A spin-off question to the post about being depressed about buying a house...

How much money are couples planning to put down on a house (not including closing costs and other fees)? Just curious what kind of down payments other people have saved for a house. I know a lot of people put down next to nothing and pay all interest at first.

With Poll...

Re: A spin-off question to the post about being depressed about buying a house...

we put 10%

Re: A spin-off question to the post about being depressed about buying a house...

I selected the 60 - 100K range. We're not looking until after the wedding but if everything goes as planned we should have a down payment in that range.

Re: A spin-off question to the post about being depressed about buying a house...

We plan on being 100% financed...hence why we can't buy in NY.

Re: A spin-off question to the post about being depressed about buying a house...

We're hoping for about a $20-25,000 down payment. But we're going to be looking out of state, where that will account for a bigger chunk than out here.

Re: A spin-off question to the post about being depressed about buying a house...

as little as possible- no more then 10%

my hubby is a motgage broker- so no closing costs for me- and he doesn't want to put much down- he is more savvy then me when it comes to this- so I defer to him

Re: A spin-off question to the post about being depressed about buying a house...

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Posted by Beth1210

as little as possible- no more then 10%

my hubby is a motgage broker- so no closing costs for me- and he doesn't want to put much down- he is more savvy then me when it comes to this- so I defer to him

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10% isn't that much depending on the expense of the house. But I would think you would then have such a huge mortgage. Seeing though that I have no idea about buying a house, I can't say how much one should put down. We have a healthy down payment...again, depending on where we end up living.

Re: A spin-off question to the post about being depressed about buying a house...

we would try to put down 20%, but ultimately i think it will be less.

Re: A spin-off question to the post about being depressed about buying a house...

we're saving up in the 30-40k range, which we originally thought would be 10% of whatever home we end up purchasing.

we're also hoping we'll qualify for sonyma or something similar where there won't be closing costs

Re: A spin-off question to the post about being depressed about buying a house...

20%

Re: A spin-off question to the post about being depressed about buying a house...

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Posted by Beth1210

as little as possible- no more then 10%

my hubby is a motgage broker- so no closing costs for me- and he doesn't want to put much down- he is more savvy then me when it comes to this- so I defer to him

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we're doing 10% (or close to - 9% or 10%) - discounted closing costs because FH is an appraiser

Re: A spin-off question to the post about being depressed about buying a house...

We are putting 5% down at contract which is tonight and another 5% at closing. I'm breaking out in hives just thinking about the large check we have to write tonight

Re: A spin-off question to the post about being depressed about buying a house...

Probably 20% - I think that's the minimum required for certain co-ops in Manhattan

Re: A spin-off question to the post about being depressed about buying a house...

20%

Re: A spin-off question to the post about being depressed about buying a house...

We're saving up till we can put down 20-25%

Re: A spin-off question to the post about being depressed about buying a house...

we put about 35% down

Re: A spin-off question to the post about being depressed about buying a house...

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Posted by nygirl77

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Posted by Beth1210

as little as possible- no more then 10%

my hubby is a motgage broker- so no closing costs for me- and he doesn't want to put much down- he is more savvy then me when it comes to this- so I defer to him

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10% isn't that much depending on the expense of the house. But I would think you would then have such a huge mortgage. Seeing though that I have no idea about buying a house, I can't say how much one should put down. We have a healthy down payment...again, depending on where we end up living.

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we would most likely would not be doing a traditional 30 year mortgage- my hubby is creative and I have perfect credit- there are all types of loans out there- plus it would be free for me to refinace anytime I want- my situation is different then most- but putting 20% down these days is rough- on a $500K home that's $100K-

you would most likely have 2 mortages if you put less then 20% down-

Re: A spin-off question to the post about being depressed about buying a house...

It is very difficult, but we were really lucky, b/c my husbands job relocated us just after we got married and so they gave us some money. We used all of the money we received as wedding presents and some of our savings to put down 23% of the purchase price of our home.
Basically, you need to put down 20% or more to avoid PMI. You can do alternative financing to avoid PMI if you don't have the 20% to put down.
I know that there are a lot of different types of mortgages available, but I personally would never do an interest only mortgage. Especially in this new market, becuase with an interest only mortgage, you never pay down the principle. So if you cannot sell your home for more than you paid for it, you never end up making any money on your home. You could even loose money. I just think it is way to risky.

Re: A spin-off question to the post about being depressed about buying a house...

I was told, the less you can put down and get away with the monthly payments the better-come tax day since u can write it off.

Re: A spin-off question to the post about being depressed about buying a house...

we have $50,000 + whatever $ we get from the wedding.

It's funny because most young couples our age don't have nearly that much money for a down payment, so we thought we would have the upper hand. Looks like we DON'T afterall because it's not nearly enough!