who owns their own house?

Question

hello everyone. Random question, anyone here own their house? Are you still paying it? How much did you put on your down payment? I am currently saving up and would like some idea on how much should I do for a down payment. I am a first time buying & live in Florida. Also how much do you pay monthly & how was your credit score? sorry for to many questions. anyways also wanted to make conversation!❤
P.S I know this isn't the right group to ask but i received no comments on the chit chat group :(

Answer

You need to speak to a mortgage officer and a real estate agent in your area.

Answer

We own our own house. It’s our second home so we had equity to put as a down payment. We put 16500 down on a 310,000  house. Our first home we bought we had a good enough credit score to qualify for no down payment. We actually had two mortgages, one to pay for the house and one for the down payment

Answer

We got our house cheap 225,000 it's worth 450,000 now we put 20,000 down we pay 1,800 a month that includes mortgage and tax and homeowners but not flood (I live in New Orleans) Flood is 675 for me my credit score is in the 700's but when We first bought it it was in the mid to high 600's

Answer

My hubs and I own our house in California. It’s our second home purchase (First was in TX and we put 5% down). We put 10% down (which was a lot considering it’s a single family home in Los Angeles). It’s a 30 yr fixed loan.  We both have around 740 credit score with little debt. We’re still young so getting above 740 has been tough since our credit length is a little shorter.  We were actually able to get a credit union to loan with no pmi at a great rate.
Speaking with a lender is definitely step 1 in this market. Most sellers won’t even look at an offer until the buyer has provided a pre-approval letter.
Good luck!!

Answer

You should put 20% down of the asking price otherwise you get a PMI insurance. Your payments will vary based on the current market interest rate, how much you put down, home owners insurance, and property tax (if any).  
Go on Zillow they have a mortgage calculator tool and it will show you a brake down of what your payments would be depending on how much you put down and a certain size loan. :)

Answer

I just bought a home and would be happy to share our details!

4 bed 2.5 bath 2200 sq ft brand new
Price $242,900 
We have excellent credit and took a conventional loan at 4.0%, for 30 years with 5% down and no closing costs 
Total cash to close,
Aka the check they want when we move in is $17,000- that is about $13.5 as a down payment (a little over 5%) and our title and eacrow fees were about $3,500. Closing costs would have been an additional $4k or so- we took a 4% interest rate instead of a 3.875 so that we did not have to pay the additional $3,500 at close. Doing that made our payment go up about $20 a month
Total payment a month is $1950, that includes everything, mortgage, our mortgage insurance for only putting down 5%, the house insurance itself, and taxes. 
To get a really good estimate of a house, this is exactly the listing for my home/ go to realtor.com and pick absolutely any house that you like, scroll down to the calculator and hit 'advanced calc' right there. It doesn't want you to sign up or anything, it calculates really really good estimates based off of the interest-rate you put, and that percent down that you put in.

I hope some of this is helpful! A conventional loan rate is around 4.25-4.5% as well, if you don't have really good credit, I would put 4.75 just to give you a better estimate of the higher end you may pay. 
There are loan programs that allow you to put down 3.5%, 1%, and even 0%, but you will pay more in mortgage insurance, and you will have a higher interest-rate. 
Also keep in mind that you will have to pay closing cost of some kind- a good base for that is about $5k for a $180,000 home or $8k for a $250,000 home. So my goal for no money down would be $10k in the bank. 
Also I would highly recommend talking to a realtor, they will want you to take an appointment, but that is what they do for a living. Every single appointment that they take does not turn into a sale, and any good realtor would be happy to give you information about the area, and some guidance on what you should focus in on, and work at over the next year or so to put you in the right place to be able to purchase a home!

Answer

Look into Dave Ramsey Financial Peace, it's an easy way to get educated on how to choose/manage the right mortgage & down payment for you & your budget.

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You can go for an FHA loan as a first time
Homebuyer . I believe credit score needs to be above 680. You would be required to put down 3% down payment and the house itself would have to pass special inspections. You would also be required to carry PMI which would drive your payments higher. 
Also the size of your mortgage that you can get depends on your debt to income ratio. 
Speak with a mortgage officer but in the meantime don't get yourself into any debt (no large purchases) and make sure to pay down any credit cards and accounts you may have to drive your debt to income and credit utilization lower.

Answer

These are really personal questions. I agree with speaking to a mortgage broker and real estate office. 
A Mortgage broker will be able to help you get all your ducks in a row way ahead of time.

Answer

Loans are typically 15 or 30 years.  I own mine, no down payment, on a 30 yr fixed rate. Every market is different.  Find a realtor in your area. Good luck!

who owns their own house?

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