(Closed) What percent did you put down on your home?

posted 6 years ago in Home
Post # 3
Member
476 posts
Helper bee

Great question! I am currently saving for a down payment too. I haven’t started talking to relator’s yet though, I don’t want to do that until I have 10 or 15 thousand in the bank. But I wasn’t sure if that was too little.

Post # 4
Member
1934 posts
Buzzing bee
  • Wedding: August 2012

I put down 20%, but that is definitely not the norm anymore.  Typically first time homebuyers take the FHA loan and put down less.

Post # 5
Member
2903 posts
Sugar bee
  • Wedding: January 2011

We put down 30% but we had help. Really did wonders for our monthly payment!

Post # 6
Member
418 posts
Helper bee
  • Wedding: November 1999

We just put in a contract to build our house last weekend and will be putting down 70%.

Post # 7
Member
2214 posts
Buzzing bee

I put down 10% and have a piggyback mortgage so I don’t pay PMI.

Post # 8
Member
1642 posts
Bumble bee
  • Wedding: October 2012

We did FHA and put down 11%. This was in April. We have already paid enough into the house to have 20% equity now. We’re locked into our PMI for the next five years, but it’s not a terrible amount of money. We’re outta that as soon as we can be, though.

Post # 9
Member
141 posts
Blushing bee
  • Wedding: April 2011

We did an FHA loan and put down 3.5%. We wanted to have savings remaining after the purchase for emergencies and to buy furniture, plus it would have taken us a heckuva long time to save up 20%! With the market in our area being what it was, it was a perfect time to buy, and although the PMI is a pain, I think we made the right decision!

Post # 10
Member
2106 posts
Buzzing bee
  • Wedding: September 2012

20% because we didn’t want to pay PMI. Our monthly payments for a 4 bed 2.5 bath house is LESS than our rent for a 1 bed 1 bath 3rd floor walk up. 

Post # 11
Member
11325 posts
Sugar Beekeeper
  • Wedding: February 2011

We did FHA and put down like 4 or 5%. 

Post # 12
Member
1096 posts
Bumble bee
  • Wedding: June 2011

The PMI really increases your mortgage payment by a lot. We didn’t put anything down because we were fortunate enough to qualify for both a VA loan and a USDA loan which is 100% financing with no PMI. Most people do go with the FHA loan and just pay the PMI and it’s no big deal. However, if we didn’t have the 100% financing and put 3.5% down and paid the PMI our payment would be higher than what we pay with 0% down.

Post # 13
Member
761 posts
Busy bee
  • Wedding: August 2011

20% down would have been almost $115,000 for us in our market…so, we put down 7% ($40,000) and pay CMHC insurance due to having a “high-ratio” mortgage.  This is very common in Toronto, due to our housing market.

This also left us with enough money to pay for all closing costs and retain savings for emergencies.

Post # 14
Member
1890 posts
Buzzing bee
  • Wedding: May 2011

We put down 3.5% with an FHA loan… We were just getting started in our jobs and didn’t have enough money to put down 20% and then be able to update the kitchen and add a fence for the backyard.  Even with PMI, we are paying about the same as we would have to pay to rent a similar house in our neighborhood, and we’re slowly building equity, so definitely worth it to own, even with the small down payment.

Post # 15
Member
761 posts
Busy bee
  • Wedding: August 2011

@Pomapoo:  I agree.  If you wait until you have a 20% down payment in some markets, you will be waiting forever because houses just keep going up in price.

A house down the street from us (very similar to ours, but less upgrades requiring more renovation) actually sold for $50,000 more than ours (3 months later).  That level of growth is crazy and will cut many first-time buyers out of the market completely.

Post # 16
Member
605 posts
Busy bee
  • Wedding: March 2014 - Brazil Room

I put down 20% which was like $46K for my house. Mainly, I had it on hand because of inheritance from my parents’ deaths. And though it did drain my savings down to very little, I wanted to avoid PMI payments. If you take what you would’ve paid towards PMI and make monthly payments to your savings instead, you’ll build your savings back eventually. 🙂

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