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'WE DID IT': Couple in their 20s lands a $225k house with $0 down and a 6.8% rate with free refinancing in six months, house-hunting community in awe

At only 26 and 28 years old, this young couple was able to get a fantastic real estate price that has the house-hunting community baffled, jealous, confused, and excited. Potential new homeowners shower the couple with questions and answers are delivered. 

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Posted by Elna McHilderson
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  • If you're currently house hunting, then we don't have to tell you how bonkers the housing market is right now. It will never be like it was several decades ago, but even within the past few years it has ebbed and flowed so much so that it really can make or break new homeowners. It's a chaotic game you have to play, almost like cat and mouse. You have to just go with the flow and hope for the best. 

    That's what this young couple, only 26 and 28 years old, did and they landed such a good deal that other current house-hunters are begging them to share their ways. With $0 down, no PMI, and a chance to free refinancing, it's insane that such a good deal even exists nowadays! So, these new homeowners answer questions via Reddit and hope to share their optimism and good luck with other potential homebuyers. 

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  • 1
    "I don't have a PMI. My loan also will always stay with the bank I borrowed from... Sometimes things just work out good."
    Via Susannah Binsted via Flickr
  • 2
    WE DID IT GOT THE KEYS! We got the keys last Friday! We somehow got insanely lucky with a 100% conventional loan. $0 down and seller paid all closing costs. 6.8% rate but loan officer will refinance us for free if rates drop within 6 months. Personally never thought I would be able to buy a home. We are 26 and 28 and have always rented.
    Via Ciera77
  • 3
    VeggedOutHiker 23 hr. ago ● Congratulations! Can you elaborate on how you were able to get that deal? We're in the beginning stages of looking for a home and we are trying to learn so we aren't completely ignorant to the process and can make sure we're doing everything possible. Reply Share 47
    Via VeggedOutHiker
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  • 4
    Ciera77 OP 23 hr. ago Our loan provider was amazing! It's called 100% conventional loan. Usually income based but the area we bought in waived the income limit. It's an upcoming area in a quiet neighborhood. We really got lucky with it. We talked to 3 different loan providers and she was the only one who could get us that deal. 51 Reply Share
    Via Ciera77
  • 5
    ninjacereal 21 hr. ago Terrifying tbh 55 Reply Share AggravatingSoil5925. 20 hr. ago Sounds like a quote from 2007 58 Reply Share
    Via ninjacereal
  • 6
    bobjks1 18 hr. ago · Don't these loans usually just bake PMI into the rate? I was a little irritated at first when my bank was really pushing a no PMI less than 20% down payment loan during my pre-approval process. I asked to see the payment/rate compared to conventional with PMI. The conventional loan was cheaper by a decent margin. 7 Reply Share
    Via Bobjks1
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  • 7
    Ciera77 OP 18 hr. ago ● It was $100 less a month to put 11k down for the down payment. I don't have a PMI. My loan also will always stay with the bank I borrowed from rather than be sold a million times. Sometimes things just work out good. -1 Reply Share
    Via Ciera77
  • 8
    UpHighv 23 hr. ago Congrats on your new home! Must feel good. no 14 Ciera77 OP 23 hr. ago Reply Share ● 9 It really does!! Still have a hard time believing it. Reply Share
    Via UpHighV
  • 9
    Sklaj 23 hr. ago Was this a new construction? 10 Reply Share Ciera77 OP 23 hr. ago No, built in 1940. Original hardwood floors but everything else was updated. The most work needed done is the backyard but mostly for aesthetic reasons. 22 Reply Share
    Via Sklaj
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  • 10
    Sklaj 23 hr. ago Interesting, I'm just wondering how you got seller to cover closing costs and zero down because that seems to be kind of an anomaly. Reply Share 9 27 Ciera77 OP 23 hr. ago We got the 0% down due to our lender having a great program that we were able to qualify for. Seller paid closing costs due to the market being slow during this time. It's absolutely an anomaly. I don't fully understand how we were able to pull it off, but we did
    Via Sklaj
  • 11
    bkaipsUP70 18 hr. ago Congratulations! I too just bought a house with 0% down and got the seller to pay 5k to closing costs. Rate is 6.5%. I used a USDA loan though. The good thing about a USDA is they don't require PMI, it's just a monthly fee of a percentage of the home, which mine is around $40. Mine was also built in 1939!! Lol. One owner maintained in beautiful shape. Love the woodwork of that era! Enjoy your new home Reply Share Ing 0 8
    Via bkaipsUP70
  • 12
    Hot Influence_5339 22 hr. ago - No offense but it seems very suspect, the fact that most of the costs associated with buying a home were waived and you didn't even have to meet the income requirements. What incentive would the seller have to pay your fees unless you were overpaying in the first place. Are you sure you can afford this? 20 Reply Share
    Via Hot_Influence_5339
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  • 13
    Ciera77 OP 22 hr. ago The house was 225k. We didn't go over asking price and it met appraisal level. Mortgage is cheaper than what I would be able to afford renting with the amount of space we got. The seller was super friendly as was my whole team that helped us get a house. Is it super crazy this all worked out like this? Yes absolutely. We barely had to put any money down and we got our dream home. But it did work out. 7 Reply Share
    Via Ciera77
  • 14
    _THX_1138_ 23 hr. ago Why did you not pursue a first time home buyer loan? Just curious. 5 Ciera77 OP 23 hr. ago Reply Share . 13 We looked into it, but our loan officer had a 100% conventional loan that we qualified for. They had the same rate but the FHA needed an 11,000 down payment and our mortgage would only differ by a $100. So we took the 100% Reply Share
    Via _THX_1138_
  • 15
    ColombianSpice MD86 21 hr. ago Doesn't this mean though that you have a bigger chunk of what would have been placed towards down payment, $11K part of the full loan without a chance to save interest on 11K over 30 years? Does seem kinda nice to not have to give a down payment lol man! Congrats either way! Reply Share 4
    Via ColumbianSpiceMD86
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  • 16
    Ciera77 OP 21 hr. ago We had to go over the pros and cons forsure. Our savings nest is 15k and we didn't want to deplete it all if we were able to do it this way and afford it. The pros outweighed the cons in our situation. 09 2 Reply Share ColombianSpiceMD86 21 hr. ago Makes total sense! Congrats to you guys 3 Reply Share
    Via Ciera77

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