(Closed) Money Questions for the Bees Who Are Homeowners

posted 8 years ago in Home
Post # 3
Member
1815 posts
Buzzing bee

We bought our house almost a year ago! Answers to your questions:

we put 52,000 down…aka 25% of the loan.

I think we closed on 198,000. Located in a suburb outside of Richmond, Virginia. Known for its great schools. 3 bedrooms/2 bathrooms and located on 1/2 acre of land.

Our monthly payment is $975.

The down payment was a gift from his parents. They had a river house, sold it and with the money from that purchased their own new home and gave us the rest. Very, very nice. Wouldn’t of been able to do it without them.

 (Edit) The home is only 10 years old, and is 1500 feet if that helps any.

Post # 4
Member
3295 posts
Sugar bee
  • Wedding: May 2011

How much (% wise) did you have for down payment on your first home purchase?

we put down 3%- it was a FHA loan so i think those are usually 3%

What was the accepted offer on the home?  And where in the country was it located?  Number of bedrooms/bathrooms?

the accepted offer was 51,300 and it sold as is… it was a forclosure and in pretty rough shape… ie… water leaks everywhere, needed a new roof, needed new windows… etc. we live in fort wayne indiana.  its a 2 bedroom 1 bathroom 1000sq ft ranch on 1/4 acre with a 1 car attached garage and a large detached shed… we are hoping to use our equity sometime in the next 5 years to add on a master bedroom and another bathroom 🙂

What was your monthly payment? our monthly payment is $379 which includes taxes and everything. we also got a 30yr fixed rate mortgage… although i want to refinance to a 15 yr bc the payments are only about 50 dollars more a month. 🙂

How many years had you been working full-time before you’d saved enough for your down payment, closing costs, etc.?

i am a waitress and a full time student and we bought the house on my income alone bc fi was layed off at the time. i had to save for a about 4 months for the down payment, furniture we needed, repairs… etc. (i was living with my parents so it was easy) and fi pitched in half for the down payment. our closing costs were paid by the seller as we asked in the contract. 

Post # 5
Member
11325 posts
Sugar Beekeeper
  • Wedding: February 2011

H! So fun that you’re thinking of buying soon, I am SO happy we bought when we did and I love our house. To answer your questions: 

– We put about 4% down on our house. We got an FHA loan which requires you have at least 3.5%. We had enough to put 15% down, but decided to use part of the money to furnish a few rooms and part of it to keep in savings as a safety net. We were comfortable with the payments putting 4% down and if we convert to a traditional loan within 3 years we won’t have to pay some of the associated fees. (Although we probably will just stick with FHA). 

– Our offer process was a little different because we bought a spec house from a home builder… which means it was a brand new house in a brand new development, but we did not commission it to be built. The builder just went ahead and built some houses without a buyer because the tax credit was going to be expiring earlier this year and they wanted to have some houses that would be able to be bought and close before the deadline. So because of that, the house just kind of cost what it cost… there wasn’t a negotiation about it. I did try to negotiate and got about $1000 off, but really that isn’t the usual case for spec houses. Our house is a 4 bedroom 2.5 bath in a good school district in Columbus Ohio and we paid about 200k for it. (Note: this was an incredible deal… when we were looking at existing homes a comparable house would have cost about 230K). 

– Our monthly payment is $1300, which is about what the two of us were paying in rent each month anyways. That includes homeowner’s insurance and taxes as well. 

– Fiance had been working about 3.5 years and i’d been working 1.5 years, but honestly the only way we were able to afford the down payment was because of a bonus I got for closing a case at work. Also remember, you can negotiate to have the seller cover closing costs which will save you a few thousand dollars. 

 

Good luck on your hunt! I have a few posts up on my blog about our experience buying a house and kind of a how-to for it all (because I found it SUPER confusing when we were going through it). You can find it in my January archives through my profile or PM me for a link if you’re interested. 

Post # 6
Member
5670 posts
Bee Keeper
  • Wedding: August 2010

We had planned on putting down 15% but since we both had great credit scores the bank advised us to put down 10% and our payment amount would be the same as we were planning with the 15% because they gave us a lower interest rate.

Our house is a 3 bedroom, 1.5 bath 1500 sq ft ranch on a 1/2 acre. We basically paid $360k for the worst house in the best neighborhood. We have since put around 40k into it (the structure is perfect but it needed cosmetic updates.) After losing bids on 5 homes that we offered asking price or more we walked into to this house and offered asking price. In our area anything under $450k that went on the market and wasn’t falling down sold in a bidding war. Noone is selling and 1st time home buyers need a place to live.

I believe our mortgage is around $1,700 it’s a 30yr fixed. The reason I say I think is because our PMI, taxes, and home insurance are all escrowed.

We both lived at home for 2 yrs during our engagement and saved for the down payment and associated costs as well as remodels, furniture, part of the wedding, honeymoon, etc.

Post # 7
Member
5670 posts
Bee Keeper
  • Wedding: August 2010

Good luck on your house hunt!

I think I live in the wrong party of the country after reading some of the other answers lol

Post # 8
Member
1675 posts
Bumble bee
  • Wedding: October 2010

We bought our house two years ago after we had been together for three years (and had lived together for two).

We put 10% down.

We had the house built, so there was no offer process…we just paid what the price was. Our builder is one of The Guy’s clients and he ended up paying for most of our upgrades as a gift to us, which was incredible (we had planned to pay for them ourselves and had saved enough, but he surprised us). I believe we came in around $310k.

Our house has 3 bedrooms, 2.5 baths and is about 2000 sq. ft.

Our monthly payment is $1300 (we chose to pay on an accelerated basis).

Oh, and we’re in southwestern Ontario, about two hours east of Detroit and two hours west of Toronto in a city with a populations of about 400,000.

Before we bought, The Guy had been working for three years and I had been working for two.

Post # 9
Member
3219 posts
Sugar bee
  • Wedding: November 2010

My first house doesnt really count because my dad loaned me the money and I paid him back (with interest) But I got it for about 7% off the list price.

My 2nd house I had 20% from the sale of house #1 to put down. The house was originally listed for over 100k more then I bought it for because it was being sold and then got forclosed when the owners couldnt sell it. Originally listed at 272k with home owners 214k at forclosure I bought it for 161k with 1k cash back for fix ups

My closing costs were about 2k FH’s good friends are all brokers. The appraisal was around $200 (another friend but you can’t do that anymore) And the inspection was $800 worst waste of money ever! The inspector not a home inspection in general! When you find a house you love find someone who works for a small company or themself you will get 1000000 times better inspection then someone who works for a big company.

Its in Maine 3 bed 1 bath with 1 car attatched & 2 car detatched garage. My payment at 6% is $781

As for offering price it depends on a lot, if its a forclosure you can offer a lot more depending how long its been for sale. If its a home owner you have no idea what they will accept because you dont know how much they owe. I think for a home owner anything over 10k less then asking price they could get mad and just say no with no counter offer.

Post # 10
Member
4150 posts
Honey bee
  • Wedding: October 2011

We put down $90,000 on our house which is about 25% percent of the mortgage (absolutely not necessary, but it was equity from our previous home.)  We bought it for $379,000.

We actually live in Canada (Alberta) so it’s probably not helping with stats!

Our home is a 6 bedroom, 3.5 bathromm at 2700 sq ft (including developed basement.)

Monthly payments are about $1500 (paying $750 every two weeks is allowing us to pay off our mortage about 5 years sooners than if we did it twice a month)

Post # 11
Member
157 posts
Blushing bee

We are buying a house in west Houston and as far as I know this is what things should turn out to be (we close tomorrow!)

It is listed at 232k.  3 BR/2 Bath.  2466 sq. feet for the house and 10,950 sq. feet for the lot.  Our problem is that although we both just started really great jobs, we don’t have much money for a down payment or closing costs (aaahhh… post-wedding finances).

So… we offered the full selling price but requested that the sellers contribute 5k towards closing costs.  

It is in a great location and although it’s ~30 years old, has been completely renovated and is move-in ready (all new stainless steel apps and working spa).  Plus, similar houses in the neighborhood got offers within a week, so we kind of had to jump on it and make a good offer if we wanted it!

We did FHA so I think it’s around 3% for the down.  

Our monthly payment will be ~1800, and because we didn’t do a large down payment, we have to get mortgage insurance.   

We paid for the appraisal, and they appraised it at 235k, so I guess that means we are ahead already… but these days you never know  ; )

A note of advice though, when you do get to this point, I would suggest making sure you have more than adequate savings for your down and the closing costs, as there were a lot of random costs and fees that snuck up on us! (appraisal… inspection… splitting repair costs suggested by inspection… etc….)

Post # 12
Member
4385 posts
Honey bee
  • Wedding: May 2011

How much (% wise) did you have for down payment on your first home purchase?

We paid 5% down. This is the minimum you can pay in Canada. We would have liked to do more, but we needed money to furnish the place!!

What was the accepted offer on the home?  And where in the country was it located?  Number of bedrooms/bathrooms?

We did the same thing as Corgitales, we bought new, so there wasn’t much wiggle room. We paid $273,500. We live in Ottawa, Canada, and our house is 3 bedrooms, 2.5 bath, with the partially finished basement it’s about 1800 sq. feet.

What was your monthly payment?

We pay around $1400/month, including property taxes. We have a 30 year fixed rate mortgage.

How many years had you been working full-time before you’d saved enough for your down payment, closing costs, etc.?

We hadn’t even been working full-time for a year when we bought. We both graduated university in 2009 and bought in the fall of the same year. Fiance is really into investments and he made a bunch and that is how we paid our downpayment!!

Post # 13
Member
576 posts
Busy bee
  • Wedding: December 2009

We bought our house earlier this year and put 10% down.

From reading everyone else’s replies I guess I live in an expensive city (Seattle), because we paid $600,000 (it was listed at $650,000) for our 3 bedroom/2 bathroom home. It is 1900 square feet not including the basement, and it’s on a corner lot with a huge back yard (for city standards, at least).

Our monthly payment is about $3,750 for a 30 year fixed.

Good luck on saving and searching for the perfect home! It’s such an exciting experience!

@Roxy: I was thinking the same thing! lol

Post # 16
Member
5670 posts
Bee Keeper
  • Wedding: August 2010

We live in the northern suburbs outside of Boston. You probably couldn’t own a trailor for half the prices that people are buying houses for in other parts of the country. I did have a friend who was able to buy a house for $250k but it is the worst possible area.

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