It's 1am and I am at work and browsing zillow to stay awake. I have never owned a home and was curious how much people usually save for a down payment. So, what percent did you have for your down payment.
Eta- WTF bump, first option is <5%
House down payment 162 votes
Re: House down payment
When I bought my condo I had 20% to put down. DH and I sold the condo and bought the house we currently live in. We had 12-14% to put down, but got a VA loan so we only put down what we had to (I think it was around 3%, but no PMI for us due to the VA loan). The rest we have in an investment account for any improvements we want to make to the house.
The real problem is our rent is too goddamn high it's making it hard to save. FU dog unfriendly city with no rental options.
I just really want to be done renting already!
Still terrifying though. :-S
we were absolutely not going to pay PMI! and since nobody mentioned it yet, it stands for private mortgage insurance. it's essentially to prove that you're able pay for the house, even though you weren't able to save the 20%.
LO then (2 days) and now (1 year)
^ this. We also have a 30 year fixed interest. We made sure we could afford a house before we bought it, and we planned to stay in this house for 5 to 10 years before deciding whether or not to buy. We've been here 3 years so far and have no plans to move in the near future.
We did 5% on this new house with a conventional loan. We had some program available to us because my credit score was so high that we didn't have to pay PMI. Our interest rate is 1/2 percent higher with this program, but it beats paying PMI each month!
Our last house was 3.5% with a FHA loan.
Baby #2 M/C 4/5/16
May Siggy: Baby in disguise
Sorry for the long paragraph!
If he did 3.5%, 4700 down, means he owes 130,000 still. If he sells his house, he will get 108,000 as you say. He still owes the bank 22k, and will need to pay that just so he can move.
@muffyvonmuff