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#2777

Slain (Visitor)

first time home buyers First time home buyer
Are there any special schemes for first time home buyers? I also do not have the 20% needed for downpayment. What are some options I can have?

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#2778

The Reverend Natural Light (Visitor)

first time home buyers First time home buyer
I also do not have the 20% needed for downpayment. What are some options I can have?

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#2779

John A. Weeks III (Visitor)

first time home buyers First time home buyer
Are there any special schemes for first time home buyers? I also do not have the 20% needed for downpayment. What are some options I can have? A life time of debt? Bankruptcy? Not being able to save for retirement? Working until you are 80? -john-

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#2780

<i>trad...@optonline.net</i> (Visitor)

first time home buyers First time home buyer
Are there any special schemes for first time home buyers? I also do not have the 20% needed for downpayment. What are some options I can have?- Hide quoted text - - Show quoted text -

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#2781

Tim Smith (Visitor)

first time home buyers First time home buyer

I also do not have the 20% needed for downpayment. What are some options I can have? One possibility is 80-10-10 financing. You take an 80% normal mortgage, and make a 10% down payment, and take a home equity loan equal to 100% of your equity (which is 10%). The home equity loan plus your down payment makes 20%. Your monthly payment will be your regular mortgage payment on the normal mortgage, plus your repayment of the home equity loan, which will usually have a shorter term than the mortgage, and be at a higher interest rate. The advantage this has over just doing 10% down and borrowing 90% is that many lenders will require private mortgage insurance then. That can cost more per month than the payments on the home equity loan in an 80-10-10 arrangement. But before doing any of the above, or anything else other than the common 20% down, 80% loan, consider how long it would take to save 20%. Go into serious savings mode

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#2782

Tim Smith (Visitor)

first time home buyers First time home buyer

Then there's PMI if you want to go higher than 80% on the first mortgage. You have to pay PMI until the loan is paid down to 80% of the original purchase price even if the value increases. And with many just getting it down to 80% isn't enough. You also have to remind them to take off the PMI! They will happily let you continue to pay PMI until the loan is paid off if you wish. I bet they make a lot of money off people who think that PMI continues until the loan is paid off. After all, they have a fixed rate mortgage, so they EXPECT to pay the same amount 360 times, right?

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