Home down payment

[chicagoafdb]

12 hours ago, macha said:

20 inaa 30 inaa not much difference you are paying interest more in initial 10-15 years … I cannot comment on investing in india it’s individuals goals … I first 10 years invested in india at ranging from $= 48 rupees till $= 66 now if I have to bing money back I have to pay taxes , black money issues and $ appreciation considering all these factors no gain no loss lo untavu…

Well said people who realize this early days are winners. 

 

[perugu_vada]

USA lo settle avali ani plans unte mathram don’t buy or invest in India.. u will never bring that money back to usa. Neither u nor ur kids will use it .. 

[cameraman]

Is it a good idea a buy a home with 10% down ?  

[ForEverJava]

59 minutes ago, cameraman said:

Is it a good idea a buy a home with 10% down ?  

different ppl apply different analysis, you can even buy house with fha loan even with 3% down but traditional mortgage need 20% down , only down side going less than 20% is paying pmi that can be used to  keep some money aside for expenses like home moving in, furnitue , taxes, hoa, home owners insurance, and if older home appliance plan.

 

thats why some people pay 10 to 12% and keep 8% as buffer specially single income families as buffer fund to counter the costs that come up with new home owner compared to apartment expenses add high utility bills like water gas electric compared to apartment living.

 

in some cases with ppl who bought in 2020 it worked out better with 10 % because when they did refi house value increased and their pmi is gone as well they did not even had to put down 20% and probably paid pmi for few months like 2 yrs and home equity is more.. this scenario might not work in all markets..

[Picheshwar]

9 hours ago, Swatkat said:

Enti antha antha shock avthunaru pichiga singel paychek ki 13 years 250k easy peasy ga. Ok ok pellidhani tarvtha eligindhi. Great. Antey seriously 13 yesrs lonus ki vachi just 2 cr india lo easy ga kamayisthunaru.. chas

k

[cameraman]

2 minutes ago, ForEverJava said:

different ppl apply different analysis, you can even buy house with fha loan even with 3% down but traditional mortgage need 20% down, only down side going less than 20% is keep some money aside for expenses like home moving in, furnitue appliance plan taxes, hoa, home owners insurance, and if older home appliance plan.

 

thats why some people pay 10 to 12% and keep 8% as buffer specially single income families as buffer fund to counter the costs that come up with new home owner compared to apartment expenses add high utility bills like water gas electric compared to apartment living.

 

in some cases with ppl who bought in 2020 it worked out better with 10 % because when they did refi house value increased and their pmi is gone as well they did not even had to put down 20% and probably paid pmi for few months like 2 yrs and home equity is more.. this scenario might not work in all markets..

Single pay check here, home prices are not coming down soon. Interests rates are going up , which is making buying power lesser   Not sure, if I have wait until I save 20% down money.

[ForEverJava]

7 minutes ago, cameraman said:

Single pay check here, home prices are not coming down soon. Interests rates are going up , which is making buying power lesser   Not sure, if I have wait until I save 20% down money.

the same point i mentioned earlier this many ppl in this forum barked like dogs.. so i would not bring topic of prices going up or down but if the house is need for family go for it and try to get best possible interest at that point of time. and if single income family so keep buffer money for expenses i have mentioned for many homeowners after buying home they get sticker shock.. by looking at these bills and their money in account go more overdarft every other month and they get into credit card debts and fall into vicious cycle balance transfer and 0%Apr some old friends called recently mentioned bought home last year still have 70k CC debt and going through financial and mental and personal health issues..

not that it will happen with everyone just assess your finances and do whats good for ur family.

 

 

[cameraman]

4 minutes ago, ForEverJava said:

the same point i mentioned earlier this many ppl in this forum barked like dogs.. so i would not bring topic of prices going up or down but if the house is need for family go for it and try to get best possible interest at that point of time. and if single income family so keep buffer money for expenses i have mentioned for many homeowners after buying home they get sticker shock.. by looking at these bills and their money in account go more overdarft every other month and they get into credit card debts and fall into vicious cycle balance transfer and 0%Apr some old friends called recently mentioned bought home last year still have 70k CC debt and going through financial and mental and personal health issues..

not that it will happen with everyone just assess your finances and do whats good for ur family.

 

 

70k debt is not a joke, that mental pressure will make you weak for sure.

Thanks for sharing the other side of owning a home without a proper plan. 

I'm trying to buy affordable home according to my budget  with some emergency funds in hand. 

[Swatkat]

Asalu endhuku uncles antha money oetti kontaru. Why cant you buy a home below 400k for 3-4 people? Ani associate director @nokia123 @godfather03 ni questioning

[terminator_desi]

49 minutes ago, cameraman said:

Single pay check here, home prices are not coming down soon. Interests rates are going up , which is making buying power lesser   Not sure, if I have wait until I save 20% down money.

which area are you looking?Already major cities like Austin,Phoenix, Charlotte are seeing big price drops(for used homes).Example check below home in Phoenix suburbs.Price drop by 60$ only a 560 home.2018 built. https://www.zillow.com/homedetails/4623-S-Concorde-Ln-Mesa-AZ-85212/125135399_zpid/

[chicagoafdb]

1 hour ago, perugu_vada said:

USA lo settle avali ani plans unte mathram don’t buy or invest in India.. u will never bring that money back to usa. Neither u nor ur kids will use it .. 

you can bring back money. transactions should be white in India, paying Indian tax, US tax, bank transfer fee.. all your gains will go drain and you may endup minimal profit or loss.. learnt hard way. recent grads are doing fine no one is sending back $$.. if we send it to India better leave it there, Plan for good and settle there.. worst idea to get back here and its crazy Pain in ass..

[cameraman]

45 minutes ago, terminator_desi said:

which area are you looking?Already major cities like Austin,Phoenix, Charlotte are seeing big price drops(for used homes).Example check below home in Phoenix suburbs.Price drop by 60$ only a 560 home.2018 built. https://www.zillow.com/homedetails/4623-S-Concorde-Ln-Mesa-AZ-85212/125135399_zpid/

Moving to Dallas from EC.

[cameraman]

2 hours ago, perugu_vada said:

USA lo settle avali ani plans unte mathram don’t buy or invest in India.. u will never bring that money back to usa. Neither u nor ur kids will use it .. 

Totally Agree with it, sent about 60k last year to India for a property purchase , last minute lo pulled back from the deal. Now can't get that money back easily.

[JUST444FUN]

1 hour ago, Swatkat said:

Asalu endhuku uncles antha money oetti kontaru. Why cant you buy a home below 400k for 3-4 people? Ani associate director @nokia123 @godfather03 ni questioning

Ade bro mana problem .. unna aanta kaalam single bed lo 2 kids toti, without proper furniture unntam. Illu konepattpudu matram aanni options and 3500 sft home kavali.. 

[ForEverJava]

3 hours ago, terminator_desi said:

which area are you looking?Already major cities like Austin,Phoenix, Charlotte are seeing big price drops(for used homes).Example check below home in Phoenix suburbs.Price drop by 60$ only a 560 home.2018 built. https://www.zillow.com/homedetails/4623-S-Concorde-Ln-Mesa-AZ-85212/125135399_zpid/

With due respect housing requirements vary from different person to person..in general most common size of homes ppl buy vary from 3000 to 4000 sft across community..

 

That size is of an apartment or more like condo that many starter homes or retirees take..sorry in advance if that comment does not go well with you..