Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

1 Bump

Did you have a down payment when you bought a house?

Answer Question
 
Anonymous

Asked by Anonymous at 9:11 AM on Nov. 13, 2010 in Home & Garden

Answers (15)
  • Yes, the bigger the down payment the smaller the mortgage.
    older

    Answer by older at 9:12 AM on Nov. 13, 2010

  • No we were young and couldn't afford to.
    raisingmen

    Answer by raisingmen at 9:19 AM on Nov. 13, 2010

  • I've never heard of being able to buy a house without one...
    IndigoRose

    Answer by IndigoRose at 9:49 AM on Nov. 13, 2010

  • No, we did not.
    layh41407

    Answer by layh41407 at 9:57 AM on Nov. 13, 2010

  • Yes, 20%
    elizabr

    Answer by elizabr at 10:15 AM on Nov. 13, 2010

  • Yes I did. I put down I think 20%
    livysmom04

    Answer by livysmom04 at 10:29 AM on Nov. 13, 2010

  • The first time, we put down 3% and the city added in 2% (first time buyers program). We were 20 years old, and coming up with that wasn't too bad, but we had to have a lot more saved because the house was in horrible shape and we had to put a lot toward repairs and remodeling.
    The second time, we put down about $60,000.
    Now we're building one, and I'm hoping to put down $80,000 - $100,000 to avoid PMI. That's going to be difficult because we're not selling the house we live in now. The house won't be done until around June, so we have more time to save.
    JulieJacobKyle

    Answer by JulieJacobKyle at 11:44 AM on Nov. 13, 2010

  • JulieJacobKyle- That's great! I can only hope that my dh and I will be able to save that amount of money in our life time. I would give pretty much anything to be able to do that, it just doesn't seem to be happening though.
    Anonymous

    Comment by Anonymous (original poster) at 11:50 AM on Nov. 13, 2010

  • Anon, it used to be easier to climb the property ladder because you could save a bit, live in the house, sell, and buy a bit bigger. Now that the market is in the toilet, it's just not an option. The reason we're not selling our current house is that it's worth $100,000 less than we paid, so we're going to rent it out until the market improves. The good news is that this is a great time to buy because the property values are so low. Once your foot is in the door, it should get easier each time. Good luck!
    JulieJacobKyle

    Answer by JulieJacobKyle at 11:56 AM on Nov. 13, 2010

  • nope
    san78

    Answer by san78 at 4:59 PM on Nov. 13, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.