Reply to Buying a home with a small down payment (3%)

Forum Index » Real Estate

Reply to "Buying a home with a small down payment (3%)"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]OP, I was in the same position a year ago. My income was decent and stable and my credit was excellent but after working most of my career at low paying non profits combined with high DC rents and grad school loans it was difficult to save enough for a 20% down payment. I worked with a realtor who's great with first time buyers and is familiar with various types of financing as well as the numerous home buyer assistance programs in the region (which I wasn't eligible for). She gave great advice and guidance. There were multiple lenders willing to give me a conventional loan with 5% or less down. I ended up with a 3% down loan with the PMI wrapped in rather than an extra charge and still got a very low interest rate. The biggest hurdle was the unwillingness of sellers to kick in for closing costs in the competitive DC market. It's been a year so I'd have to look up the exact numbers, but I think I needed about $25,000 for down payment and closing costs for a $400,000 house. My budget might be a little tighter than when I was renting, but the extra money is going directly to my housing expenses rather than what I was previously setting aside for my down payment. Like others have mentioned, there are a lot of unpredictable expenses with home ownership, but I am so glad I did it this way. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics