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What percentage was your down payment and did you borrow?
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Poll

My down payment for my home was...
less then 5% - and I took a loan for some/all of it
 4%  [ 6 ]
less then 5% - had the money saved up
 2%  [ 4 ]
5%-9% - and I took a loan for some/all of it
 2%  [ 3 ]
5%-9% - had the money saved up
 3%  [ 5 ]
10%-14% - and I took a loan for some/all of it
 1%  [ 2 ]
10%-14% - had the money saved up
 5%  [ 8 ]
15%-19% - and I took a loan for some/all of it
 1%  [ 2 ]
15%-19% - had the money saved up
 4%  [ 6 ]
20% and above - and I took a loan for some/all of it
 15%  [ 21 ]
20% and above had the money saved up
 57%  [ 77 ]
Total Votes : 134


amother




Burgundy


Post  Tue, Nov 05 2019, 8:00 pm
20%. About 80,000 plus closing costs. I had a great job she 20-23. Lived with parents and saved a lot. (Also worked while getting degree...).
Now I just wish we would have bought bigger. At this stage of our left we are tight and our home didn’t increase in value.
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Sewsew_mom




 
 
 


Post  Tue, Nov 05 2019, 8:03 pm
amother [ Beige ] wrote:
Your FIL came to my house to ask for Tzedaka cause he's marrying off a child...
I live in America, the rich country.
I gave him some tzedaka, While I still rent...

LOL LOL LOL LOL
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amother




Apricot


Post  Tue, Nov 05 2019, 8:08 pm
amother [ Yellow ] wrote:
118k on a 540k house. Saved up the money b4 we bought.. Got 10k present from family. We couldn't renovate we were left penniless 😂😂😂 next time we learnt to put down much less and have more to use but Noone told us that and we were clueless.


Same purchase price, same down payment. No presents though. We also chose to put every last cent into the mortgage rather than renovate. I think it was a good strategy. By keeping your mortgage as low as possible, you're saving a substantial amount of money in interest payments over the years. And, if you qualify, you can take out a shorter-term (ie, less overall interest) home loan to cover renovations.
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amother




Apricot


Post  Tue, Nov 05 2019, 8:15 pm
amother [ Floralwhite ] wrote:
Put down 20% that was gifted to us by our parents, and the rest of the purchase price was mortgaged.
From what I remember, legally you cannot take a loan for the down payment. Our parents has to sign a legal document stating it was a gift and not a loan. They also had to prove where the money came from since we didn’t have it more than 90 days before applying for the loan (they sent the $ directly to the escrow company)


You can find a mortgage that require s a lower or possibly no down payment, although those loans aren't recommended.

I find this whole thread interesting. The whole point of a down payment is to make the borrower feel personally invested in the loan. Using a gift to pay for it defeats that purpose, that's why banks may have rules such as requiring the money had been held in your name for a certain length of time, etc.
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amother




Floralwhite


Post  Tue, Nov 05 2019, 8:31 pm
amother [ Apricot ] wrote:
You can find a mortgage that require s a lower or possibly no down payment, although those loans aren't recommended.

I find this whole thread interesting. The whole point of a down payment is to make the borrower feel personally invested in the loan. Using a gift to pay for it defeats that purpose, that's why banks may have rules such as requiring the money had been held in your name for a certain length of time, etc.


We chose to put down a full 20% because our parents each offered 10% and we wanted to keep our mortgage as low as possible and avoid any PMI as well. While the point of the down payment is to show commitment and financial ability, gifts are absolutely allowed as long as they have a signed document saying the giver never expects repayment.

I think taking a loan from family/gemach defeats the purpose much more than a gift. Now the borrower has to pay a mortgage plus the extra for the down payment. Not a good situation for most people since since often they are already maxed out with their monthly mortgage.
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amother




Coral


Post  Tue, Nov 05 2019, 9:28 pm
put down 250 on a 950K house. plus another 45K closing fees. Thats what it takes to buy in Brooklyn Rolling Eyes We saved every last cent. Neither DH or I have parents that were able to financially help us. We are both under 30, have 4 kids and lived smartly and frugally for a few years. I know not everyone can do it. Such a nosy dumb thread.
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amother




Oak


Post  Tue, Nov 05 2019, 11:53 pm
We put down 35K (our own savings, no gifts ) on a 350K house. We got a "bad" loan first, which came with 14K of closing credit. So the total down was 49K. And then we refinanced in 5 month and got a much better loan with better rates and etc.
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amother




Burlywood


Post  Wed, Nov 06 2019, 2:26 am
We put about $150K down on a $250K house many years ago. I saved the money through working and being given an amazing severance package in lump sum.
Years later we sold the house and used the proceeds towards our next house.
Put $400K down on a $620K house.
The house is now worth about $900K.
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amother




Pumpkin


Post  Wed, Nov 06 2019, 2:30 am
amother [ Apricot ] wrote:
You can find a mortgage that require s a lower or possibly no down payment, although those loans aren't recommended.

I find this whole thread interesting. The whole point of a down payment is to make the borrower feel personally invested in the loan. Using a gift to pay for it defeats that purpose, that's why banks may have rules such as requiring the money had been held in your name for a certain length of time, etc.


There point isn't to make the borrower feel personally invested. Banks don't care about the borrower's feelings. The point is to make sure that the borrower can repay the debt. If someone has to repay both the mortgage and a loan for the down payment, the loan payments are going to be a huge burden, thus increasing the chance that the borrower will default on the loan.
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amother




Honeydew


Post  Fri, Nov 08 2019, 8:06 am
amother [ Beige ] wrote:
Your FIL came to my house to ask for Tzedaka cause he's marrying off a child...
I live in America, the rich country.
I gave him some tzedaka, While I still rent...
I am the amother you replied with this terrible thing.
I still cant get this out if my head. And ive been on imamother for a very long time.
Amother, why did you feel the need to be so disgustingly rude?
Im usually imune to such posts/replies, but this really hurt me as it wasnt even about me, but my in laws.
Amother, for future, if you dont know a situation first hand or the entire situstion, dont lost/reply.
Didnt your mother ever teach you that if you have nothing nice to say, better to say nothing at all.
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amother




Wheat


Post  Fri, Nov 08 2019, 11:46 am
We put 20% down on a $600,000 house. We got no financial help from family. We saved and saved and saved until we could afford to buy the house and make necessary repairs (new roof, nothing cosmetic). When we got married we lived in a studio apartment and lived very frugally. We invested the money we got as wedding presents plus bonuses DH got at work and by the time I was pregnant with our first child a couple of years later we had saved up enough to buy a house.
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amother




Violet


Post  Fri, Nov 08 2019, 3:23 pm
Paid cash for our home. The price price was $325,000. Put another $400,000 into it. We are buying a second house for cash.

I have seen too many people end up in bankruptcy court because they borrowed the down payment. Mortgages have their guidelines for a reason.
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Metukah




 
 
 


Post  Sat, Nov 09 2019, 1:45 pm
amother [ Beige ] wrote:
Your FIL came to my house to ask for Tzedaka cause he's marrying off a child...
I live in America, the rich country.
I gave him some tzedaka, While I still rent...


MnM1130 wrote:
LOL LOL LOL LOL


This is probably the most offensive post I have ever read on imamother.

MnM1130 not sure why you found it funny.
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Metukah




 
 
 


Post  Sat, Nov 09 2019, 1:49 pm
I voted, but I'm not sure I'm gonna post what I voted.

I still haven't worked out what the point of this thread is. What will knowing what I did help others?

Its not as if what I did others can copy. Everyone can only do what they can.
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