Our act of downpayment desperation

cluelessbride Posted: Sep 26, 2003 10:08 AM

Our act of downpayment desperation

This Sunday we move into my FIL's. We're both 32 and want to buy a home in the next year or two, and this was the only way we could get a down payment fast enough. Even then, we won't have a full 20%, more like 10-15% for a 325k house.

Sooo ladies, wish me luck, it won't be easy. But like others on this part of the boards, owning our own home is so important to us that we are willing to sacrifice part of our privacy for a while.

I may be asking you all for apartment referrals very soon though if it doesn't work out

Mandy77 Posted: Sep 26, 2003 10:18 AM

Re: Our act of downpayment desperation

Don't worry!!! I very rarely see anyone put down 20%....no one can afford it!!!

Let me know if you need help!

Mandy

Misty Posted: Sep 26, 2003 11:13 AM

Re: Our act of downpayment desperation

I WISH we could move in with someone until we had the money!! I know it's suicidal...but you do what you have to do!

Good luck honey!!

jvs77 Posted: Sep 26, 2003 11:41 AM

Re: Our act of downpayment desperation

The smallest amount of money that I've seen people put down is $10,000. (For a house in the 300k range.) You can do it! Saving now is definitely a smart move! If you need any advice or have questions, let me know! (I'm a part time agent.)

Best of luck to you!

Fran M Posted: Sep 26, 2003 11:45 AM

Re: Our act of downpayment desperation

A year or two goes by so fast. Dont worry you can do it. It will all be worth it.

dawnie Posted: Sep 26, 2003 12:13 PM

Re: Our act of downpayment desperation

My mother and stepfather want us to move in with them so we can save for a house. I am considering it. I just wish these d_mn house prices weren't so insane. I feel your pain!

ILT1221 Posted: Sep 26, 2003 12:29 PM

Re: Our act of downpayment desperation

I think its really admirable that you are willing to make this sacrifice to save for a house. I hope it all works out!!!

Sonicstef Posted: Sep 26, 2003 01:07 PM

Re: Our act of downpayment desperation

Good Luck!

I dont mean to be a downer here, but I would not suggest buying a house using your entire savings as a downpayment. With a home, you definitely need an 'emergency' fund in case something goes wrong like a pipe bursting, roof needing repairs, etc.. Everything is really expenisve and you dont want to get caught short if you really need it.

You may have already thought of this and planned for it.

Jeanene Posted: Sep 26, 2003 01:25 PM

Re: Our act of downpayment desperation

Good Luck! I can totally relate. My DH and I live in an apt. in his parents home. Luckily it is totally separate. We have been there for 9 months and we just went to contract on a home. We were suprised by how much we were able to save!

michele31 Posted: Sep 26, 2003 02:35 PM

Re: Our act of downpayment desperation

Are you living in just one room or an apt in their home? If it is 1 room I suggest cutting out everything to save quick, or you will spend the money on therapy afterwards...
But I think if you can move into an inexpensive apartment area for a year or two and save that is great.

Stef is right- you always need a cushion, even if it is not a large one.

yabbobay Posted: Sep 26, 2003 03:10 PM

Re: Our act of downpayment desperation

one suggestion: make sure there are privacy boundaries...

Dh and I were thinking about doing this with his aunt and uncle in their basement...then we were just down there relaxing (WITH THE DOOR CLOSED - its never closed) and someone came in...at that point I knew we couldn't...

cluelessbride Posted: Sep 27, 2003 12:50 AM

Re: Our act of downpayment desperation

Stef and Michele - you are so right about not putting everything into the DP, we see our friends with their first homes and how there is always a need for a cash reserve...a roof needs fixing, car goes kaput, or worse like a health emergency or job loss (god forbid!)...

Erica - privacy is very important to us, esp. to me since I have been on my own since I was 17. But they have been respectful of our privacy, so we're hoping it continues. We'll have our own apt in their house.

Our friends think we're nuts, and maybe we are. Only time will tell. Thanks for all of your support!

Stef- I will miss Brooklyn so much! We had out last CT Muffin this morning.