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Re: Down Payment on a House

Theodora ·
20% is ideal because you avoid having to pay a low down payment penalty. That being said, a 10% or 15% downpayment can get you into the game and you can eliminate the penalty as you build equity in the home -- when you get to the 20% mark.
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Re: Down Payment on a House

mintjulep ·
I've had a lot of experience in buying homes and your question, Moore Income, depends on so many other circumstances. It's ideal to put as much down as possible sometimes , ie if this might be your last home, or you get a better long term interest rate, or if that is the only way to qualify for a mortgage. However, if you tend to move a lot, or you are a young couple with limited cash reserves, or you do some juggling often with available investment funds, I always believe the least amount...
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Re: Down Payment on a House

Duckie425 ·
I live in Pennsylvania. Every Winter I say to myself, "Why am I still here?" I hate being cold for sure. I've been looking at Arizona as a possible place to move in the future.
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Re: Down Payment on a House

Former Member ·
If you are a first time homebuyer, you can get away with as little as 3% down payment if you have a good credit score. Your payments will be higher, but if you can afford it that might be something to consider! Higher down payment is always more desirable, though.
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Re: Down Payment on a House

Moore Income ·
@mintjulep thanks for the helpful reply!
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Re: Down Payment on a House

Moore Income ·
@Former Member What kind of a loan would you get those kind of down payments with if it is your first home?
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Re: Down Payment on a House

Former Member ·
FHA loan I believe
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Re: Down Payment on a House

Kirsten Cherry ·
It depends on the type of loan you will be using. Both FHA and Conventional (on good credit) will loan 97% of purchase price. Sometimes you can get a second loan to pay 2.5% of the purchase price which leaves you with .5% of purchase price to cough up for a down payment. Earnest money can go toward a down payment as well. If you pay anything less than 20% of the purchase price toward a down payment, you will have to pay a monthly mortgage insurance (MI). This can drop once you have 20%...
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Re: Down Payment on a House

Roy ·
There are always two sides to a coin. FHA loans have served the first time Buyers well for years. these loans offer low down payment as the main lure, however they are not cheap and where they start at 97% loan, once one adds up the total costs of getting one it usually ends up as over 5% of the total price with only 3% going towards the actual equity. A Conventional loan appears at the outset to not be as appealing because it usually requires a minimum of 5% down plus costs. However I...
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Re: Down Payment on a House

Moore Income ·
@Roy thanks for your helpful input! You are right about the downside of FHA, I went through the numbers with a banker and I was surprised by how much I would actually be paying for the home when it was paid off!
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Down Payment on a House

Moore Income ·
Just curious to know from those who have experience in homebuying. What is a good percentage to have for a down payment on a house? I know there are options out there to pay lower down payments for first time home buyers but just curious as to what is a good amount to have in most situations?
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Too hard to buy a bigger house for a growing family?

Will S. ·
It's definitely a very hot housing markets for sellers in the U.S. My partner and I were lucky enough to buy an old fixer-upper just before the pandemic hit. Like much of the rest of the country, here in Twin Cities, any decent house will sell almost immediately and go for quite a bit over any reasonable asking price. That said, we foresee us outgrowing our little bungalow in a year or two. The thing is, even if we find a bigger house we can afford, we don't have what it takes to be...
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Re: Too hard to buy a bigger house for a growing family?

Will S. ·
Thanks for the insights @Angie P. We would go the contingency route, but we're finding it's too hard in this market because there are so many buyers who can offer cash no questions asked. @KellyFromKeene Yes, it's so tough right now! While we'd love to get a bigger house as our family grows -- and having some extra space where family and friends could stay -- we'll likely have to wait things out till the market slows down. To be closer to family, we were looking at houses is the Portland,...
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Re: Too hard to buy a bigger house for a growing family?

KellyFromKeene ·
It is hard! I purchased a condo 2 months before the pandemic hit and real estate went crazy. Its great for me and my 2 boys, but I got married in 2020 and it is very small for all 4 of us. Who knew one person would make such a difference! We have several advantages- I'm not selling this condo and we are purchasing in cash. STILL cant seem to find a reasonably priced home. They continue to go 50K over asking and we can't cover that. So we wait. I keep my eyes open, but it seems like its not...
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Re: Too hard to buy a bigger house for a growing family?

irishnanny ·
the prices have changed in so many ways, houses cars grocery i say good luck to all
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Re: Too hard to buy a bigger house for a growing family?

Angie P. ·
Well, I guess depends on how important buying the new house is to you, and consider the tradeoffs from there. I think if the market depreciates (by a %), then upsizing means that: (Bigger house cost - smaller house cost) = Your original deficit. (Bigger house cost - smaller house cost) * (1 - market drop %) = Your new deficit. Thus, as long as the market drops equally from the big vs. small house, your new deficit = (1 - market drop %) * your original deficit . It'd pay to wait for the...
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Re: Too hard to buy a bigger house for a growing family?

Will S. ·
I hear that!
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Re: Too hard to buy a bigger house for a growing family?

Andrew H ·
While you might not get the best price, selling to one of the iBuyers (e.g. OpenDoor) might help in your situation. They have flexible close schedules and you would not have to sell until you found a new house. An option to look into at least.
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Re: Too hard to buy a bigger house for a growing family?

Will S. ·
Thanks for the tip, but definitely would be looking to get best price!
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Re: Most Affordable Cities to Buy a Home

TCM ·
6 out of your top 10 were in just 2 states. Nothing in the southeast, southwest, west, northwest...nothing. So why would I want to live in an area where my biggest investment (house) is growing less in value than almost anywhere else in the country? Maybe those cities are more affordable because, in general, there is more economic opportunity in almost any other place. I'm sure there are a few exceptions, but again, in general, who wants to live in Scranton or in Detroit?
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Most Affordable Cities to Buy a Home

The Penny Hoarder ·
Most Affordable Cities to Buy a Home
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Re: Most Affordable Cities to Buy a Home

AnnieB ·
Just because something is affordable doesn't make it a great place to live. Do some research on Ohio's worst ranked places to live in crime. Dayton is 4th. Cleveland is 5th. If you rank the worst places to live overall, Cleveland is ranked 10th, Dayton is 5th, Toledo is 4th, and Youngstown is 1st. Poverty rates are sky high, unemployment is too, of course the houses are affordable because no one wants to live there. Other than sources on the internet, you can ask me. I've been here for...
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Re: Most Affordable Cities to Buy a Home

AnnieB ·
Wish someone would post reasonable places to live that aren't freezing all the time and where crime isn't high.
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Re: Most Affordable Cities to Buy a Home

Emme ·
If Ohio had done the right thing and developed a smart, modern passenger railway system that would connect larger cities with smaller "affordable" places to live, this would be a dream come true. Growth rate tends to be at a snail's pace. If you're okay with subtle vibes, energy, ambience, then Ohio's for you. Just my opinion, folks.
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Re: Most Affordable Cities to Buy a Home

Karinna ·
I'm surprised TX didn't make the list. It's super cheap and beautiful.... https://realestate.usnews.com/...es/texas/brownsville
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Re: Most Affordable Cities to Buy a Home

K. Martin ·
There is more to consider than just the cost of housing and living. For me better to figure out how to afford to live in a state I would want to live.
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Re: Most Affordable Cities to Buy a Home

Will S. ·
It appears Ohio is the place to be for a great balance of livability and affordability!
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Re: Most Affordable Cities to Buy a Home

irishnanny ·
thank you for sharing, it was so helpful
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Re: Most Affordable Cities to Buy a Home

PiNaY ·
Thanks for the list, but all these places have frigid winters! Most of the cities are in the same state. I understand it’s not affordable everywhere, but we’re willing to hustle a little more to have some warmth and safety.
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Re: Most Affordable Cities to Buy a Home

Chris Zuppa ·
We only looked at the largest 100 metro areas for the video. So out of curiosity, I pulled the April data from Realtor.com to identify some less frigid places. Realtor.com tracks median home list prices for about 917 metro areas, cities and towns. If you like a small-town vibe, you may be able to find a good deal in one of these towns, which had a median home list price of less than $150,000 last month: Southwest Region: Borger, TX; Grants, NM; Pampa, TX; and Vernon, TX Southeast Region:...
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Re: Most Affordable Cities to Buy a Home

Big Lew ·
The average price of homes where I live in Texas runs well over $430,000, and that is brand new. Older homes average $300,000. And these homes are small in square footage.
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