Did you put down 20% on your first home? (mortgage rates, comparable, rent)

[riaelise]

I put down close to 20% on my first condo. For the other purchases? we put down 5% with no regrets.

[nkull]

Used my earned 0% down VA Loan little over a year ago, so no PMI... Such a great deal.

[OceanGirl815]

Our first house we paid cash. Our second house we put 20% down to avoid PMI insurance.

[Okey Dokie]

My mother passed away when I was 20 and left me some AT&T stock I sold a couple years later for about $6,500. Used it to assume an FHA loan, it was close to 20% down. This was back in the good old days (1978) where there was no qualifying on an FHA assumption and the closing costs were something like $45.00.

I've bought five houses since then, always rolling over all the profits into the new one plus adding even more for the down payment. I think my mom would approve of what I did with that money.

[lancers]

50% in 1984 first home 60% last year on retirement home.

[hotzcatz]

We always put down 20% or more so there's no PMI insurance.

[bradelyjacc]

No it was not possible at that time , Because i also have buying a home , But There Was no options to giving for me that.

[Pfalz]

Originally Posted by oneslip

Absolutely put 20% down as to avoid paying PMI insurance costs. Why pay more for the house?

I put 8% down on my first house in 2011. The bank had a portfolio mortgage program (meaning the bank held the loan rather than selling to Fannie/Freddie) and no PMI was required. Things are a lot more lenient now than in 2011 so I'm sure even more under 20% with no PMI options are available.

[RedZin]

Originally Posted by nkull

Used my earned 0% down VA Loan little over a year ago, so no PMI... Such a great deal.

Yup. 0% with no PMI is a very good deal.

[Hollywood]

We put down 10% on a $128k house in 2007. Since then I've put 20% down on a $95k rental house in 2012, and 15% down on a $138k rental house in 2015. Turned the 2007 purchase into a rental house in 2014 by buying another primary home, with 0% down.

The 0% down house is financed at a local credit union that doesn't charge PMI. Currently paying $20/month PMI on the 15% down rental. That one is a 3 minute walk to a local university, and is rented to college students.

If I were single, I'd be buying duplexes and quads as a primary residence with 0% down all day long. I'd buy a new one every year.