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11-06-2009, 05:12 PM
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Member
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Join Date: Feb 2009
49 posts, read 27,197 times
Reputation: 23
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down payment question
What is the best/most popular way to get a down payment for a new house?
Save for years? Mortgage? Etc....
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11-07-2009, 03:15 PM
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Senior Member
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Join Date: Oct 2006
1,253 posts, read 950,717 times
Reputation: 391
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Save for the down payment.
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11-07-2009, 03:43 PM
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TANSTAAFL!
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Join Date: Jun 2009
Location: SoCal desert
1,537 posts, read 397,895 times
Reputation: 1655
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Save, save, save.
Your post might get more response under "Personal Finance"!
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11-08-2009, 12:05 PM
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Senior Member
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Join Date: Oct 2007
Location: UK
270 posts, read 132,783 times
Reputation: 197
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I'll join the crowd - save for your down (unless you can get your parents or a relative to give it to you).
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11-12-2009, 08:44 PM
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Member
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Join Date: Feb 2009
49 posts, read 27,197 times
Reputation: 23
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Save how much? And for how long?
Is it really easy to save aside that much money? Wouldn't it take a long time?
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11-13-2009, 05:56 PM
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Senior Member
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Join Date: Jun 2006
Location: Ada, Michigan
420 posts, read 494,326 times
Reputation: 91
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Why don't you get pre-qualified to see where you stand today (ask to see if you can buy a house with 0% down).
We bought our first house back in 1998 with $4,000 down. Most of it went to closing costs.
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11-16-2009, 01:46 PM
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Junior Member
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Join Date: May 2008
Location: Santee
8 posts, read 3,334 times
Reputation: 14
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If you can get someone to loan you the money temporarily, you can take advantage of the (refundable) tax credit. That's what we're doing.
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11-17-2009, 01:08 PM
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Senior Member
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Join Date: Apr 2009
Location: Fuquay Varina
713 posts, read 223,307 times
Reputation: 424
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Quote:
Originally Posted by bgmv90
Save how much? And for how long?
Is it really easy to save aside that much money? Wouldn't it take a long time?
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First you have to look at your own credit and determine what you qualify for. When you know what you qualify for, then you have the amount you need to save for. 20% of 100000 is easier to save for than 20% of 500000.
When you know the actual number you need, then plan your own budget, ok what can you do or save or sell to come up with that amount in a reasonable time frame.
You will have other costs as well, so add another 5k to your number to cover things you usually need to buy after owning a home, ie ladders, landscaping if needed, tools etc. |
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11-18-2009, 12:41 AM
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Senior Member
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Join Date: Dec 2007
Location: Arkansas
2,150 posts, read 1,052,877 times
Reputation: 747
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Quote:
Originally Posted by bgmv90
Save how much? And for how long?
Is it really easy to save aside that much money? Wouldn't it take a long time?
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Well, you should save at least 20% to put down on a home (that's 20% of the home price). So, you have to figure out how much home you can afford before knowing hoe much you need to save. And yes, it can take a long time if your priorities are elsewhere financially. |
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