(Closed) How much did you save?

posted 10 years ago in Home
Post # 16
Member
5669 posts
Bee Keeper
  • Wedding: August 2010

We saved 18% of the home purchase price. Since we were shy of the 20% but had great credit scores, we ended up putting down 10% and taking the remainder of that money to remodel our house. If you are looking for a mortgage through a bank and not a mortgage broker, you are usually required to put down at least 10% since a bank would not be able to get the PMI insurance with anything less than 10%.

Post # 17
Member
1940 posts
Buzzing bee
  • Wedding: June 2009

I feel so in the minority on this subject bc we built our home and it is an entirely different loan than the above options. We did not put anything down, but they put the property value of our land we own towards the loan. The money we had saved up we make extra payments and pay extra each month.

Post # 18
Member
2767 posts
Sugar bee
  • Wedding: September 2009

A big fat 0!  first time home buyers program in our community = no down payment and seller pays closing costs.  No PMI payments through this program either.

Post # 19
Member
2022 posts
Buzzing bee

We live in Boston and bought a 2bdrm condo last year.  We put down 15% (this amount was required per new Fannie Mae/Freddie Mac guidelines…every community is different for condo requirements).  FHA loan was not an option with the area/type of property we wanted.  With closing costs, that amounted to about 70K (gulp).  My parents loaned us 40K (they have done the same with all siblings) and we had 30K of our own.  The good news is is that this will probably be the most expensive home we’ll ever own, so won’t need to stress again about saving up for another downpayment. 

 

Post # 20
Member
7429 posts
Busy Beekeeper
  • Wedding: October 2009

We got our down payment from my Father-In-Law and then paid half of the closing costs

Post # 21
Member
342 posts
Helper bee
  • Wedding: April 2010

I put 20% down on my first and second apartments, and we’re planning to put 20% down on a home too.  My husband and I just aren’t comfortable buying unless we have enough money saved up to have a significant amount of equity in our home.  And in NYC you may not be able to get a mortgage without putting at least 15-20% down – especially for a co-op.  Banks are being much stricter these days, and when I sold my co-op a few months back the buyer was told that she needed to put at least 15% down to get a mortgage.

Post # 22
Member
750 posts
Busy bee
  • Wedding: June 2010

We’re in the same boat, trying to figure out how to accomplish buying a house. A lot of my friends have recently purchased homes by going the FHA route (3.5% down). I think they split the closing costs with the seller.

I’m on a save, save, save gameplan so hopefully we can scrape together a 20% downpayment in the next year and a half. My husband has some savings of his own but almost all of my savings is tied up in my retirement fund. I feel a little behind since we make less than most of my friends and don’t have much in the way of family support like they did. But we’re more comfortable than his friends, so he feels ahead of the curve.

Buying in Southern California is probably a different experience than most of the recent of the country. We watch House Hunters regularly and can’t believe what people can buy with so little money.

Post # 23
Member
67 posts
Worker bee
  • Wedding: October 2020

We currently live in a condo, hubs bought it after 2 years of dating and we moved in together. We’ve been there almost 5 years and we are crawling the walls to get out. We want 5-10% down for the next place because we can already tell, even with a few renovations we have done, we are not going to make much, if any profit in our area/situation. We paid for our own wedding so I know savings is possible but it seems to be so slow when we want out so badly. 

Post # 25
Member
1145 posts
Bumble bee
  • Wedding: October 2000

It totalled about 20K, 8K of that was from a Roth I had been pitching into, the rest we saved up in a hurry. We needed 3.5% for FHA loan.

Post # 26
Member
229 posts
Helper bee
  • Wedding: July 2010

We will be putting down around 20% on our first home. We’re planning on saving around $40,000 for down payment, closing costs and new furniture.

Post # 27
Member
624 posts
Busy bee

Right now we have 20% and some extra for an emergency.  Then when we sell our current place we will have a few thousand for our e-fund.  Ideally I want 20%, a fund to cover 6-9 months worth of living expenses in case one of us loses our jobs and then another e-fund if something were to happen to the house or car (we have 1- so no back up).  Call me crazy 😉

Post # 28
Member
1637 posts
Bumble bee
  • Wedding: September 2010

We put down 3% and closing costs were paid for by the loan we have as long as we live there for 10 years (been there 2 so far). I can tell you that we have been putting $50 extra/month on the principal and it has taken currently 5 years off the loan and $30k off what we will pay overall. If you can put any extra money down do it!

Post # 29
Member
4383 posts
Honey bee
  • Wedding: May 2011

We did 5%, that’s the minimum in Canada. We had some more saved, but we wanted to be able to actually have appliances and furniture, so we saved some for that 😛

Post # 30
Member
2090 posts
Buzzing bee
  • Wedding: August 2010

View original reply
@Soon2beeMrsM: Wow that’s amazing that just an extra $50/month could make such a big difference!! I know it’s always good to pay more whenever you can, but had no idea how much different even “small” sums could make!

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