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  1. #7401
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    Quote Originally Posted by Dantheman View Post
    Who puts 20% down these days? Or any time in the last 20+ years?
    We put 5% down at 4% interest in 2012.

  2. #7402
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    Quote Originally Posted by Dantheman View Post
    Who puts 20% down these days? Or any time in the last 20+ years?
    Hand raised
    http://www.firsttracksonline.com

    I wish i could be like SkiFishBum

  3. #7403
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    Pmi sucks


    Sent from my iPhone using TGR Forums

  4. #7404
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    Quote Originally Posted by Dantheman View Post
    Who puts 20% down these days? Or any time in the last 20+ years?
    I didn't in 2005 when I bought my house, but I will for my next house.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin

  5. #7405
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    Quote Originally Posted by Whiteroom_Guardian View Post
    Honestly, doesn't sound all that bad. If I had a house that cheap I would just have a payment on a nice Sprinter and never be home anyway.
    Living in a mecca of Sprinters it's hard for me to understand why they're so popular. The people they make sense for are travelling (climbers) & well-off professionals without kids. Anyone outside that demographic seems to want them more than they need them. A buddy that's financially set & focuses mostly on biking even decided it was overkill, eventually selling his Sprinter for a Prius with a rack. Personally, weekend trips are just fine in my Element. Very cheap to run & comes with a 4'x5' bed and storage.

    Quote Originally Posted by Leavenworth Skier View Post
    Pmi sucks
    Yeah, I can't legitimize paying it so we're delaying to save for a full 20%dp.

  6. #7406
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    Quote Originally Posted by Leavenworth Skier View Post
    Pmi sucks
    We didn't have to pay PMI, even at 5% down.

    I'd rather have the money invested somewhere else besides my house.

  7. #7407
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    May 2008
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    On a genuine ol' fashioned authentic steam powered aereoplane
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    Quote Originally Posted by Bromontane View Post
    Living in a mecca of Sprinters it's hard for me to understand why they're so popular. The people they make sense for are travelling (climbers) & well-off professionals without kids. Anyone outside that demographic seems to want them more than they need them. A buddy that's financially set & focuses mostly on biking even decided it was overkill, eventually selling his Sprinter for a Prius with a rack. Personally, weekend trips are just fine in my Element. Very cheap to run & comes with a 4'x5' bed and storage.



    Yeah, I can't legitimize paying it so we're delaying to save for a full 20%dp.

    Same deal here. Lots of families with dope sprinters that sit in the driveway 50 weeks a year. I'm single, no pets, and have a flexible work schedule. I could actually use mine quite a bit. Have done week long trips out of my pickup + topper. It is better than a tent, but still kind of a pain sliding in and out to sleep, etc. Being able to stand up inside a vehicle would be huge.

  8. #7408
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    Quote Originally Posted by Dantheman View Post
    Who puts 20% down these days? Or any time in the last 20+ years?
    Says all the trust funders.

    Let's do some livin'
    After, we die

  9. #7409
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    Quote Originally Posted by Dantheman View Post
    Who puts 20% down these days? Or any time in the last 20+ years?
    People in Duncan, OK might - $10k ain't that much - otherwise, no idea.

    Most of those cheap markets people have little "invested" in their homes because values don't go up much. If they are plowing money into them - and people do - it's all about wants not expected appreciation.

  10. #7410
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    Quote Originally Posted by Benny Profane View Post
    Says people who lost their whole downpayment and more in bankruptcy during the last housing bubble.
    FIFY

  11. #7411
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    Quote Originally Posted by shredgnar View Post
    We didn't have to pay PMI, even at 5% down.

    I'd rather have the money invested somewhere else besides my house.
    Did you do 80/15 mortgages? If not, how did you avoid PMI?
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin

  12. #7412
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    Nov 2003
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    Quote Originally Posted by Danno View Post
    Did you do 80/15 mortgages? If not, how did you avoid PMI?
    my thought exactly. on our first pad in the early 00's we did the FHA loan thing and put down 5%....on subsequent purchases it's been 20% to avoid PMI.
    Damn shame, throwing away a perfectly good white boy like that

  13. #7413
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    Real Estate Crash thread

    I bought my house as a distressed property/foreclosure with 3% down on a 203k loan. I paid pmi for 1ish year. It sucked.

    I refinanced once all rehab work was done and somehow ended up with no pmi due to the massive increase in appraised value. (200k, house had a failed water system and non compliant septic when I purchased)

    All part of the plan. Next house will be 20% down most likely. But part of that is I plan on buying another cheap foreclosure and I should be walking away with a big chunk of cash from the sale of the house Iím in right now. So 20% down might only be $25-30k down.

    A lot of people I know putting 20% or more down are cashing out there houses in Seattle or whatnot that increased value bigly in the last 5 years and are moving to less expensive areas of the state/country.


    Sent from my iPhone using TGR Forums

  14. #7414
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    Quote Originally Posted by Danno View Post
    Did you do 80/15 mortgages? If not, how did you avoid PMI?
    Don't know, we just found a bank that was willing to do it. We have since refinanced for a cash out anyway. It was our first house, but we didn't need a FHA.

  15. #7415
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    Dec 2016
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    In a van... down by the river
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    Hoping that there will never be "another house" for me.

  16. #7416
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    Aug 2004
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    New Haven Line heading north
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    Quote Originally Posted by Dantheman View Post
    Who puts 20% down these days? Or any time in the last 20+ years?
    If the area is considered ďdistressedĒ and the mortgage is non-conforming, banks are requiring 25% down.

    Itís one of the drivers for the huge sell-off in suburban NYC housing. The era of the finance bro is coming to a close, and the jobs that provide buyers the ability to save for mid-six figure down payments are becoming scarce.
    Charlie, here comes the deuce. And when you speak of me, speak well.

  17. #7417
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    Quote Originally Posted by shredgnar View Post
    Don't know, we just found a bank that was willing to do it. We have since refinanced for a cash out anyway. It was our first house, but we didn't need a FHA.
    So, you're saying that you found a bank that was willing to loan you 95% of the purchase price in a single loan, not charge PMI, and not extract money from you in some other fashion to make up for that? Sounds like bullshit or you didn't understand the financing.

    Because it's not like you can just shop around for a bank that's nice and doesn't charge PMI when all the others do.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin

  18. #7418
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    PMI just a function of MBS-packaging covenants right? Portfolio bank products that were common pre-GFC offered no-PMI if I recall correctly. Many of those firms went under as they were often into sub-prime & imprudent 2nd trust products, but the business model is certainly viable for shops that actually understand how to lend properly. Regional banks & specialty shops were the major vendors from what I remember.

  19. #7419
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    One of our local banks will do 7% down no PMI but you need stellar credit, good income + they won't loan on anything risky or non-conforming at that % down. They hold their own mortgages and don't resell to fannymae, etc. Also, your interest rate is higher.

  20. #7420
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    Quote Originally Posted by Leavenworth Skier View Post
    One of our local banks will do 7% down no PMI but you need stellar credit, good income + they won't loan on anything risky or non-conforming at that % down. They hold their own mortgages and don't resell to fannymae, etc. Also, your interest rate is higher.
    That makes sense. They cover their asses as much as possible, then extract a premium from the buyer.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin

  21. #7421
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    Quote Originally Posted by Danno View Post
    So, you're saying that you found a bank that was willing to loan you 95% of the purchase price in a single loan, not charge PMI, and not extract money from you in some other fashion to make up for that? Sounds like bullshit or you didn't understand the financing.

    Because it's not like you can just shop around for a bank that's nice and doesn't charge PMI when all the others do.
    Professional Loan.

    I thought we were all dentists here?

  22. #7422
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    Quote Originally Posted by Danno View Post
    That makes sense. They cover their asses as much as possible, then extract a premium from the buyer.
    They also didn't need a bailout or restructuring in 2008... it's almost as if banks are more careful if it's their own money?

  23. #7423
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    Feb 2008
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    Sydney/Avon
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    Paid 0% down in 2010 and was able to roll PMI as a lump sum into the loan. In hindsight, i wouldn't have done that again.

  24. #7424
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    Aug 2016
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    Quote Originally Posted by Danno View Post
    That makes sense. They cover their asses as much as possible, then extract a premium from the buyer.
    Or you could look at it as skimming the cream.

    Quote Originally Posted by Leavenworth Skier View Post
    They also didn't need a bailout or restructuring in 2008... it's almost as if banks are more careful if it's their own money?
    more than a few banks that didn't "need" too took advantage of bailout funds because it was good business.

  25. #7425
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    Dec 2016
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    There is a loan type for high LTV without a PMI monthly payment. Itís called LPMI - Lender Paid Mtg Ins. Itís baked into the rate. I bet thatís what the above mag received

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