Post # 1
did you buy your home together before or after the wedding?
if you were buying a house and planning a wedding at the same time… how did you come up with a decent deposit while waiting to spend every spare cent on your wedding?!
Just wanting some guidance/advice/ or your experience on first time home buying while wedding planning
Post # 3
We had a nice nest egg pre-wedding, some was spent on the wedding, but the chunk that was left was for a home. We didn’t end up finding the right one until after the wedding, though, so that’s when we bought the house…about 6 months after the wedding.
Looking back, though, we would have tried to watch our pennies on the wedding just a bit more because it would have been that much more to put towards the house. Especially seeing some of the bee budgets, there are some things I think we paid way too much for.
Post # 4
We began the homebuying process before we were publicly engaged. (Though, of course, we knew.) We completed the purchase of the home a month after our official engagement, and are going to be married a little over a year after we bought the house.
FI and I were independently saving money for two years with a vague idea in mind that we’d need it for something major, and that ended up comprising our down payment. We are incredibly lucky to have generous parents who are paying for the wedding.
Don’t get downhearted, the first-time homebuyer’s tax credit that was passed by the government last winter is being renewed for another year, and you are allowed to use the money for your downpayment! That’s a fat $8,000 toward a down payment. If you have clean credit, you can get an FHA loan at only 3% down, so hopefully that eight grand tax credit would be enough to cover your down payment.
Post # 5
how can you use that tax credit towards a downpayment?
how does that work?
Post # 6
We were engaged for a year and a half, and bought our house during that time. Like Lillindy, we had a good nest egg saved up that we put on the downpayment on the home, since that was more important to us than the wedding. Then we created an account and started saving for the wedding. We both thankfully had well paying jobs at the time, so we were able to do both without it being too painful.
That said, we had a lot of PB&J lunches last year!
Post # 7
We’ve owned a home together for about 4 years now and have been dating 9 years. So it was definitely before engagement and to us it was definitely something that just made sense rather than throwing our money away. Which is what we think renting is….alot of renters we know are paying more for rent than we are on our mortgage!
I think the best thing you can do is to walk into a couple banks and sit down with their mortgage consultant and see how much you can get preapproved for.
Best of luck!
Post # 9
I don’t own a house and I’m not married… but I thought I might answer anyways because I’m in the same position you are. I’m engaged and we plan to buy a house before the housing credit expires at the end of april 2010. We’re planning to be married in january 2011.
Basically, I have 10K saved (plus an emergency fund that i don’t touch) and FI has 0 after the purchase of my ring. We plan to use the 10K + 8K as a down payment on a house. For the wedding, we are keeping our budget low and only spending what we are confident that we can save between now and january.
Would I like if we could spread them out a little to make it easier? Absolutely. But I”m not going to miss out on 8K free from the gov’t and I”m not going to postpone marrying my FI… sometimes you gotta roll with it.
Post # 10
We bought our house early in our engagement. I thinnk planning and buying a home would be way too much to handle. They are both pretty stressfull and time consuming. As far as the tax credit you buy the house and then on the next years taxes you claim the money there. So you don’t actuaaly get the money until AFTER you buy the house.
Post # 11
We were engaged in August & just bought our first home. We qualified for the $8000 tax credit; which we will claim on our income taxes & hopefully get our refund then. You CAN apply to get it before you purchase to use towards your downpayment. However; it’s more of borrowing it. I don’t know all the nitty gritty about it; but it sounded like they would loan in now and then they would take more taxes out of your check each week to pay it back until income tax time. Something along those lines. So it IS possible to get it sooner for your downpayment; but there is some fine print along with it. As far as I know right now; you have to be Closed on your home by December 1st; enless they’ve extended it (which they’ve discussed). As far as Buying our Home and Wedding Planning. We have done minimal wedding planning because we we’re very anxious to buy a home. We have our date set & I’ve bough my dress…… But we are waiting until Spring 2011 to get married so we have left ourselves plenty of time!!
Post # 12
We bought our house 2 years before we got engaged… I couldn’t imagine dealing with that stress at the same time as dealing with all of the wedding planning and my school work!
Post # 13
we both had ‘starter houses’ (AKA, not the ones our kids will graduate in ) 😉
I had mine before I even knew DH, and he bought his while we were “just dating”. We now live in his and rent mine out. I know people do not like to move a lot, but it might be better to get a house that is “good enough” for the next 3 years but not your dream home. Then, you can utilize the Fed. gov’t offer but not take too much risk financially.
Post # 14
We started looking at houses early 2009 but not really seriously. We got engaged in June this year and bought the house at the end of August. I had a good chunk of downpayment available so that helped and he put in some money to help too. We are happily moved in and having our housewarming this Friday.
Luckily my parents are paying for most of the wedding but it is hard to decide, do we put that $100 towards the house improvements, of the $100 for the wedding/honeymoon.
You can use the tax credit for the downpayment, but you have to find a lender that will help you. From what we heard this is really hard to do since a lot of people are trying to do this and banks aren’t lending as much right now. We just decided to fork over the cash for the deposit and enjoy the nice rebate check when it comes in.
Post # 15
Just so you guys know, you can’t file your federal income tax return to get the tax credit before you purchase the house. The state may give you the credit for a downpayment, I’ve heard that some states do but I’m not sure which one.
We bought a house 2 years before we got married. I had money from a life insurance policy that I was able to use as a downpayment. But now we can’t sell it even though we don’t live there anymore because we would lose a lot in the sale.
Post # 16
- Wedding: September 2009 - The 19th Century Club
We purchased our condo before the wedding. We got engaged in March of ’08, found our condo the end of April, and closed on it July of ’08…then just got married this past September ’09.
I’m not going to lie – it was a lot and it was stressful. Mr. S had just paid for my ring, and while he had a good paying job, that was still a lot of money to go out at once, and then to have a downpayment to come up with a few months later. We had been saving thinking we might buy a place, but we found our condo much faster than expected. AND this was before the any of the first time buyer tax credits. After the fact, we did qualify for the $7,500 tax credit that we will have to pay back, but it’s been a nice little nest egg that we’ve used when we relaly have to, and then replenish when we can.
My parents helped us with an interest free loan for part of our downpayment, but we still had to come up with around $12K. And they paid for half of our wedding, but we still ended up spending about $10K for the wedding out of our own pockets. In the mix of all of that, Mr. S was laid off this past April and has since started his own business, which means just months before our wedding, our income was impactd a lot!
Long story short, I’m so glad we did things in the order that we did, but they are all BIG decisions and you really have to be ready for the financial commitments. Especially if going from apartment living to owning your own place…it sucks when something breaks and you have to fork over the money to fix it vs. calling your landlord!
On the flip side, it’s great investing in a home together, and also fabulous to be registering for gifts that you will use in your current home together!