U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > General Moving Issues
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-06-2009, 04:12 PM
 
584 posts, read 1,754,322 times
Reputation: 254

Advertisements

What is the best/most popular way to get a down payment for a new house?

Save for years? Mortgage? Etc....
Reply With Quote Quick reply to this message

 
Old 11-07-2009, 02:15 PM
 
5,818 posts, read 13,273,145 times
Reputation: 9276
Save for the down payment.
Reply With Quote Quick reply to this message
 
Old 11-07-2009, 02:43 PM
 
Location: SoCal desert
8,093 posts, read 13,187,607 times
Reputation: 14870
Save, save, save.

Your post might get more response under "Personal Finance"!
Reply With Quote Quick reply to this message
 
Old 11-08-2009, 11:05 AM
 
Location: UK
296 posts, read 729,149 times
Reputation: 316
I'll join the crowd - save for your down (unless you can get your parents or a relative to give it to you).
Reply With Quote Quick reply to this message
 
Old 11-12-2009, 07:44 PM
 
584 posts, read 1,754,322 times
Reputation: 254
Save how much? And for how long?

Is it really easy to save aside that much money? Wouldn't it take a long time?
Reply With Quote Quick reply to this message
 
Old 11-13-2009, 04:56 PM
 
Location: Cumming, Georgia
808 posts, read 2,901,246 times
Reputation: 334
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.
Reply With Quote Quick reply to this message
 
Old 11-16-2009, 12:46 PM
 
Location: Santee
11 posts, read 17,904 times
Reputation: 20
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.
Reply With Quote Quick reply to this message
 
Old 11-17-2009, 12:08 PM
 
Location: Fuquay Varina
4,530 posts, read 6,606,306 times
Reputation: 11197
Quote:
Originally Posted by bgmv90 View Post
Save how much? And for how long?

Is it really easy to save aside that much money? Wouldn't it take a long time?

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.
Reply With Quote Quick reply to this message
 
Old 11-17-2009, 11:41 PM
 
Location: Arkansas
2,383 posts, read 5,493,860 times
Reputation: 1128
Quote:
Originally Posted by bgmv90 View Post
Save how much? And for how long?

Is it really easy to save aside that much money? Wouldn't it take a long time?
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.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > General Moving Issues
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top