Is Zero Downpayment history?

[JoycMarr]

I asked a similar question a few months ago. I have perfect credit and a 6 figure income, but wanted a low to no downpayment bc I didn't want to exhaust my cash savings. After applying through my own bank (Chase) and a mortgage broker, I was offered a 4% with only 5% down required with Chase, and a 3.5% down FHA through the broker, again with around a 4% interest rate.

[google9]

I don't see the benefits of buying a home if you don't have atleast 20% down to avoid the monthly PMI. unless you can find programs (for first time home buyer) that takes less than 10% down and pay NO PMI,

PMI is what will kill you...Because you will be paying $300-$500 EXTRA EVERY MONTH and it's call PMI.. flush that down the drain months after months for years.

for example, FHA with 3.5% down on a $350k house , monthly PMI cost almost $500!! (and this money IS NOT going towards your PITI)

[baruchel23]

Originally Posted by google9

I don't see the benefits of buying a home if you don't have atleast 20% down to avoid the monthly PMI. unless you can find programs (for first time home buyer) that takes less than 10% down and pay NO PMI,

PMI is what will kill you...Because you will be paying $300-$500 EXTRA EVERY MONTH and it's call PMI.. flush that down the drain months after months for years.

for example, FHA with 3.5% down on a $350k house , monthly PMI cost almost $500!! (and this money IS NOT going towards your PITI)

I know youre referencing fha but heres an example for a conventional loan:
Loan amt 400k
10% down
mortgage insurance per month: around 145.00
Not too shabby.