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Seeing how the days of no down payment days are pretty much over, I'm curious how many people actually have enough money saved for a down payment. I used 20% because that's the "norm" but substitute whatever number you want to make the statement "true" for you and share your story (if you want)!
We've been saving since 2004 when we were priced out of decent homes and could only afford 100+ year old houses that was a rainstorm away from collapsing. We've since moved to another state where the housing market is a buyer's paradise with opportunities galore and are grateful that we spent the past 5 years saving and didn't buy a home that was either a.) in poor shape and bought it 'cuz that's all we could afford or b.) bought a home way out of our price range. It's nice to know that I finally have options!
Woops, I meant to do a poll! Oh well I guess we'll do it "manually". Here are your options:
1. Yes! I've got at least 20%.
2. I'll have the 20% by this year.
3. Nope, not even close but I know I can get a mortgage loan approved.
4. Nope, not even close and now I just need to save, save, save.
We have the 20% but the house needs work, so we are trying to explore other options to preserve cash.
We had been told by our mortgage broker that 10% down and payment of closing costs no longer exists. However, we spoke directly with a bank yesterday and according to the bank, we can do 10% and roll in closing costs. The bank said they no longer offer it to brokers but will do it directly with the clients.
We did put 20% down but after over two years of downward pressure on values we no longer have the equity to qualify for good rates on a refinance. This crash has been a bit of a game changer.
Depends on how much I can sell my current house and how much I'm willing to afford for the future house. But no matter what, it's going to be at least 20% down...
We did put 20% down but after over two years of downward pressure on values we no longer have the equity to qualify for good rates on a refinance. This crash has been a bit of a game changer.
Yeah, I know it sucks to lose the real money (your downpayment) but at least you can get out of your home if needed.
That's why people need to put real assets into any investments. Putting at least 10 percent down for a home less than say 500K and putting down 20% for homes over 500K should be required....I know I know what about FHA, VA and other loan programs that require very little down.
Well guess what....the FHA will be the "next subprime" mess and the taxpayer will foot the bill when this comes again. I think I read up to 35% of all loans in 2008 were FHA type of loans whereas in 2005, only 3% were FHA loans.
I put down 20% for my home in Maryland back in 2005 (still own it) and put another 20% downpayment for my new home in FL that I plan to close by March.
0%-3% downpayment is way too little these days. People need to plan for disasters and what happens if they lose their jobs. If people plan on putting 0-3% down, then the government should require them to show (from the average of their last 3-4 banking/investment statements) that they have assets that can cover the mortgage for 6 months in advance. That's the only way to save the housing system.
Don't get me started on the investment banks being leverage over 100-1 in assets.
We bought our house in September with about 12% down and sellers paying most of closing. We were fortunate and made about 20% profit in 3 years on our previous home, otherwise we would still be renting and saving.
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