Buying a house

[newport king]

<p>I'm looking to buy a house within the next two years but it seems like every day life is prohibiting me from putting any REAL money away on a monthly basis. It seems like every month between rent and other bills it's all being spent. </p><p>I locked up a little over 10,000 in a money market that can't be touched and a few years ago i bought my truck and paid cash. Its always an option to sell it, but not unless its necessary. </p><p>The prices of houses seem to be coming back down to earth a little bit but of course with that the rates go up.</p><p>Anyone else have the same frustrations or some tips on better money management to get me to put the most i possibly can on the down payment??</p><p>Every time I do this i get frustrated and say fuck it. But now we both want another baby but realistically that can't happen till we get the house. </p>

[AngelAmy]

<p>i understand your frustrations...i dont make a lot of money and ive been trying to find a reasonably priced apartment and they just dont exist.&nbsp; i pay 120 a month rent at home and i cant even handle that inbteween bills and food and whatnot, i dont know how i am going to manage 900+.</p><p>it pisses me off because i know in other states you get more for so much less but i am in no position to move out of state at all.</p><p>its fucking frustrating.</p><p>good luck on your hunt :)</p>

[reeshy]

Thank God for VA loans....if it weren't for that...I wouldn't have bought my first house....that was the hard part...after that.....YOu sell you buy!!!!!!<br />

[angrymissy]

You don't need a downpayment anymore to buy a house.&nbsp; Jeff and I just bought a house with no down payment.&nbsp; One mortgage is for 80% of the loan, then theres a second mortgage for 20% of the loan (with a higher interest rate).&nbsp; They were even able to roll the closing costs into the loan.&nbsp; I would look into it.

[Bulldogcakes]

10k down wont get you anything. Not even a condo in a bad neighborhood. I'd check out some Govt programs or plan on living in the Poconos. <br />

[Tenbatsuzen]

<p>You want to buy a house in Jersey?</p><p>&nbsp;</p><p>Good luck, bro.</p><p>&nbsp;</p><p>&nbsp;</p>

[Justice4all]

<strong>angrymissy</strong> wrote:<br />You don't need a downpayment anymore to buy a house.&nbsp; Jeff and I just bought a house with no down payment.&nbsp; One mortgage is for 80% of the loan, then theres a second mortgage for 20% of the loan (with a higher interest rate).&nbsp; They were even able to roll the closing costs into the loan.&nbsp; I would look into it. <p>What Missy and Jeff did is getting more and more common. The reason they have what is known as an 80/20 loan is it keeps you from paying Mortgage Insurance. Usually their kind of loan saves you a bit of money in the long run. Smart idea for them to have a 3% sellers consession and throw in the closing costs also.</p><p>I work as a loan officer for Mortgage Broker and would be happy to show you a few programs and maybe help you with your funding. I will PM you with my infor info in the meantime.</p><p>&nbsp;</p><p>Good luck!</p>

[KC2OSO]

<strong>Justice4all</strong> wrote:<br /><strong>angrymissy</strong> wrote:<br />You don't need a downpayment anymore to buy a house.&nbsp; Jeff and I just bought a house with no down payment.&nbsp; One mortgage is for 80% of the loan, then theres a second mortgage for 20% of the loan (with a higher interest rate).&nbsp; They were even able to roll the closing costs into the loan.&nbsp; I would look into it. <p>What Missy and Jeff did is getting more and more common. The reason they have what is known as an 80/20 loan is it keeps you from paying Mortgage Insurance. Usually their kind of loan saves you a bit of money in the long run. Smart idea for them to have a 3% sellers consession and throw in the closing costs also.</p><p>I work as a loan officer for Mortgage Broker and would be happy to show you a few programs and maybe help you with your funding. I will PM you with my infor info in the meantime.&nbsp; Good luck!</p><p>Where does the bank go&nbsp;if the&nbsp;borrower defaults though w/o PMI? I agree it's a great plan these days since it's impossible to save but who carries the insurance on the loan if it's essentially 100% leveraged?</p><p>Newport, can you both get second jobs? I fucking hate debt.</p>

[FIG]

<p>Where does the bank go&nbsp;if the&nbsp;borrower defaults though w/o PMI? I agree it's a great plan these days since it's impossible to save but who carries the insurance on the loan if it's essentially 100% leveraged?</p><p>the bank that funds the loan usually sells the loan on the secondary market,&nbsp;both loans usually end up with diffrent banks in the long run, therefore no bank shares the entire risk and it minimizes the loss one bank can have.</p>

[furie]

i'm closing on a house in Kings Park, LI on tuesday. buying a house is the most frustrating process you can go through

[FIG]

furie...why?

[TheQuestion]

<p>There's an old saying that the 2 happiest days of a man's life are the day he buys a boat and the day he sells his boat.</p><p>I can honestly say the same thing is true for a house. &nbsp;&nbsp;</p>

[JimBeam]

<p>You can probably get something for being a first time homeowner as well no ?</p><p>I'm getting married next summer and hope to buy a house in 2 years so I'm hoping that after all the wedding realted expenses, even w/ her mom paying most of it, we'll have enough saved.</p><p>We currently rent in Westchester and she grew up there with me growing up in the Bronx and then family moving to Putnam County ( just over the Westchester border ) when I was in college.</p><p>She wants to buy a house in mid/upper Westchester and I really dont think she has any idea how expensive that is.</p><p>I think she's starting to realize that we might need to look in CT. They have some nice areas that havent yet been totally plasted by the people fleeing NY.</p><p>She just got a job teaching in Westchester so that'll help with money but the thought of all the pending &quot; troubles &quot; is disheartening.</p>

[angrymissy]

<strong>FIG</strong> wrote:<br /><p>&nbsp;</p>Where does the bank go&nbsp;if the&nbsp;borrower defaults though w/o PMI? I agree it's a great plan these days since it's impossible to save but who carries the insurance on the loan if it's essentially 100% leveraged? <p>&nbsp;</p><p>the bank that funds the loan usually sells the loan on the secondary market,&nbsp;both loans usually end up with diffrent banks in the long run, therefore no bank shares the entire risk and it minimizes the loss one bank can have.</p><p>Both of our loans are with the same bank... but the 20% loan has a significantly higher interest rate.&nbsp; </p>

[furie]

<strong>FIG</strong> wrote:<br>furie...why?<p></p>

why kings park? or why so frustrating?