How did u come up with the money for your house down payent?

amother

Hotpink

Mon, Dec 28 2015, 5:06 pm

LiLIsraeli wrote:

There are very few options for buying without a down payment. In most cases if you don't put down 20% of the cost of the house, there will be no house.

There are certain programs for first-time homebuyers or lower-income people but in most cases, you need the down payment.

You can put down as little as 3%.
You would be surprised how many ppl. Do this. I do this every day.

nyer1

Mon, Dec 28 2015, 6:06 pm

I'm not sure how knowing where my down payment came from will help you find the money for yours, but if you must know, our downpayment was a combination of money from yerusha and savings that we had both from before marriage as well as in the first few years of marriage... I should add, the down payment wasn't for a house -- it was for a co-op, which buys us time until we are REALLY ready for a house -- this way we build equity and the money is "going somewhere" and yadda yadda yadda

SRS

Mon, Dec 28 2015, 10:36 pm

amother wrote:

Building equity is a reason to buy a house.
I see it as a place to borrow money when I make Chassunahs.

I know many people who only manage as they have a house to borrow from and since for the vast majority saving for retirement is difficult, owning a house is a nest egg.

Terrible financial advise and yet this is what I see going on around me and is why many pre-retirement people have mortgages they should not have to pay for weddings they could not afford and weddings that pushed the standard up.

Sounds retirement advice: pay off your home and live off your 401k. Downsize if you did not save enough for retirement, using the equity in your home to provide increased savings.

Ruchel

Tue, Dec 29 2015, 7:16 am

LiLIsraeli wrote:

This has not been what I see.

amother

Lawngreen

Tue, Dec 29 2015, 8:03 am

While living in brklyn...a house mortgage plus taxes water...may be more than renting but after mortgage is paid off no more paying that mortgage --however with renting after 30 yrs u would still be paying rent and during those 30 yrs the rent increases every 2 yrs or so
. we can't afford a house bec our chasana money and childhood bonds...didn't amount to much and with tuition, any money saved , may cause board to increase ur tuition which means less saved!! Therefore instead of renting a tiny apt ---we are paying a drop more for a bigger apt that we bought which is a coop --the reason its betta for than renting is bec after I did the math---the rent for our small apt would've increased to the point we would've paid more rent per month than mortgage plus maintenance --now we pay tiny mortgage plus main which is,like paying rent but ITS LIKE SAVINGS BEC IF WE DO DECIDE TO BUY HOUSE WE CAN USE THE COOP AS DOWNPAYMENT --the lawyer disagrees saying its so hard to sell coops....but we bought the coop from the ppl when they wanted to move to a house!! Its possible to sell !! And the lawyer doesn't understand that we may never even have a chance for a house if we don't build this equity --and even if we don't buy house its cheaper for us to pay for this coop than renting an apt of this size