Hudson Valley Nesties
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
hi ladies! :) House question
Hi there!! 
Ive been reading post but havent had a lot of time to post myself. I hope everyone is doing well!
So I have a question. I know I asked about this a long time ago but wanted to ask again. Hubby and I would love to buy a house sometime soon but we have such a hard time when it comes to the down payment. Is there anyway to put down less than the average 20% or anything like that. Thanks so much!
Re: hi ladies! :) House question
This exactly. There are additional requirements, (as far as the inspection of the house, and if you are going with a condo or townhouse, whether or not the complex is FHA approved) but definitely not hard to meet.
This and what jezzabella said. we bought our condo with only putting 3.5% down. the condo association was FHA approved. it needed to meet certain inspection and appraisal requirements.
also, we bought our place in 2009 and took the house refund of $8,000. we were able to get $8,000 because we were first time home buyers. however, we have to stay in our place for 3 years or we would have to pay the money back!
Hello. I've waited here for you. Everlong<3<br>
Talk to a mortgage broker and they'll help with options.
We bought our house with $1,000 down only because they wanted some money. We did a VA loan though because DH was in the military before his current job.
We also have to stay for 3 years because of Tax Credit in 2010. Which is fine at this point since it was just appraised for 44K more than I paid for it with our fixing up:)
I wasn't sure exactly what the other requirements were, but we also have a townhouse and it was pretty easy to meet them
all of this!!
This!
You can also do loans that split the mortgage. 80/20 and such to save PMI. We bought with 10% down and pay PMI it is 75.00 per month so 900 per year. PMI automatically cancels when your pay down to 78% equity in your home. You can have it canceled early in some cases but the rules for that are lender specific as I understand it. We pay extra to our mortgage every year so we will hit the automatic removal a few years before we would have if we just paid it. To me it was easier to pay the PMI then try to work around anything else. It was already so stressful and we had lost multiple houses. (for inspection reasons)
Good luck it's a great time to buy.
You would be hard-pressed to find any lender willing to do this, or even 80/10/10 anymore.
We have a conventional loan and put 10% down.
As long as you meet certain income requirements (combined under ~150K in Westchester for example) you may qualify for a SONYMA mortgage. They also offer up to 10k in closing cost assistance, but it adds 1/2% to your interest rate. You need to have 3% of your own money in the transaction I believe. SONYMA is a lot more paperwork than traditional mortgages, but it might be worth looking into.
We decided on a 15/1 ARM offered thru a local smaller bank (Bank of Mahopac). We do not think we will be in this house for over 15 years, and the interest rate was a whole point lower than the SONYMA (at least for the first 15 years
Needed 5% down and 15% to avoid PMI.
Of course, we are waiting on a short sale, so who knows if we will even need a mortgage!