Did anyone put less than 20% or less than 10%??? I feel like I'll never be able to get a downpayment and we are only looking for a coop or condo.
Jordan
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Re: How much did everyone put down for a downpayment?
There is nothing wrong with putting 5% down. I know a LOT of first time buyers who did that and then just refinanced in a year to knock off that PMI or whatever it is - I'm having major brain farts today.
We've always said we'd put down at least 20% but with this market we'd be lucky to find a house for $400k which makes the down payment $80k!!! That's just insanity to me.
CherylBooch
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Re: How much did everyone put down for a downpayment?
We put down 5%
jvs77
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Re: How much did everyone put down for a downpayment?
From what I've seen, the smallest amount that you can get away with putting down (for a house in the $300-$400k range) is $10,000. You just need understanding sellers! FH's brother put $10k down on his house ($386k purchase price).
dandj
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Re: How much did everyone put down for a downpayment?
This is reassuring. I kept thinking I would need to come up with $50,000 before I could even start. I need to move somewhere where the house are cheap... its so ridiculous around here.
Re: How much did everyone put down for a downpayment?
we put down 30%...but there are tons of optons...
80/10/10 80/15/5
its probably a good idea to talk to a mortgage broker...he may be able to help you figure out what you can afford/buy
spel
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Re: How much did everyone put down for a downpayment?
10% straight, no PMI
Jenn524
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Re: How much did everyone put down for a downpayment?
spel, how did you get around the PMI?
We were originally going to put about 12% down, but now we're thinking that we're going to put 5% down. We would rather have a good amount in our bank account than leave ourselves with practically nothing.
Cira
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Re: How much did everyone put down for a downpayment?
The 80/10/10 is what we did to avoid PMI ... meaning 10% down, 10% home equity loan, 80% morgage (read backwards).
The same holds true with the 85/15/5.
Jenny5150
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Re: How much did everyone put down for a downpayment?
I think we put 10% down. We refinanced a year and 1/2 later and got rid of the PMI.
chmlengr
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Re: How much did everyone put down for a downpayment?
We put down about 30%.
joeslauren
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Re: How much did everyone put down for a downpayment?
80 / 10 / 10
Meg9-20-02
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Re: How much did everyone put down for a downpayment?
We put 5% down -
bride082003
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Re: How much did everyone put down for a downpayment?
we put down 10% 2 years ago.
mlp924
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Re: How much did everyone put down for a downpayment?
We put down 33%.
Julybaby
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Re: How much did everyone put down for a downpayment?
What a helpful thread. DH and I will probably be looking to buy in a year or so and I keep thinking we will never get a place if we can't put at least 20% down. I don't know if we're going to look here, in New Hampshire, Massachusetts, or Southern California (San Diego area). It all depends on where DH can get a job.
Thanks for the reassurance.
spel
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Re: How much did everyone put down for a downpayment?
jenn, FM re:your question.
susans
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Re: How much did everyone put down for a downpayment?
We did 80/10/10 as well to avoid PMI
Kate
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Re: How much did everyone put down for a downpayment?
We put down 20%.
JVS77- what does the downpayment amt have to do with the sellers being understanding? Jjust curious, as I thought it was the bank that is concerned with what the buyer is laying out. The sellers get their check no matter what... no?
Marnles
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Re: How much did everyone put down for a downpayment?
We put down 10% and therefore are paying PMI...we will have them reappraise after 1 year, because we've definitely put 10% back into the house, so we should be able to get rid of it then...
