Need some info

[somejaykid]

alright guys me and the fiancee went to the bank yesterday to get a home loan this is going to be our first house. we got approved and everything but they're asking 5% down payment for the loan. i asked few of my friends and they say they didn't put any downpayment for theirs. so just wondering if anyone here made a downpayment for their first house?. i'm still going to other banks this coming week to see if they can give me 0 downpayment. if anyone was in this situation please share your experiance here in this thread thanks for reading this guys and please no flame war in the thread or i'll tell the mods to ban your asses

 

[got traction]

usually if you put zero down, your interest rate will be higher

 

[somejaykid]

that's true but i'm not going to be buying a $300,000 house though, i'm looking at around $130,000 the loan that i got approved is way higher than the 130,000 house lol, and does anybody here lived in a rural area the person was telling me that it's alot cheaper than in the city. and i think i might get the "government" plan which is 3% percent down compare to the "traditional" 5% down payment that's to my understanding anyway will verify this with the misses later on. aarrrrggghhhh i hate dealing with banks

 

[BlueSiclone]

The rate will be higher with 0 down.. I paid 0 down on a 30 yr fixed back in 2007 and got a good rate for the time. Rates are a s**t ton better now!!

I live in a rural area and yes it is much cheaper..Like now I'm in a 2,000 sq/ft 4 bd 3 bath pd 195k....there are town houses half that size selling for almost twice that price just an hour east of me....