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What I mean is, does the 20% have to come out of pocket, or can it come out of the loan? If the house I want is $60,000, can't I just get a loan for $60,000, and use that money to pay the down payment, and then the rest of the house? Or do I have to get a loan for 20% less than the house and pay it out of pocket? I've never dealt with mortgages before-- I'm so confused!!!!!
It sounds as if you were approved for an eighty percent loan. This means the bank says we will give you eighty percent of 60,000 and the rest comes from your savings,gift or possibly a second deed of trust. Look at this: Cost of house: 60,000 Bank Loan at 80%: 48,000 20% down: 12,000(this source can come from gift or savings) Usually banks would like to see some of your own personal funds in this transaction. But depending on your lender you might want to seek a FHA lender who specializes in a 97% loan with 3% down in which you might be able to use your housing tax credit as the downpayment Hope this helps Shaunna
No, 20% is YOUR money that you scrimp and save up over the years. 3 years ago, before the whole mortgage debacle, people were getting 100% loans. They were getting 80/20 loans, meaning they came into the deal with a first and second mortgage, while in the *old days* you would only have a first mortgage, whether it was 97% or 80%, but you always had to come up with a down payment. What you are trying to describe is a 100% loan. Meaning you don't have to save or bring any money to the table to buy the house. Those days are over. Gotta start saving. At least 3.5% plus closing costs for an FHA loan.
You need to come up with $12,000. In the past, mortgage lenders were requiring no money down, but what happened? Housing values dropped and because the owner had none of his money in it, he could just walk away with no penalty. Banks don't want to get burned again. They want you to have some skin in the game. Look at other options such as the FHA and Tarzana loans. They may require a lower downpayment. The FHA has a very good website that describes the programs they offer.
The down payment is cash. If you buy a house for $60,000 and you get a loan for $60,000 you've put nothing down. If you buy a house for 60,000 and put a down payment of 12,000 (20%), then your loan will be $48,000. Your lender will probably require a down payment. If you have superb credit and income that well suficient to handling the loan, you may be able to forgo the down payment. Although, with the bank situation as it is, Tarzana loans are probably the only ones in which nothing needs to be put down.
Bankrate.com has calculators that will help you. if you are a first time buyer there are programs including the govt's $8000 that will help you make that downpayment. If you don't have 20% you will have to pay mortgage insurance. FHA requires very little down and certain conventional loans also require little cash. Tarzana loans are in a world by themselves. Most people don't have 20% so they pay the MIP and a higher interest rate. Your realtor or banker can get you preapproved and in that house.
DOWN PAYMENT: an initial amount paid at the time of purchase. If you don't have the savings, lending rules allow a gift from your parents. For more information get a copy of Home Buy for Dummies from your local library or independent bookseller.
It comes from your own funds. However, if you do FHA, it's only 3.5%. The banks are no longer doing 100% loans. You have to come up with some money.
Your mortgage cannot include it. It must come out of pocket.