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Question to all Homeowners
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Thread: Question to all Homeowners
12-31-2020, 12:01 PM
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#1
- robertbaggiojr
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- robertbaggiojr
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Question to all Homeowners
How much of a downpayment did you put on your house?
And how long did it take for you to save for it?
And how long did it take for you to save for it?
12-31-2020, 12:03 PM
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#2
- MuzzieChik786
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- MuzzieChik786
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20% because we didn't want to pay an extra 300-500 in PMI to these greedy banks.
Took us a year to save it together.
Took us a year to save it together.
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12-31-2020, 12:06 PM
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#3
- Leannoodle
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- Leannoodle
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30%
Didn’t really save with the purpose of buying a new house, just had it in savings
Didn’t really save with the purpose of buying a new house, just had it in savings
12-31-2020, 12:20 PM
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#4
- AtomicVeggie
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- AtomicVeggie
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Put down 5% (19.5k) on a 390k house.
Don’t really have an answer as to how long it took to save because it was somewhat spur of the the moment. We bought in June and moved from SF to the Midwest. Just pulled out of savings that already existed.
Don’t really have an answer as to how long it took to save because it was somewhat spur of the the moment. We bought in June and moved from SF to the Midwest. Just pulled out of savings that already existed.
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12-31-2020, 12:28 PM
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#5
- Ironmanlet
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- Ironmanlet
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I didn’t have to pay a down payment, but I had to sign my land over to the lending company.
I bought my land out right with cash and took out a loan to build the house.
The land had to be “tied in” with the house. This prevents the scenario where they evict me from the house for missing payments , but then me owning the land creating a conflict.
The land value had plenty high enough percent equity of the loan value to remove any requirement for down payment.
The lot that I put the house on is about 1.5 acres, I paid about 18,500 for it. So I guess that is my down payment.
That was about two and half years of savings.
Past me made some good decisions in life. Nothing amazing. But I’m in a good spot.
I bought my land out right with cash and took out a loan to build the house.
The land had to be “tied in” with the house. This prevents the scenario where they evict me from the house for missing payments , but then me owning the land creating a conflict.
The land value had plenty high enough percent equity of the loan value to remove any requirement for down payment.
The lot that I put the house on is about 1.5 acres, I paid about 18,500 for it. So I guess that is my down payment.
That was about two and half years of savings.
Past me made some good decisions in life. Nothing amazing. But I’m in a good spot.
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