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MS in Computer Science vs MS in Analytics
Thoughts on Fundrise?
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Coach
if you wanna buy a house for $100 and you put $20 down, i lend you $80. you have 30 months to pay me back. that’s $2.60 a month.
same scenario except you put $0 down. now you owe me $3.30 each month.
scale this up to the hundreds of thousands and also add in an interest rate, and you can see why higher down payments result in lower monthly payments.
Coach
yeah i was tryna keep it simple
I’m not trying to be rude but you’re trying to buy a house without understanding what a down payment does to your payments?
Coach
your monthly payment will be hella
Can you explain why? In simple terms :) ^
Like what are the benefits if it’s just screwing you with high payments?
I’m considering selling one of my vacation houses on a river, 12 acres, timber frame cabin 700sqft. I’m considering selling it owner financing, but at least 10% down around $1800 a month 350k 6.5% interest. 0 down is gonna be a no. With laws not in my favor, slow foreclosure process, I stand to lose 1-2 years in payments, plus 5-10k in attorney fees if you default, repairs to resell, it could easily cost 30-50k in a flat market if you default. 10% down is like break even territory to mitigate the risk. Outside of your family most people wouldn’t go for it and I’ve done 3 seller financing deals. All were 20% down, higher than going rate interest, balloon payment in a few years. I like buying seller financing because I can usually pay them off in a couple years on 200-300k off market fixers.
If you’re a first time home owner you can get a program that’s 0% down with no PMI. We bought a $1.1M home in nyc with nothing down through the NACA program and it’s been great!
Subject Expert
Are you trying to propose seller financing? Or is the seller proposing it?
I can’t imagine any seller would agree to 0% down seller financing.