Quote:
Originally Posted by ChiefPote
You're too impatient. You will not be able to get a loan without a down payment. The mortgage industry has changed...for the better. Those that should have a house can buy one, those that shouldn't can't. You don't even understand how much closing costs will run...do you? Study the process before you start. What would you do if the furnace bit the dust after three months and when you couldn't scrape up enough for the minimum down payment? Go get a credit card and rack up more debt that you don't need...right? Do yourself a favor and save money and then save some more money. Buy a house when you're ready, you'll feel better about the process in the end.
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I dont recall the exact amount on the last closing cost, that was built in with my loan. However, I do know that the closing cost was split between myself and the seller last time. And as for the furnace, I have a wood stove sitting just waiting to go in if need be. I'm not a complete idiot, I just didn't know the in's and out's like some of you do. I am hoping to get a good rate and any tax break I can get out of it, if we decide to go the buying route.
Basically last time, I walked into my bank with a 700+ rating and said i want to buy a house with no down payment. They had some kind of program for first time homebuyers. That's all I did. I want to be smarter this time and not just go the convenient route.