Money down?

[Shannon Marie]

I know buying a house is in no way cheap and you have to have the money. But these loan calculators on the internet are giving me NOTHING. How do people put $30k down on a house? Maybe if you moved from another house and put the money you made from that down....but otherwise...i realize people save but by the time i saved up THAT much money i might as well be looking for an old woman condo!

we both have pretty good paying jobs for the area and are planning on a VA loan. So is that different somehow?

I'm so confused and at this rate I feel like even though we're well off we aren't well off enough to own a home.

[piggypunkinetta]

If you use a VA loan you will not need a down payment, but expect to have around 10k for closing costs. Some sellers will cover them, if asked, some will not.

You can also look into house buying classes in your area. They are full of information.

[CoffeeGirl]

Originally Posted by Shannon Marie How do people put $30k down on a house?

If your going VA-you can get a low down or 0 down loan

[Shannon Marie]

Originally Posted by piggypunkinetta If you use a VA loan you will not need a down payment, but expect to have around 10k for closing costs. Some sellers will cover them, if asked, some will not. You can also look into house buying classes in your area. They are full of information.

$10K for closing costs? Holy crap!

[Shannon Marie]

Originally Posted by CoffeeGirl If your going VA-you can get a low down or 0 down loan

is there a calculator that figures in VA?

[CoffeeGirl]

Originally Posted by Shannon Marie is there a calculator that figures in VA?

Bex posted a VA mortgage calculator in this forum & also usaa.com has a mortgage calculator as well-hope that helps

[Shannon Marie]

Originally Posted by CoffeeGirl Bex posted a VA mortgage calculator in this forum & also usaa.com has a mortgage calculator as well-hope that helps

thanks i'll go check it out.

[piggypunkinetta]

Originally Posted by Shannon Marie $10K for closing costs? Holy crap!

It is more in certain areas. I'm in CA and our closing costs are around 10k, luckily our seller gave us an 11k closing cost credit. The VA loan fee was rolled into our mortgage.

[BLBnJVB3]

What we do is figure out how much money we want saved up and by when. And then we sit down and figure out with how much he gets paid and how much our bills are how much we can save. If we need to then we cut expenses some where. We also save any bonus money and tax return money we get.

Otherwise, VA will be your best bet.

Good Luck.

[Lckychrmzz]

We used the VA loan so we didnt pay anything down. We did give a $1000 good faith deposit that we got back at closing. It just shows that you have money.. or something lol We also offered their asking price with them paying the $10,000 closing costs (which they came back with "not to exceed $10,000" which we accepted) and actually got another $1500 back at closing. I have also heard of people rolling closing cost into the loan. That could be an option.