How much down payment for new house construction?
easelhomer
5 years ago
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Virgil Carter Fine Art
5 years agoRelated Discussions
how much down payment needed in new real estate world?
Comments (8)The "new" rules are WAY over-hyped. Many lenders have gone back to traditional practices of 20% down. Some are still working at 5% or even 0%. If you go that route, you really need to shop around. Home prices are still falling in many areas, so anyone making a 5% down loan is taking a big risk. Businesses taking risks need to have bigger rewards. Their "rewards" come out of your pocketbook, so make sure you know what you are signing up for. As for using a broker - that is a mixed bag as well. It saves you the time of talking to multiple lenders. If you don't know what type of options are out there, a broker can fill in the gaps and recommend different products. However, one of the under-reported parts of this crisis is that brokers were making horrible recommendations for clients. They were getting kickbacks for tricking borrowers into more expensive loans. Ultimately, you are the one who is going to be responsible for repaying the loan, so you need to take responsibility for understanding it....See MoreHow much should I spend on a new house?
Comments (21)Great thread. It's interesting what you said about the newer development. It sounds like you would be living in their home. I wouldn't want to have to go with their colors and styles. I have a tiny cottage built in 1943. I recently tried to sell it, but ended up keeping it. I love antiques and have this one decorated in the style of the period. Right now I'm having the bathroom remodeled. I found some 1930's pink tile the I just love! Next year I will do the floor in white tile with a pink border. It's really fun to put your artistic stamp on your home. I have several brass antique lamps that add so much ambiance. I would look at all of the older homes anyway. It can't hurt. Prices are great right now. I would also consider paying off your home completely and doing a small remodel each year. That's what I'm doing. It's very rewarding. Last year I bought a 1950's O'Keefe and Merritt stove and restored it. The year before I replaced the carpet with my favorite shade of green. Then I painted. Now it's the bathroom. Even though my house is old, I love the charm, and it feels so solid to me. Next year I'll repipe. I would definitely make sure you sell the first house before buying the second. Real estate offers can be iffy. People do back out. I learned that the hard way......See MoreHow much for cabinet down payment?
Comments (20)The stated terms for my custom cab maker were 25% to hold the place (about 10 weeks before install) 50% of the balance before install (that would be 37.5%) remainder at install (37.5%) But I actually paid 25% to hold the place, and all the rest after install, mainly because he never asked me for the money any earlier and I didn't notice the term in the contract....See MoreConstruction Loan In MI - Searching For Low Down Payment
Comments (3)You may be someone who would never lose their job or default on the loan, but to the bank, your numbers just don't add up. Giving loans to people with poor ratings is what got us into this mess. If you don't have enough to put down for a conventional loan, you don't have enough for a home needing renovations. And since you just moved, you don't have a long history at your job. You are an extremely high risk individual. You need to keep working and saving until you have enough money....See MoreUser
5 years agoLaurie Schrader
5 years agolast modified: 5 years agoshivece
5 years agoDavid Cary
5 years agoworthy
5 years agolast modified: 5 years ago
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