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I think I just sold my house

eric strt6

eric strt6

Resident Curmudgeon
Sep 8, 2001
23,323
13,613
directly above the center of the earth
got an offer tonight that was within 10k of our asking price. They put down a deposit of 20%:eek: and they want to close within 30 days

damn I guess I really am going to move way closer to my job

really will miss this place but not gonna miss commuting 2.5 hours each day
 
OGRipper

OGRipper

back alley ripper
Feb 3, 2004
10,654
1,129
NORCAL is the hizzle
bean said:
Not true at all. The wife and I just bought a place with 3.5% down.
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Where and at what interest rate and loan terms? And did you need a second loan to make that happen?

I bought a place a few months ago in SF. After talking to a bunch of lenders, 20% down was an absolute requirement to get the loan terms I was looking for (30 year fixed at a low rate). I have excellent credit and the monthly payments are not a stretch for me.
 
Mtbike

Mtbike

Monkey
Jul 28, 2004
232
0
Indiana
FHA minimum down payment is 3.5%. Max loan amounts in San Fran is $729,750. Min credit score is around 640 and interest rates should be around 4.75% for a 30 yr fixed.
 
OGRipper

OGRipper

back alley ripper
Feb 3, 2004
10,654
1,129
NORCAL is the hizzle
dante said:
Yeah........ put me in that category as well. If you're going to buy a house for $750k+, I'd rather that I (as a taxpayer) wasn't on the hook for that.
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Not too many reasonably desirable single family houses in SF for less than that. As it is I'm in a 'hood typically referred to as blue collar. :rofl:

Anyway, unlike a lot of people I'm not looking for anyone else to be on the hook for my loan, just pointing out that it's not unusual for a buyer to put 20% down around here.
 
B

bean

Turbo Monkey
Feb 16, 2004
1,335
0
Boulder
OGRipper said:
Where and at what interest rate and loan terms? And did you need a second loan to make that happen?

I bought a place a few months ago in SF. After talking to a bunch of lenders, 20% down was an absolute requirement to get the loan terms I was looking for (30 year fixed at a low rate). I have excellent credit and the monthly payments are not a stretch for me.
Click to expand...
This was in Boulder. It's a 30-year fixed rate FHA at 4.7%. There was also an option to do a standard 30-year with 5% down instead of the FHA. A second loan was not necessary.

Our credit scores were above 740, which helped with the interest rate. Their primary concern was staying within the appropriate debt to income ratio, and that wasn't a problem for us at all. Actually it was scary just how much more they were willing to loan us than what we took.
 
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