We bought w/ 3% down and our house just appraised more than 100k greater than we paid

I bought in 2005 on Cap Hill, sold in 2010 for $35,000 more than what I paid. I was pretty happy considering it was 2010 and I really only put $8000 or so on updates.

Friends put 5% down on TH in Ashnurn in 2005 that cost $450. It is now worth $350 and they do NOT have the money to sell it. Kinda sad because they'd like to move "home" out of state and can't. They take full responsibility though.

Bought in 2005...zero down..now .underwater around 70k. I should have paid more attention to schools...bought condo in 70% FARMS area...was very early 20s. Still here and like the community...plan to stay for a while then rent it out.

Anonymous wrote:We did an 80/20 for 100% financing with no PMI in early 2004. Worked out well. If we sold, we'd probably make between 100k and 150k. But we're staying.

We did this as well, same time period. We are getting ready to put our house on the market now. Original cost was 300k, and we should be able to sell for a little over 400. We refinanced once to make the 2nd loan a fixed rate loan and then again to combine the two into one much lower rate mortgage. No issues at all.

Spouse did, and got lucky. If we'd been together at the time, it NEVER would have happened.

Bought late 2003, zero down, ARM, borrowed for closing costs too on $300k N Arl fixer upper.

Now after some renovations (paid cash for those, and did much of the work ourselves or by family) it is pretty comfortable to live in and worth much more.

We've refinanced into a 15 yr fixed since then, and just refinanced last year into another 15-year fixed at 2.87% interest rate. Owe under $250k now.

Anonymous wrote:We just closed on a large house of a couple that refi'd and remodeled in 2006 at a crazy high appraisal price. They barely got any money out after fees at the closing.

Right, but they also put less in.

We just closed on a large house of a couple that refi'd and remodeled in 2006 at a crazy high appraisal price. They barely got any money out after fees at the closing.

We did an 80/20 for 100% financing with no PMI in early 2004. Worked out well. If we sold, we'd probably make between 100k and 150k. But we're staying.

Anonymous wrote:

Anonymous wrote:We used a zero down, interest only loans (2 to get rid of PMI) in 2004. In 2011, our home had appreciated enough to merge the loans into a 30 year fixed at 3.5%. Obviously, we reset at the purchase price of the home when we refi'd but we still benefitted from the mortgage deduction and cheaper payments throughout the prior 7 years.

You were at least responsible enough to be paying down principal yourselves during this time, right?

No. We didn't pay down any of the principle. Like I said, the loan completely reset to the purchase price when we refi'd. We were able to save money, get our kids through the daycare years, and still benefit from the income tax deduction while paying off the interest only. Now, we have a 30 year fixed, we are out of daycare, and we are paying down the principle.

Anonymous wrote:We used a zero down, interest only loans (2 to get rid of PMI) in 2004. In 2011, our home had appreciated enough to merge the loans into a 30 year fixed at 3.5%. Obviously, we reset at the purchase price of the home when we refi'd but we still benefitted from the mortgage deduction and cheaper payments throughout the prior 7 years.

You were at least responsible enough to be paying down principal yourselves during this time, right?

We used a zero down, interest only loans (2 to get rid of PMI) in 2004. In 2011, our home had appreciated enough to merge the loans into a 30 year fixed at 3.5%. Obviously, we reset at the purchase price of the home when we refi'd but we still benefitted from the mortgage deduction and cheaper payments throughout the prior 7 years.

Bought a condo with zero down in downtown in 2004, refied to a fixed (bad call but I'm risk averse) in 2005 and got a few thousand out. Could refi for a while, but we now have about $150k equity between payments, overpayments on our second and increased value and are refiing to a 15 year. We used an available tool, we didn't overextend as we were pressured to do.

We bought a condo in Clarendon for zero down in late 2006, just sold it and made a $150k profit.

... how are things now? Did things work out fine? Or not? Just curious to hear anecdotes out there...