bethany102399
Pearl Clutcher
Posts: 3,559
Oct 11, 2014 3:17:29 GMT
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Post by bethany102399 on Jun 1, 2015 2:06:32 GMT
Rowing that boat right along with you. We called the bank last fall to see what they'd want from us in the way of downpayment. 10K down on a 150,000 house in the midwest. We're cobbling it together with savings, a loan on my 401 that will be paid off in 3 years and our tax return. All that and we'll still carry PMI as our credit is crap and the banks are skittish. My hope is to refinance sometime around 5 years after the initial mortgage, having dropped the 401 loan at that point and hopefully get rid of the PMI.
This has been a loooooong road, DH was trying to get into home appraising when the housing market tanked. He had everything but the hours under a certified appraiser completed when the rug got pulled out from the guy he was working with declared bankruptcy. We regrouped, and with help from my parents, he went back to school for training in a more solid field. Then the economy blew up and he spent all of 2012 unemployed. We hoped to be ready to move this summer, but just had one too many setbacks. It doesn't help that I hate our rental house, and the thought of staying here another year while we continue to save makes me want to throw up.
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Post by Zee on Jun 1, 2015 2:08:22 GMT
It was very different in 2005 than now. I didn't have to put anything down other than the earnest money. Even closing costs were paid by the seller and I got money back at the closing. I was one that really benefited by the subprime loans of the day, knew I'd have to refi at two years and had no trouble doing so. It's a lot harder now.
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Post by christine58 on Jun 1, 2015 2:14:29 GMT
I did not need a downpayment at all when I was building my house. First time home owner and I financed through either Sunnymae or Fannymae...can't remember. My dad gave me $3000 and that covered my closing costs.
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Post by jeremysgirl on Jun 1, 2015 2:24:58 GMT
We just bought FHA. We got sellers to pay $3000 in closing costs. And we bought about $6000 to close so that was down payment and closing costs. I was able to save that up in two years pretty easily. But I can say that it's because I got a job making $3.00 more an hour two years ago. So I was used to living on less, so I tried to always bank the extra. I wanted to make sure that buying the house did not clean out our savings too. So we started with a little bit in our savings, but we also built up a nice nest egg so we would be prepared for emergencies.
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Post by PEArfect on Jun 1, 2015 2:34:31 GMT
My husband and I rented our first house and built our second and third. Our rent was cheap, so we were able to save a decent amount (over $10,000) for the down payment on our first house even though it wasn't required.
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sweetpeasmom
Pearl Clutcher
Posts: 2,612
Jun 27, 2014 14:04:01 GMT
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Post by sweetpeasmom on Jun 1, 2015 3:04:45 GMT
Well, we had some money from a few things we sold (bigger ticket items). We started about 4 years ago. We saved some bonuses when we could. We had a good bit saved but had to use some of it for oral surgery for dd once. Then when it looked like we weren't going to be buying anytime soon (nothing to do with the amount saved) we used a little to buy a camper. Then we started putting some away again. We are now under contract on a house and have enough for the downpayment.
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Post by tamaraann on Jun 1, 2015 5:49:44 GMT
We bought our first home almost 22 years ago. Dh had graduated from college and worked one year before I graduated and we got married. He lived with his parents that year and saved while we were engaged. After we got married, we house sat for his neighbors parents for 6 months and only paid basic utility costs, less than $300 per month, and we saved, only had one car. Than we moved in with his parents for 8 months and only paid them a little more per month than what we had been paying, maybe $400 per month to help with groceries. Than we had a loan that only required 3% down.
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Post by bigbundt on Jun 1, 2015 13:01:34 GMT
With my first house, I got really lucky in that getting loans were much easier and I was buying a FSBO and the guy seemed really scared he would never sell his house so he was VERY generous. He paid all inspection and closing costs.
Since I had really good credit, I was eligible for a no down payment, low interest, no PMI loan. I did have to have proof of at least six months of mortgage payments in the bank but my parents loaned that to me and I gave it back after I closed. It was a ARM loan that would reset at seven years but I knew I wasn't going to be there that long so I took the gamble. Turned out great, I stayed for two years on the dot and pocketed a little more than $10,000 when I sold.
With this house, we used the equity from selling my husband's old house for the down payment. It wasn't quite 20% but we didn't have to PMI on it either although I can't remember the terms, TBH.
I don't know how we would do it these days without using equity from a home we would sell.
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anniebeth24
Pearl Clutcher
Posts: 3,601
Jun 26, 2014 14:12:17 GMT
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Post by anniebeth24 on Jun 1, 2015 13:36:01 GMT
We stumbled into our first home purchase without much forethought. After a military transfer, we were working with a realtor to find a rental. She showed us the advantages of home ownership using a VA loan with no down payment required. If I remember correctly, we only needed $500 to close.
Looking back on it 20 years later, it ended up being a good investment and started us out on a great path of future homes. However, it freaks me out a bit that we jumped into such a big loan commitment in pretty much one afternoon. It could have been the start of something completely horrible.
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Post by lbp on Jun 1, 2015 13:41:37 GMT
Zero. When we first got married when we were practically babies (19), we put a small mobile home on DH's family property. We lived there for 7 years while saving every penny we could. In 1987 we built our dream home and paid cash for it! We are still there today.
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peaname
Pearl Clutcher
Posts: 3,390
Aug 16, 2014 23:15:53 GMT
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Post by peaname on Jun 1, 2015 17:07:53 GMT
Less than a year, we put less than 20% down. I wish we would have waited. It took us five years of home ownership and a move to be at the 80% loan to value range.
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