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Forum
-> Household Management
-> Finances
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amother
Denim
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 Mon, Mar 19 2018, 6:19 pm
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How much did you borrow for your downpayment and or renovations when you bought your house. Also where is it located and how many years ago. We would need to borrow 50k. I am a little uncomfortable with the idea but we have a payback plan and if we dont jump now it may never happen...this is in the five towns.
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amother
Papaya
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Mon, Mar 19 2018, 6:23 pm
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None. I would also feel uncomfortable with the idea.
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amother
Indigo
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Mon, Mar 19 2018, 6:26 pm
for our first house none and our second house we borrowed only because our first house was being sold after we were buying the second house. We paid the loan back right away so probably paid back the whole amount within a month from when we borrowed. I would 100% not feel comfortable borrowing for a down payment if I would need a "payment plan".
first house was in northern nj over 5 years ago. 2nd house was cheaper 00T about 2-3 years ago.
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amother
Pumpkin
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Mon, Mar 19 2018, 6:30 pm
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We borrowed 60k. Paid it back in 5 years. In retrospect, it was a smart decision. Had we waited to save up the additional money, it would have cost us much more proportionately.
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amother
Vermilion
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Mon, Mar 19 2018, 6:31 pm
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I never heard of borrowing money for a down payment. We put down 10% and pay PMI. Borrowing money didn’t occur to us.
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amother
Goldenrod
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Mon, Mar 19 2018, 6:33 pm
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Nothing. I couldn't have got a mortgage if I had borrowed the down-payment.
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amother
Salmon
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Mon, Mar 19 2018, 6:37 pm
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50 k was given as a so called gift from my in laws towards the down payment. They want us to pay it back but not now. They want us to hold off until they are older. We have the money to pay back.
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amother
Amber
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Mon, Mar 19 2018, 6:54 pm
In my circles (Chassidish Brooklyn) it is very normal to borrow for down payment.
I find that the honest, serious people have no problem getting money from friend/family for a couple of months.
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amother
Red
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Mon, Mar 19 2018, 6:58 pm
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My sil borrowed $20,000 from us for her down payment.
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Blessing1
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Mon, Mar 19 2018, 6:59 pm
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Am I the only one who thinks it's weird to borrow money for a down payment? If you can't afford it now, what makes you think you'll have the extra money for payback?
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amother
Salmon
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Mon, Mar 19 2018, 7:07 pm
| Blessing1 wrote: | | Am I the only one who thinks it's weird to borrow money for a down payment? If you can't afford it now, what makes you think you'll have the extra money for payback? |
If you have a cheshbon you could. Many people pay it back with three years worth of tax returns etc.
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amother
Pumpkin
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Mon, Mar 19 2018, 7:44 pm
| Blessing1 wrote: | | Am I the only one who thinks it's weird to borrow money for a down payment? If you can't afford it now, what makes you think you'll have the extra money for payback? |
For us it was very simple. We could easily afford to pay back 1000$/month for 5 years on our 60k loan. It would have taken us at least 2 years to save up the same 60k (We put down 60k from our savings too). In two years, the cost of our home went up 200k. It made financial sense to buy when we did and borrow responsibly in order to do so.
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simba
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Mon, Mar 19 2018, 7:48 pm
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100k , brooklyn, paid it off in 3 years.
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amother
Indigo
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Mon, Mar 19 2018, 7:53 pm
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how do you come up with so much money in such a short time in addition to paying your mortgage yet not have the savings? I'm seriously trying to understand. Is it that you were in school and now have highly lucrative jobs?
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amother
Chartreuse
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Mon, Mar 19 2018, 8:02 pm
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I don't know how it is by others, but here mortgage is cheaper than rent.
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wifee
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Mon, Mar 19 2018, 8:26 pm
| amother wrote: | | I don't know how it is by others, but here mortgage is cheaper than rent. |
Lucky lucky you!
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thunderstorm
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Mon, Mar 19 2018, 8:31 pm
| amother wrote: | | how do you come up with so much money in such a short time in addition to paying your mortgage yet not have the savings? I'm seriously trying to understand. Is it that you were in school and now have highly lucrative jobs? |
Many people could afford the monthly mortgage payments but don't have savings sitting around to cover the down payment. And like someone else mentioned it is often cheaper to pay a mortgage than to pay monthly rent. For me this was the case. Especially since we now own a home our tax return is a considerable amount whereas when we rented we weren't getting any tax return at all. So the return we get , just goes towards paying down the house and it's a win win.
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amother
Plum
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Mon, Mar 19 2018, 9:36 pm
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We borrowed in total 35k. It's two years later and we BH paid back about 20k
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amother
Babyblue
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Mon, Mar 19 2018, 10:10 pm
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Gift from my parents $100k, gift from my MIL $15k and $20k from my aunt. Bought house in Brooklyn 3 years ago paid back my aunt all of it first year after we sold our mini van. We can barely save any money now because of tuitions and mortgage plus our property taxes went up.
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