Did you put down 20% on your first home? (mortgage, mortgage, PMI)

[Ninotchka P]

It has been asserted in another thread that putting 20% down is an outdated concept. In fact, this assertion is something I often hear from would-be first time buyers who don't know "how anyone could save 20%".

So I'm adding a poll.

[Ninotchka P]

And to clarify, we saved our 20% downpayment in a very high COLA from two average salaries. No inheritance money.

[twingles]

Originally Posted by Ninotchka P

And to clarify, we saved our 20% downpayment in a very high COLA from two average salaries. No inheritance money.

Same here and we had money left over. Metro NYC area to be exact.

[SoCal25]

Whatever works.

[Hemlock140]

We put down $5,000, 10% on a $50,000 home in CA - in 1978. That one is now worth $700k.

[davebarnes]

1977.
No other option.

[cargoman]

I put down 10% on a purchase of 236,000. Since the first mortgage payment I have been applying 200.00 extra toward the principle. Should be out from under the PMI sooner than the average five years they quote. I would have loved to put down 20% but the only way would have been to take a hardship withdrawal from my 401k. After running the numbers on the taxes and penalties I decided to not touch that option with a twenty foot pole.

[fishbrains]

First home back in 1993 I put down somewhere between 5-10%. I don't remember exactly.

[Electrician4you]

My first house was 20% down, 5 year with balloon. Just how it was done back then

[T. Damon]

First (and only) home purchase back in late 1996, 179k, 20% down (we didn't even consider there being another option) with, I think, a seven year ballon payment loan product. Money saved up with just a couple of regular jobs and $5000 inheritance from my father

We refinanced after taking out a Heloc and doing some remodeling long before that during $20k a month appreciation. Now, with just a couple of years to pay off I'm pretty happy with our rather staid and traditional way of doing things.