What is the minimum % DVC requires to join now??

[Disneyfun1]

I know that our rep told us in sept that now dvc requires a certain percentage down from the buyers when they join-though it never was this way before. Does anyone who joined recently know what it is?

 

[RobDoc]

As far as I know, there has always been a minimum of 10% down for DVC financed purchases.

If you are paying cash, there would be nothing down- but you'd owe the entire amount by closing.

 

[DVC-Don]

I've also heard of those with less than stellar credit being asked for 20% down.

 

[Melrosgirl]

Originally posted by WebmasterDoc
As far as I know, there has always been a minimum of 10% down for DVC financed purchases.

If you are paying cash, there would be nothing down- but you'd owe the entire amount by closing.

I'm paying cash and was required to put down $500 before they sent the FedEx box.

 

[Richyams]

Doc, you remember the change he is refering to....remember, there was something about having to come out of your pocket with a certain amount of money, you were no longer able to use MB for your entire downpayment.

That is the change he is refering to, I believe.

 

[RobDoc]

there was something about having to come out of your pocket with a certain amount of money, you were no longer able to use MB for your entire downpayment.

Melrose girl is correct- if you won't be paying in full at the time, there is a $500 minimum downpayment- even for a cash purchase.

As Rich mentioned, at one time they would apply the MB amount to the downpayment, which in some cases covered the entire amount. In the last few years, they have made a minimum out-of-pocket expense of $500 in addition to any MB amount.

 

[Richyams]

That's what it was, that's exactly what I was thinking about.

The op seems to referencing a more recent change....I don't think so, maybe the rep was talking about that change but just made it sound more recent. I haven't heard of any more recent changes.

 

[SheriB]

When we joined in October, you could put 50% down if financing for one year, or 20% down if financing for 3,5,7 or 10 years. In certain circumstances, they would allow 10% down(I'm not sure what they are, though). We were required to put 20% down, did not use MB, but we do have excellent credit and financed for 10 years (with the intent of paying off sooner).

Sheri

 

[eva]

Your right about not being able to use MB as part of the 10% down. You can use it as an extra downpayment. When we recently bought an add on we were required to put 10% down in cash and then use MB as an extra portion to the downpayment. Our rep told us that they are now requiring 10% in cash and then you could use MB to come up to the 20% or more for the better interest rate. Since we added on at Vero we couldn't resist the $15 MB per point. Actually with the $15 MB and 10% in cash it came to exactly 30% downpayment.

 

[lurontravel]

If you buy in now and have good credit, you can et away with 5% down and a higher interest rate.

 

[ducklite]

When we bought in '97 it was as little as $500 out of pocket down. We just bought more points earlier this year, and they were definitely requiring a larger d/p, and we have perfect credit and very low debt to income ratios. I think they had a lot of defaults--the less you put in to something the less it hurts to lose it.

Anne