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How much money did you borrow to buy a house

 
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amother




Cyan


Post  Sun, Oct 29 2017, 9:29 am
I know borrowing money for a down payment is not always the best idea and please dont turn this thread into telling me not to do it. We are very interested in a house. Its in the tristate area. If we wait till we have the money the housing prices will jump even higher and we will never be able to buy. Its an area with a good rental market and it has a rental. We will have to borrow around 50k.
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amother




Black


Post  Sun, Oct 29 2017, 9:35 am
Do what you need to do. The amount you borrow isn't relevant really - its the terms of repayment, and if you are being honest with the bank about it. (the bank needs to know if you have multiple loans for the property). Meaning - is it really a loan - or a gift?
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simba









  


Post  Sun, Oct 29 2017, 9:35 am
If you have a responsible plan to pay it back then go for it.
we borrowed a lot more and BH have been able to pay it back.
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amother




Jetblack


Post  Sun, Oct 29 2017, 9:52 am
amother wrote:
I know borrowing money for a down payment is not always the best idea and please dont turn this thread into telling me not to do it. We are very interested in a house. Its in the tristate area. If we wait till we have the money the housing prices will jump even higher and we will never be able to buy. Its an area with a good rental market and it has a rental. We will have to borrow around 50k.

I borrowed 50k from my mother in law with no time frame of paying her back. She just wants to know that we will provide for her and give her the money should she need it when she is older. Such as pay for her long term care etc. She signed a document that she gave it to us as a gift.
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amother




Gray


Post  Sun, Oct 29 2017, 9:55 am
First house 10k...repaid within 6 months.
Second house 22k and repaid in 2 years

I work in the mortgage business though and lots of ppl borrow a lot. I would only recommend it if u have a way of paying it back or u make terms that u can realistically do. I borrowed from someone who bh has a lot and was not looking to get it back right away. When I called to tell him I want to pay him back he actually told me to put him on the back burner and pay him later and no need to rush it. I paid him anyways so I knew it was done with.
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amother




Green


Post  Sun, Oct 29 2017, 10:11 am
Borrowed 25k from a parent. Half was paid back in 2.5 years. The other half will be deducted from my inheritance from this parent after 120.
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doctorima









  


Post  Sun, Oct 29 2017, 10:11 am
It doesn't matter what anybody else did or didn't borrow. It's all about what's fiscally responsible for you and your situation. If you have a way to borrow amount on terms that you can pay back reasonably and responsibly, then go for it. If not, it makes no difference that somebody else borrowed 250K, because she had a way to pay that back, while 50K is too much for you.
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amother




Azure


Post  Sun, Oct 29 2017, 10:26 am
Borrowed $220k and agreed to pay it back within 10 years.

It's about 6 years in and we're down to $70k so we're definitely on track to have it paid off on time but it's been a huge stress hanging over my head and I cannot wait until it's DONE!!!

In retrospect, I kinda wish we'd bought a cheaper house (requiring less debt) but perhaps in 5 years from now (when it's paid off...) I'll feel differently.
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amother




Ginger


Post  Sun, Oct 29 2017, 10:34 am
For the down payment, we borrowed 20k. thenn to make the house livable we borrowed 13K for minor renovations. It's a bit over a year and the 13k is paid back. our plan is to be fully paid back in a year and a half iyh.
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amother




Lawngreen


Post  Sun, Oct 29 2017, 12:04 pm
We borrowed 40k for 5 years with a very clear plan of how we would pay back (using our tax returns) and this spring we will make our final payment. It was totally not a headache or stress since we didn't have to worry about it, and it was extremely helpful in us being able to buy a large house.
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