Post # 32
Ours was a little over 20%, which amounted to almost $50,000. This was about 3.5 years ago.
@MrsDibs: We were very lucky because a great majority of that money came from savings that my in-laws had for my husband’s college fund. By the time he got to college, they didn’t need the savings because they could pay his tuition easily out of pocket.
Post # 33
Call us crazy, we did an FHA loan and were able to put 5% down to lower our monthly payment. But then again we live in the Philadelphia area and houses are sooo expensive.
Post # 34
we only had to do $5,000 down. so i’m not even sure what percentage that actually is.
Post # 35
We put down about 40% on our home. We were very lucky that we were able to do so, and that’s the reason Darling Husband has been able to go back to school and we can live off of my piddly salary 🙂
Post # 36
Thanks for starting this thread, lots of great info!
Post # 37
Fiance and I saved money because we both lived at home for a year with our parents while working full time jobs. We didn’t get engaged til this summer (5 days before closing), so it wasn’t too weird. We are both lucky to live near eachother and to be able to find jobs near where we live, right upon graduation.
It took us a year to save up the money (though we probably could have bought in Dec/Jan instead of July, with the same amount down, but we wanted some extra so we could buy furniture and fix up the place).
Post # 38
I think it definitely depends on your area what’s best to do.
I put 27% down on my home (about 80k down)
Post # 39
Of our own money? almost nothing actually. We bought during the obama tax deal so that gave us 8k to put down which was about 4% and all we needed for an FHA loan. We could’ve put down more money but we needed to furnish most of the house, pay for a wedding, and keep an emergency fund. If we thought we could’ve done 20% we would’ve done it, but it didn’t seem worth it to us to get to 15% then be totally cash poor with no furniture, no wedding money, and no savings.
And I know there are those that say if you can’t afford 20% you can’t afford a house… but I think every situation is unique. We are both newish in our careers (I was 1 year out of school, he was 3 years out of school) when we bought which is why we didn’t have much saved, but we both have good salaries and steady jobs that promise lots of upward growth income-wise. The mortgage amount putting just 4% down was well within our monthly budget, and it seemed smart to buy and get 8k free from the government basically. And the reason we bought a bigger house than we need (4 bed, 2.5 bath, 2500 sq feet; we have no kids) is because we think that it is a waste to have a starter home then have to sell and get another one when you have kids. We picked a house and neighborhood we could easily stay in for 10+ years.
Post # 40
@CorgiTales: I feel the same way about a starter house, Fiance thinks it could be a good idea but I think it would be better to find somewhere we could see ourselves for awhile. With no way to predict the market, there’s no guarantee we could move as planned and I’d get worried about being cramped in a too-small house. I’d like to look for something that could grow with our family.
Post # 41
@MM423: My friend bought a starter home about 7 years ago when she first got married. Her son is 3 now and they’ve outgrown their 1200 sq foot 3 bedroom home. They just bought a bigger house, but lost about 1/3 of the value on their starter home and had to take it as a loss. This is something we wanted to avoid so we looked at homes we could grow into rather than out of.
Post # 42
We are currently saving to buy next spring and plan on having 10% to put down on a $300,000-$350,000 home, maybe even more. Unfortunately we are outside of Balitmore, a very high cost of living area. Our duaghter is going to middle school next year and while our area and elem school is great, the middle and high is not so we want to move before then. Otherwise we would probably stay put and save for another year.
Post # 43
@yellowshoe: That’s what I told Fiance I’m afraid of, too. I see some of our friends with starter homes trying to sell them and taking a loss in the process. I think I’d rather we hold off on buying for a little bit and save until we can afford something we can see ourselves in for a relatively long period of time.
Post # 44
We put the 20% down. On both our first and second home.
Post # 45
10% on my home, but I did it on my own (no spouse help) 3 years ago. I paid $139,000 for my 3 bed 2 bath house so around $13,000. Thank goodness I live in Michigan I can’t believe what some of your pay for a house YIKES!