S/O Borrowing for down payment

Just One

Thu, Jan 28 2021, 6:43 pm

I'm wondering what percentage of people pay for their down payments fully out of pocket and how many depend on friends and family to help out

amother

Vermilion

Thu, Jan 28 2021, 7:15 pm

First house. Got 15k in gifts. 5k parents 10k grandmother. Borrowed 10k from uncle that I returned a month later.
Second house. All my own money. Borrowed 22k from said uncle for other stuff in regard to house. Paid back 2 months later.

I work.in mortgages though. Many people do get a gift and sometimes super large ones.

amother

Natural

Thu, Jan 28 2021, 7:19 pm

I live in Brooklyn. Due to my husbands job we could not move out. It made absolutely no sense to rent at an exorbitant rate. We had 250k needed close to 400 for needed renovations. So borrowed the remainder. Bh we are paying it off. We cannot wait till we finish paying off. We live very very stringently right now. And it’s hard living that way with teenagers. If you have the opportunity to borrow and have young kids. Do it now. So much easier. They don’t rlly care how many outfits they have. Or what brand things are. Or drive you nuts about the small things that add up like the right kind of pads, hair salon, face mask for acne.. all that adds up sooo much it’s mind boggling.

amother

Lime

Thu, Jan 28 2021, 8:48 pm

All my own savings. I worked for a few years before I got married and saved up for my down payment. Very proud that I didn't need to rely on anyone's gifts!

essie14

Fri, Jan 29 2021, 12:44 am

It is not a thing in my circles to receive gifts like that.
DH and I worked very very hard for a down payment and now we have to pay off our mortgage for 30 years.

Rappel

Fri, Jan 29 2021, 12:48 am

amother [ Vermilion ] wrote:

25k down payment... Ah me, that would be nice. Smile

Enjoy your home!

amother

Mauve

Fri, Jan 29 2021, 1:31 am

essie14 wrote:

It is not a thing in my circles to receive gifts like that.
DH and I worked very very hard for a down payment and now we have to pay off our mortgage for 30 years.

What do you mean its not a thing, to receive gifts for a down payment? I am sure many people receive help from their parents for their down payment. You may not know it, but I feel like it is done way more than people think.

essie14

Fri, Jan 29 2021, 1:51 am

amother [ Mauve ] wrote:

Maybe small gifts. Not $ 25K

sequoia

Fri, Jan 29 2021, 1:58 am

From parents or other relatives, maybe, but borrowing from friends (multiple friends!) for a down payment is definitely not a thing.

I have absolutely no idea what kind of liquid assets my friends have and I wouldn’t assume.

amother

Gray

Fri, Jan 29 2021, 2:07 am

We've saved quite a bit, and my dad has also put aside money for us. We hope to close soon.
In England, we need 25k. We have that but my dad has another 20k that he saved up for me.

amother

Blonde

Fri, Jan 29 2021, 2:31 am

Our down payment was $7000. Come join us in Cleveland 🤣. We used our tax return and a few thousand in savings.

Iymnok

Fri, Jan 29 2021, 2:45 am

Inheritance. Home ownership is a responsibility. Only buy if you could handle all parts of it.

amother

Tangerine

Fri, Jan 29 2021, 2:47 am

We’re in the process of buying a house. Our down payment is going to be what we have in our bank account. Borrowing is what the mortgage is for. We’re buying a house before kids start school and our savings get eaten up.

amother

Black

Fri, Jan 29 2021, 3:15 am

amother [ Blonde ] wrote:

Our down payment was $7000. Come join us in Cleveland 🤣. We used our tax return and a few thousand in savings.

Wow. In Israel you can't buy a shed with that down payment.

Teomima

Fri, Jan 29 2021, 3:50 am

I can't imagine borrowing for a down payment, it's totally unheard of in my community. People save what they can and most either get help from parents and/or have some sort of inheritance to cover the rest of a down payment. Then they get a large mortgage. This is what we did. We did not take/receive any more than absolutely necessary to afford the minimum down payment, nor have we ever borrowed money (except for our mortgage). We haven't done any renovations despite our home desperately needing work. But we very much believe in living within our means.

shabbatiscoming

Fri, Jan 29 2021, 4:02 am

We thankfully got help from very generous parents.
We were not axpecting it, but were extremely grateful for the gift/help.

moonstone

Fri, Jan 29 2021, 4:05 am

sequoia wrote:

Yeah, borrowing from friends to buy a house is a totally foreign concept to me. It would never have occurred to me to do that- and I wouldn't have wanted to in any case.

We used our savings for the down payment. Both sets of parents gave us a few thousand dollars each, but it was something they wanted to do- we certainly didn't ask for it, and we could have managed without it.

amother

Azure

Fri, Jan 29 2021, 4:45 am

My father gave us $80k and said go buy a house. When we upgraded, it was all our own money.

amother

Maroon

Fri, Jan 29 2021, 4:53 am

We left Brooklyn and bought OOT because we didn't want to be beholden to our parents.
We got a big house for $170,000.
Down payment came directly from our savings earmarked for the purpose.
I know it's not possible for a lot of people to make the move, but for us it was worth it.

amother

Vermilion

Fri, Jan 29 2021, 5:04 am

Rappel wrote:

25k down payment... Ah me, that would be nice. Smile

Enjoy your home!

No down payment was way more. Lol 15k was gifted to me. Rest was my own!