How many people actually put the 25% down on a house

wacky Posted: Sep 19, 2003 10:01 AM

How many people actually put the 25% down on a house

Its taking us forever to save, not like going to AC helps

But seriously, did most people put less?

Lisa Rose Posted: Sep 19, 2003 10:16 AM

Re: How many people actually put the 25% down on a house

yes...there are alot of people that do not put down 25%. The recomended amount is 20%...so that you do not have to pay PMI each month. If you work with your mortgage person, they can give you the different options!!

Good Luck!

Cira Posted: Sep 19, 2003 10:38 AM

Re: How many people actually put the 25% down on a house

We didn't have the full 20% but had the income for our mortgage, so we only put down 10% and avoided PMI with an 80/10/10. I think since the market has gone up so much, a lot of people put less than 20%.

Good Luck and maybe you'll win your down payment in AC!!!

Jenny5150 Posted: Sep 19, 2003 11:21 AM

Re: How many people actually put the 25% down on a house

With the way the housing market has been, you can usually get rid of the PMI w/in a year or 2.

You have to figure out the math to see what works best for you in the long run. Sometimes the 80/10/10 can cost you more down the road than having PMI for a little while and sometimes it's not always a good thing to throw 20-25% down on a home, especially if you don't have 'plenty' of cash in the bank.

yabbobay Posted: Sep 19, 2003 01:22 PM

Re: How many people actually put the 25% down on a house

I don't think a lot of people put down 20%...we put 30% only to avoid getting a jumbo mortgage and we sold a house to do that....

I would definitely talk to a mortgage counselor to see what is possible for you

wacky Posted: Sep 19, 2003 09:29 PM

Re: How many people actually put the 25% down on a house

thanks ladies, we met with a mortgage broker who stated that we could carry a mortgage around $3k without 25% down. But jesus I dont wnat to be house poor

Its soo depressing

yabbobay Posted: Sep 20, 2003 01:01 AM

Re: How many people actually put the 25% down on a house

well that is probably for the maximum mortgage amount...if the house costs less than that total...then monthly payments will be less..

also remember to factor in taxes...and insurance

butterfly20 Posted: Sep 20, 2003 01:39 AM

Re: How many people actually put the 25% down on a house

somehow we lucked out, and will be putting down the 20%

michele31 Posted: Sep 20, 2003 08:55 AM

Re: How many people actually put the 25% down on a house

We did, but I had sold a condo so it wasn't the same as saving all that money. There are A LOT of downpayment options when you buy a home. Don't think that if you don't have 20-25% that you cannot buy one. That is simply not true.

shamma Posted: Sep 20, 2003 02:18 PM

Re: How many people actually put the 25% down on a house

someone needs to tell this to my hubby.

wacky Posted: Sep 22, 2003 09:19 AM

Re: How many people actually put the 25% down on a house

I give up If we opt for no kids we, Ill be happy living in my 1 bedroom apt.

'This ****

jvs77 Posted: Sep 22, 2003 11:00 AM

Re: How many people actually put the 25% down on a house

We put 5% down when we bought our first home 3 years ago, but we were stuck with PMI for 2 years. (We've been looking to buy a new house recently, thought we found the right one, the deal fell through, and now we may just stay here b/c prices are just too crazy.)

Mandy77 Posted: Sep 25, 2003 10:30 AM

Re: How many people actually put the 25% down on a house

I very rarely see ANYONE put that much down...how could anyone afford it with prices so high? That is why there are so many loan programs that get around that....most do charge PMI, but my company doesn't! We actually have a 103% program too!

Let me know if you want to find out what you can do right now. I might be able to help you.

Mandy

alisa Posted: Sep 25, 2003 08:46 PM

Re: How many people actually put the 25% down on a house

We only put down 5%. The PMI ****s, but it was worth getting out of an apt!

peabody Posted: Sep 26, 2003 12:17 AM

Re: How many people actually put the 25% down on a house

We put down 10%. But we are not paying PMI, because we did a 1st mortgage and a equity line of credit. We are planning on making the equity line of credit into a fixed home equity loan in about a year. Most likely, after the wedding.

casg Posted: Sep 26, 2003 10:59 AM

Re: How many people actually put the 25% down on a house

i see people purchase homes no money down

Becky Posted: Sep 26, 2003 01:14 PM

Re: How many people actually put the 25% down on a house

Keith and I found a mortgage program that let us put only 3% down and we aren't paying PMI. We just lucked out. A friend of ours just bought a house without PMI and they put zero down.

But we live in MD so the price of a home is not as crazy as it is in the LI area. No way would be able to afford a $3k monthly mortgage payment