Anyone purcahsed a home/house in the last 60 days? Need advice...

CSFBB · Feb 1, 2011

Looking for some real estate advice, haven't started working with a broker but have been using redfin/zillow/craigslist/etc.

In this economy, is 20% down still required? My wife and I have a pretty good credit score (around 820ish) and I found a starter home within our budget...If I really bear down the next couple of months, I can safely put down about 10-15%. If this was three years ago, they would have been begging for a purchase but I have heard some recent horror stories.

Is it worth even getting seriously involved if I don't have the 20% available...I carry no debt but I am self employed and I know they don't look too kindly on that, from a mortgage standpoint.

Any advice would be appreciated...Thanks, CSFBB

PS-If it matters, it is in Orange County and the asking price is $ 599,000.00

mplastered · Feb 1, 2011

Starter home? Hell of a start.

CSFBB · Feb 1, 2011

mplastered said:
Starter home? Hell of a start.

Sadly, in the OC, that will get you about 2,000/sq feet and three bedrooms...CSFBB

audude · Feb 1, 2011

3.5% percent is what u will most likely have to come up with

RenoChazz · Feb 1, 2011

audude said:
3.5% percent is what u will most likely have to come up with

Thanks I was wondering too, heard the banks are loosening up bit. I plan on buying a house this year as well

DeathEatsaCracker · Feb 1, 2011

audude said:
3.5% percent is what u will most likely have to come up with

Only for an FHA loan, and then part of your payment will be for fees that you'll have to pay for five years and won't go toward the principle.

I bought a house back in November. I put 15% down and am paying $40something a month PMI until the other 5% is made up for.

CSFBB · Feb 2, 2011

Ok, thanks guys...I am going to try and get more information as I get closer...Gotta look into that PMI and figure out how much that will cost me...CSFBB