Teal


 

Post Thu, Jun 06 2019, 9:25 am
Can you get pre qualified without much in savings? Can anyone give steps to home buying for dummies, especially with minimal down payment? Or maybe tapping into retirement funds?
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