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Mom Confessions Mom Confessions

If you own your home (or the bank does! lol) please come in here!

Anonymous
Posted by Anonymous
  • 122 Replies

How did you go about it.  Did you save up for a down payment?  Did you take a loan for a down payment?  How long is your mortgage?  How much was your house?

Posted by Anonymous on Nov. 19, 2013 at 8:28 AM
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Replies (1-10):
Anonymous
by Anonymous 2 on Nov. 19, 2013 at 8:30 AM
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My grandma bought me a house this last June. All 200,000 of it was free to me :)
Anonymous
by Anonymous 3 on Nov. 19, 2013 at 8:30 AM

Saved up the 3.5% down payment as well as the closing costs and went house hunting. Purchased at 155k with a 30 year mortgage with payments of 768 plus insurances.

kristen0812
by Platinum Member on Nov. 19, 2013 at 8:32 AM
I don't own the home I live in but own a few properties. We've always paid a cash down payment , the last house we bought was foreclosed on and we got it for $70k and put $7k down. I think the mortgage is 30 years, I think. I'll call my so and find out because now it's going to bother me.
elephantmamaof2
by Ruby Member on Nov. 19, 2013 at 8:32 AM
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No down payment because we used a VA loan, but we did have savings for what the down payment would have been because we were still responsible for closing costs, appraisal, inspection, etc. That stuff adds up QUICK and a lot of people don't factor that in when house hunting. We have a 30 year fixed, I believe at 4.25%.

Peaceful.chaos
by Ruby Member on Nov. 19, 2013 at 8:32 AM
Mine was a VA so I didn't have to put up a down payment. It's getting difficult to get mortgage loans without having a down payments these days on conventional loans. Your credit will play a factor in that.
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Anonymous
by Anonymous 4 on Nov. 19, 2013 at 8:34 AM
VA loan so no money down. 30 year loan. Payments 1368 a month.
Anonymous
by Anonymous 5 on Nov. 19, 2013 at 8:36 AM
This is our third house we have bought. We paid for almost all of our first house cash and then when we sold it put every dime into the new one and the same thing with this one.
We have a ton of equity in our home. Final building cost of our home was $327,000 and we only owe about $125,000 which will be paid off in two years. (We make extreme payments to get it paid off ASAP). I wouldn't advise taking out a loan for a down payment. Save up your needed 5% and closing costs.
JamesMom714
by Platinum Member on Nov. 19, 2013 at 8:37 AM
What you will need is determined by your situation. Do you have excellent, good or bad credit? Are you former or present military? Do you have a stable income source? Do you have savings? Do you have a lot of debt?

All of those factor will determine what type of loan you MIGHT qualify for. Also, the rules are changing again starting January 1.
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mtnaspen
by Member on Nov. 19, 2013 at 8:37 AM

Purchased our home using seller financing.  Granted it was my Grandmother we had about 5% saved and paid for all the legal work for the purchase and gave her the rest.  The house was a small cabin that we used in my childhood and she was ready to sell so we took her up on the offer to sell it to us.  less than 600 sqft and 1.5 acers.  

we eventually added on to the house and financed our renovations and paid my grandmother off.  We are nearing the end of 15year mortgage and pay 1021a month including our taxes and insurance


my4kids274
by Platinum Member on Nov. 19, 2013 at 8:40 AM

Last year we sold our previous home we had owned for 15 years.  We took the equity that we had built up in that home and put that money towards the down payment that we needed to buy our present home. We used my husbands VA loan to buy this house.   We have a 30 year mortgage.

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