How long did it take you to save up a down payment for a home?

posted 4 months ago in Finances
Post # 2
Member
112 posts
Blushing bee

We didn’t need a down payment for our house and got a down payment assistance grant. 

Post # 3
Member
8126 posts
Bumble Beekeeper

It took me about 2 years and I put down 5% with a first time home owner program. I did it on about 2/3 of my current salary though. Now with raises and adding in a husband to the mix we’ve been able to actually fix up the fixer upper I bought! 

Post # 4
Member
6635 posts
Bee Keeper
  • Wedding: June 2015

I didn’t buy one for about 10 years from the time I moved from home. So I didn’t save for that specifically but had it stashed away in my savings. It probably took about half that time to save it. However it was about 29%, with my husband adding in what he could as well, maybe up to 35% (younger, less employment time due to age and moves and I outearned him for years)

Post # 5
Member
9209 posts
Buzzing Beekeeper
  • Wedding: October 2013

my mom graciously gifted me the 20% down payment.

otherwise, i would have taken it from my investment account.

Post # 6
Member
375 posts
Helper bee

No time because I needed no money down when I bought my first house solo. Was a conventional 30yr loan. It wasn’t some special program either. Just had great credit and that was that. That house has since sold.

Right now we are saving up by paying off the mortgage in ~2 years. Then saving the extra income we have to put money down on top of whatever we make back/paid on the house. So its a little different way of doing things. I think over all… probably 5 years. The goal is to be able to buy a house outright basically. No we are not rich.

Post # 7
Member
251 posts
Helper bee
  • Wedding: June 2015

about 2 years for 25% down. My own money. 

Snarrrl!!! 

Post # 8
Member
9818 posts
Buzzing Beekeeper
  • Wedding: September 2013

We live in a lower COL area (midwest) and only put 5% down.  Very happy we did not wait as we bought 5 years ago and housing has increased a lot since then in our area.  We had PMI initially but the market increased enough we did a reappraisal 2 years later and had the PMI removed without paying any extra.

We also bought on my salary only (LCOL area like I said and we purposefully bought a cheaper house).  Actually was not planning on buying that year so while I had some savings I had not earmarked it for a house but my husband won some money and gave me half so we used some of it for that.

For a variety of reasons I have not focused on paying off the mortgage early (maybe someday).

Might be worth talking to a realtor and looking at the market.  I probably wouldn’t rush buying in some markets.  For us a 2 bed apartment would have cost the same as our 3bed house at the time and interest rates were low so it made sense.

Post # 9
Member
42 posts
Newbee
  • Wedding: May 2020

We had great credit so we were able to purchase our house with 5% down and a conventional 30 year mortage.  It took maybe a year to save the 5%, but every little bit of extra money went into savings. Tax refunds went directly into savings. I set up an additional account and had a portion of my paycheck sent to that account which I got rid of the debt card for so I had no way to withdraw from it. We had really affordable rent so that helped.  I would give FH “rent money”, but he didn’t need it to actually pay the rent so this went directly into another high intrest rate online savings account that we also didn’t touch.  

I find it easiest to save when I treat my savings like a bill.  I have to pay my phone bill or my phone will get shut off.  I HAVE to pay my savings bill!!! 

Post # 10
Member
160 posts
Blushing bee
  • Wedding: May 2019

We were able to save 5% down in about 6 months 

Post # 11
Member
42 posts
Newbee
  • Wedding: May 2020

kes18 :  Our financial advisor actually told us not to work on paying the mortage off earlier, but instead to increase our cash on hand and our savings. 

Post # 12
Member
105 posts
Blushing bee

I live in New York City, where one family homes have hit the 1 mil range even if they are extreme fixer uppers. I’m surprised to see people only putting down 5%! Here you don’t really see people putting down less than 20-30%. I think it would take me & SO 7 years of saving for a down payment (we’ve already been saving for 2 years) – and that is if the market stays the same! It’s difficult to live here and see our hometown transformed into a place that is welcoming only for the rich. Gentrification has completely changed the Burroughs and destroyed the lives of native New Yorkers…

Post # 13
Member
116 posts
Blushing bee
  • Wedding: Las Vegas, Nevada

3 years and we put 35% down. Paid it off in under 5 years. Mortgage free before 30! One of our greatest accomplishments… other than our daughter of course lol 

Post # 14
Member
744 posts
Busy bee

I saved for 4 years (two alongside my SO) and my SO had saved for 3 years before we saved together for two, so 5 total? We put over $90k down. 

Post # 15
Member
1291 posts
Bumble bee
  • Wedding: June 2016

We put down exactly 20% and it would have taken us ~3 years total to save the full amount but fortunately after the first year of saving my parents generously gifted us the remaining so that we could get on the property ladder sooner. 

We’re still aggressively saving and using that to pay the mortgage faster/bump up our investment accounts so we do now own the house but our budget did not change post home purchase in terms of savings put aside.

 

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