I know I should save $ for a down and always have something to children and it is very difficult, so p

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I know I should save $ for a down and always have something to children and it is very difficult so pleeeease no lectures *:-))). smile * Here is my question. I was told that I am ready for the back on 80/20 (I have bad credit, I’m fixing), but 20% of the loan may be eligible for interest rates of 10%! I did some calculations and if so, I’ll pay the nearly $ 2.300 for first mortgages and $ 800 in the second and essentially would be a negative equity when I finally move, have’m I right? Should I wait at least 3% of the loan that gives you 6.7% for SONYMA save interest? PS: my father was very grateful, and he said he co unterzeichnen.Was is a 100% loan with PMI instead of a piggyback loan? What is the monthly mortgage is only a rough estimate that $ 430K house? Your advice is welcome. With the interest rate on the piggyback loan for 30 years, I paid over a million dollars for a $ 400K house. Am I calculating this wrong?

2 Comments
  1. Reply
    shamieya
    May 4, 2011 at 3:37 am

    Those piggy back loans have prepayment penalties that could bite you when you refinance. in my situation i did end up with a first and second mortgage, but it was through a first-time homebuyer program and the second mortgage has no interest. you may want to look into something like that in your state. In the end, I only came out of pocket about $ 1000, and it wasnt all at one time. I also got a 5.49% rate on the first mortgage. the price of the home you want may not qualify though. (also assuming this is your first home, but I think the program is for people who havent purchased a home in a certain number of years also). otherwise, I would say just save up the down payment because you know once you get in the house there’s going to be more money spent for a variety of things. when you move in you want to feel a sigh of relief, not a financial burden on your back. even if you can afford it, it sounds like the less complicated route would just be to save up the money.

  2. Reply
    CommonCents
    May 4, 2011 at 4:29 am

    Sounds like you cannot afford to buy. Do you make $ 100,000 a year or more ?

    Having a cosigner may not help you with a mortgage.
    they still use the lowest credit score and he would be a non occupant co-borrower.

    With bad credit, your 20% loan could be 12.5% IF you even qualify.

    The cost of the loan over 30 years is insignificant. What you can TRULY afford to pay monthly is more important.
    If dad wants to buy you a house, that is a different story.

    You need to find someone who can explain your options to you. Without knowing your income, credit score, debts and answers to about 20 other questions, you don’t even know what you qualify for.

    It’s not always possible to save up for a down, don’t beat yourself up. Take care of the kids instead of stressing over a mortgage.

    The world will be better of with kids whose parents rented, and spent time with them…. than kids whose parents were working all the time to make payments on a house that they couldn’t afford.
    There’s no shame in being a tenant. (Be a good one)
    There IS shame in ignoring your kids.

    Many people truly cannot afford to buy a house, and shouldn’t.

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