Down-payment | Imamother

amother

Mon, Oct 18 2021, 9:21 pm

Need help with a down payment.

Bh a house has come onto the market that suits our needs. Bh We have a perfect plan how to pay back weekly for a loan. My parents only help there sons, since they need to bring in the parnossa. It's a sad situation. FIL remarried = wife has control.

We really need to move, have to make this work. I would greatly appreciate any advice or help I can get.

New York area.

Tia

Optione

Mon, Oct 18 2021, 9:27 pm

If you're first time home buyers, there are ways to put down very little. Speak to a mortgage broker and find out your options

amother

Watermelon

Mon, Oct 18 2021, 9:27 pm

In my opinion, if one doesn't have down payment and needs to borrow, they can't afford a house. We don't own. We don't have down payment. Borrowing isn't on our radar, even if we're convinced we'd be able to pay it back. Things happen. Things change.

amother

Rainbow

Mon, Oct 18 2021, 9:29 pm

Do you have a whole life policy? Maybe you can take out a line of credit against the the policy. That’s what I did when I needed $ towards a down payment (we had savings but between the closing costs and moving costs we needed another 50K)

I didn’t ask family for assistance, nor did I expect them to help me.

amother

Mon, Oct 18 2021, 9:33 pm

Optione wrote:

If you're first time home buyers, there are ways to put down very little. Speak to a mortgage broker and find out your options

In Brooklyn as well?

amother

Mon, Oct 18 2021, 9:34 pm

amother [ Rainbow ] wrote:

We check that out, I was advised not to touch it.

amother

Mon, Oct 18 2021, 9:36 pm

amother [ Watermelon ] wrote:

This is really not what I want to hear now, please respect that.

My rent is so much more then a mortgage payment would be right now.

amother

Alyssum

Mon, Oct 18 2021, 10:44 pm

If you have a plan of how to pay back, then lose your busha and ask friends, siblings, other relatives, bosses. Whatever you can get from whomever even if just 2k, it all adds up. We borrowed some from an uncle and DH's friend. You might have other people in your life who have a little bit of extra money and would do a mitzva of lending money to another yid. Write up a shtar and make good on your promise of paying it back no matter at what cost to your own family. (We didn't buy any clothes at all for the first two years after buying our house. I was good with what I had and for growing kids we did hand me downs and whatever hand me downs didn't provide, we didnt have. We also cut expenses very extremely in other areas because I couldn't spend while we still owed others.)

amother

Copper

Mon, Oct 18 2021, 10:50 pm

If you do borrow from family and friends please make it your business to not flaunt expensive purchases in their face. In an ideal world they should give without worrying about what you are doing with it but you have no idea if they need to cut back because of your loan. Be a mentch.

nicole81

Mon, Oct 18 2021, 10:51 pm

amother [ OP ] wrote:

In Brooklyn as well?

You can put down as little as 3.5% with an FHA loan. And perhaps you would qualify for this: https://www1.nyc.gov/site/hpd/......page

amother

Mon, Oct 18 2021, 10:57 pm

nicole81 wrote:

You can put down as little as 3.5% with an FHA loan. And perhaps you would qualify for this: https://www1.nyc.gov/site/hpd/......page

Thanks, appreciate this.

The owner is requesting x amount right now, a good 2 years before closing. Wouldn't help me at the moment.

amother

Copper

Mon, Oct 18 2021, 11:01 pm

amother [ OP ] wrote:

Thanks, appreciate this.

The owner is requesting x amount right now, a good 2 years before closing. Wouldn't help me at the moment.

2 years before closing?? What does that even mean?

amother

Mon, Oct 18 2021, 11:04 pm

amother [ Alyssum ] wrote:

Thanks for the push.

amother

Watermelon

Mon, Oct 18 2021, 11:04 pm

amother [ OP ] wrote:

Thanks, appreciate this.

The owner is requesting x amount right now, a good 2 years before closing. Wouldn't help me at the moment.

What?? This seems very fishy and sinister. Please due very diligent and thorough research before putting down money.

amother

Watermelon

Mon, Oct 18 2021, 11:05 pm

amother [ OP ] wrote:

It's still under construction

Please tread carefully with this. I know way too many people that got ripped off and lost lots of money with such deals. It doesn't take 2 years for a house under construction to get done.

amother

Mon, Oct 18 2021, 11:08 pm

amother [ Watermelon ] wrote:

What?? This seems very fishy and sinister. Please due very diligent and thorough research before putting down money.

Unfortunately or fortunately this is how it works in my community. The second you hear that something is being built you need to put down x amount for that apartment to be yours.

amother

Mon, Oct 18 2021, 11:09 pm

amother [ Watermelon ] wrote:

Please tread carefully with this. I know way too many people that got ripped off and lost lots of money with such deals. It doesn't take 2 years for a house under construction to get done.

We know the seller well. He just finished a project that took over 3 years to build.