How much should you really put down?

NEW -> Contingent Buyer Assistance Program
[quote author="irvinehomeowner"]Yeah... that was me... last week I read of bunch of her articles and posted on the ones that struck me.

(It was also a ninja way to link to www.talkirvine.com... hehe)[/quote]
You are gonna be famous IHO.
 
Anyone believing you can get a 50% DTI deal done in this environment is probably huffing. 45% DTI is now the exception to the rule.
 
[quote author="Soylent Green Is People"]New home builders didn't rank their priority lists by amount of down payment, unless things have changed recently. They take them "first come, first served, as long as you play along with our own lenders pre-qual terms". Get the builders priority list requirements in writing and then work around any issue from there.

[/quote]

last time i checked with lennar at la casella for their presales, they were putting together priority lists, but selecting 'more qualified buyers' to put higher. rep said cash buyers or ones with higher downpayment would definitely be preferred. wasnt first come first served. maybe it's changed again though.
 
[quote author="irvinehomeowner"]What is better for the economy? That 20% into your home or into stocks/bonds/mutuals?

Just wondering.[/quote]

I just recently went through this excerise. I have about 1.2M for a home. I got to thinking about tax implications, where I lived, unemployment and purchasing a home.

Essentially i had to model what was the estimated average for s/b/m vs paying down my house (cost of opportunity i guess) and currently it favors putting as little down as possible (my case).

Now lets look at lenders who are willing to take that.... very little, very, very little. Most of them want a 20% down at a minimum and won't go much less than that. Even when i showed them the debt to income ratio it was still a hard sell. I currently have a few $$ invested in a CD that gives me 7% (30 year fixed that pays out monthly).

Anyway, just my experience, those who can get the 3.5% are pretty lucky IMHO, i don't nearly qualify for it. <!-- s:( -->:(<!-- s:( -->

-bix
 
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