How much money did you put down on your home?

posted 3 months ago in The Lounge
Post # 2
Member
4109 posts
Honey bee

I put down 20%.  However, my area COL is only slightly higher than national average and I bought a foreclosure during the housing bust.

Post # 3
Member
801 posts
Busy bee

We bought towards the upper end of your price range and put down about 30%. We just rolled everything over from the sale of our last home. 

 

If you don’t have as much in savings as you’d like to have, I would keep saving before buying. At a bare minimum, you’re going to need to put $50-70k down. Plus have 6 months of mortgage payments in the bank, plus money to move and buy any new furniture or whatever the new place needs.

Post # 4
Member
2307 posts
Buzzing bee

I live in a higher COL area, but bought back in 2009 when the market was low.

I put down 10% which is the minimum that was required for the conventional loan.  I paid PMI for about 4 years until the market bounced back and I was able to refinance and then it fell off.  

 

Post # 5
Member
712 posts
Busy bee

We purchased a 550k condo and put 25% down. Builder required 20% minimum

Post # 6
Member
1731 posts
Bumble bee

I’m about to buy a house in a HCOL area and we need to put 20% plus have 12 months of reserve. My brother bought a house in the county next to us and put 10% down, didn’t have to have reserves, but has to pay PMI.

Post # 7
Member
745 posts
Busy bee
  • Wedding: September 2018

We’re putting down 25%, as (at least in the UK) mortgage rates get better at each 5% from 95% down to 75% loan to value. After 75% the next drop is at 60% and we aren’t in a position to put down 40% and also buy furniture haha.

Post # 8
Member
1032 posts
Bumble bee

I bought new construction by myself in late 2016 at the lower end of your range. I was able to find a lender that only required me to put 10% down, conventional loan, and no PMI. And I got a great interest rate. I’m in Las Vegas and my lender was, and still is (they haven’t sold my loan), Washington Federal.  My builder required a certain % upfront because I put in a lot of upgrades but I got a lot back from escrow. 

Post # 9
Member
895 posts
Busy bee

I/We have put down at least 20% on each of the houses we’ve bought. 

Post # 10
Member
723 posts
Busy bee
  • Wedding: January 2016

A little over 10%. Our mortgage and rent really aren’t that far off and we wanted to stop paying rent ASAP. Where we live it wasn’t real possible to find a cheap place to rent and really save a ton. It is what it is. Make sure you get a mortgage that doesn’t penalize overpayment and you can always pay it off faster when the rest of your life gets less expensive. I’m impressed at all these comments where people put down so much money. We were just pleased not to have any debt.

Post # 11
Member
809 posts
Busy bee
  • Wedding: October 2015

We put down 20%

Post # 12
Member
14882 posts
Honey Beekeeper
  • Wedding: June 2011

23%.  We were going to do 20% but the remainder of the loan would have been a jumbo loan, so we put more down to quality for the conventional loan with lower rates.

Post # 13
Member
1142 posts
Bumble bee

Fiancé put down 20% on his apartment. Plus a bit more for some new furniture and installing an aircon.

Ideally you’d put down 20% because then you save on mortgage insurance, in Australia banks would require that if you’re putting down less than 20%. BUT, if you’re paying a lot in rent, where you’re better off taking up a higher mortgage and paying that off than just paying rent, it might be better putting down a lower deposit and cop the mortgage insurance if it’s worth while. At the moment around where I am, rent is so high, people find it hard to save up 20% while also paying high rent (effectively about the same as mortgage payment amount), so there might be good reason to pay say 10% deposit just to get on the property ladder.

Post # 15
Member
512 posts
Busy bee
  • Wedding: September 2020 - Summer Camp!

For those who put down 20% in high CoL areas, how long did you save for? FH has access to a VA loan, so we may not put down much… We may just save for a year together if we like our area. According to a calculator, we’re probably better off within 3 or 4 years if we go with a town house for something similar… Although we can get away with an apartment for a few years until we have a baby and it becomes a toddler. 

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