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How did you come up with a down payment for your house?

How much was the DP? How much was the house? How much do you and SO make?

Answer Question

Asked by Anonymous at 4:43 PM on Jul. 2, 2010 in Just for Fun

Answers (10)
  • We purchased our home with a Rural Housing loan. We didn't need a down payment. At that time our house was worth $93,000 and we made about $40,000.

    Answer by Kari126 at 4:44 PM on Jul. 2, 2010

  • We saved for a year before purchasing our first and second home. We used the equity off the sales to put toward the next two.

    Answer by anng.atlanta at 4:46 PM on Jul. 2, 2010

  • We saved for three years before we had enough.

    Answer by Bmat at 4:49 PM on Jul. 2, 2010

  • we also used the rural housing loan and didnt need the down payment, our house was worth $170k we paid $164K and probably made around $75K per year back then.

    Answer by 3_ring_circus_ at 4:50 PM on Jul. 2, 2010

  • Our down payment was 25K. The credit union didn't require one, but we chose to put down that much. At the time dh and I were both working and we saved most of my paycheck, lived off of his for a year. I was making 50K and he was making about the same. I'm now a SAHM.

    Answer by missanc at 4:51 PM on Jul. 2, 2010

  • We haven't officially bought our house yet. We had some issues come up last minute when we were trying to get the loan, so his dad ended up paying cash for our house, and we're buying it from him on a Contract for Deed.

    I have a friend, however, who's dad saved his quarters in those 5 gallon buckets, and after like 5 years he cashed it in and had 20,000, which he used for his DP.

    Answer by zoeysmom331 at 4:59 PM on Jul. 2, 2010

  • We didn't have to have a down payment (FHA loan ) we paid for our inspection (around 100 bucks) put some sort of $500 deposit towards something (can't remember anymore) but we got that back when we signed. If you have never bought a house before you don't have to have thousands of dollars. Contact your local lender and tell them what you can afford and they will run your info and numbers and tell you how much of a house you can buy. You then take that number to your realtor and he will find houses for you to look at in your price range.


    Answer by youngmom33 at 5:05 PM on Jul. 2, 2010

  • We have enough money for a down payment now. But we hope to save for another year maybe even two (we started saving about a year and a half ago). I would like to have enough money for a large down payment as well as a little extra for unexpected fix ups.

    Answer by outstandingLove at 5:06 PM on Jul. 2, 2010

  • Our first house (1979) was $38,000. We had assumed a VA loan and had to put down $5,000. Ten years later, we sold that house for $56,000 and used the $40,000 we had in equity to buy a newer house for $93,000. It was a really cute 1,600 sq. ft. house. We sold it for $95,000 after 3 years and took our money to buy a lot and build a house. The house we built is 2,500 sq. ft for $95,000 because we were our own general contractors and saved that 25% they get to do the work. We did a lot more work but we were able to get a bigger house because we were willing to paint, hang wallpaper, put down hardwood, trim, clear the lot, put the counter tops in and stuff like that.

    Answer by jesse123456 at 8:30 PM on Jul. 2, 2010

  • I saved for ten years. We put down 40%

    Answer by rkoloms at 9:01 PM on Jul. 2, 2010

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