(Closed) Spin-Off: What percent did you put down on your house?

posted 8 years ago in Home
Post # 17
Member
14969 posts
Honey Beekeeper
  • Wedding: June 2011

about 22%, we were going to put down just 20%, but we had to put in a little more to get the mortgage amount low enough to be considered a conventional loan, instead of a jumbo.

Post # 18
Member
1550 posts
Bumble bee
  • Wedding: April 2011

 20% down on a $290k house.

Post # 19
Member
515 posts
Busy bee
  • Wedding: September 2011 - Clark Gardens

$0 down

Post # 20
Member
1927 posts
Buzzing bee

20%  We definitely did not want to pay PMI and I agree with a previous poster who said they wouldn’t be comfortable buying home if they couldn’t afford the 20% down.  We actually could have done more but we got a great rate and so our money was doing more for us by not putting more down.

Post # 21
Member
2214 posts
Buzzing bee

10%, but my parents gave me the money (only $7k), so 0% for me.

Post # 22
Member
13095 posts
Honey Beekeeper
  • Wedding: July 2010

We’re looking to buy in the next 6 months or so and depending on exactly what/where we end up, it will likely be 15-20% down.

ETA: I’d like it to be 20% but we’d be looking to be in this home for a while so we’d be willing to pay PMI for a short period to get in to a better home for us and our needs.

If we were going to be under 20%, we’d also look into a “piggyback” loan to avoid PMI and pay off that smaller, secondary loan quickly so we’d be left with just the main mortgage.

Post # 23
Member
984 posts
Busy bee
  • Wedding: April 2010

3.5% on an FHA loan. We could put more but we decided to save some for things like furniture.

For bees that put down 20% how did you save that much or more how long did it take you to save? 

Post # 24
Member
1199 posts
Bumble bee
  • Wedding: November 2011

I put 12% down on my condo but I bought that almost 5 years ago (before I ever met FH) before I knew anything about mortages.

ETA: to avoid paying PMI, the other 8% went into a HELOC. 

Post # 25
Member
6659 posts
Bee Keeper
  • Wedding: May 2010

We are prepared to put down 25%-30% on a home in our price range. Anything less than that and our monthlies would be crazy OR we would only be in a 1 bedroom instead of a 2..

Post # 26
Member
1090 posts
Bumble bee
  • Wedding: October 2011

3.5% down, 400$ is what we brought to closing. We did put the 1000.00 down to hold the house (earnest money). We had it worked into the cost of the house though- we asked for 3000 torwards closing and they accepted…

Post # 28
Member
1327 posts
Bumble bee

20% with savings and help from my parents, so $40,000, plus I paid all the closing costs. Bought a 2 bedroom apartment for $194,000 so my mortgage was $154,000 and market value is $226,000. Can’t complain.

Post # 29
Member
14969 posts
Honey Beekeeper
  • Wedding: June 2011

@MM423: 3-4 years at about 2-3k/month

Post # 30
Member
5670 posts
Bee Keeper
  • Wedding: August 2010

We only put 10% down. We had 15% but the rates and monthly payments are the same for 10% as they are for 20%, so we kept a little extra in the bank. For us we were getting married and had a two year engagement so we had a timeline to buy a house. I understand the idea that people say they wouldn’t be comfotable if you don’t put 20% down, but if you option is rent of buy and just pay $100 a month until you reach the 80/20 balance then for us it was a no brainer.

Post # 31
Member
2216 posts
Buzzing bee
  • Wedding: August 2012

@ellykay:Agreed.

I put 20% down on our house.  I’ve been a saver and hard worker ever since I can remember.  The 20% down left more than enough savings in my account for my comfort and needed repairs/updates to our house. 

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