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How much did you put down on your first house and did you have a good experience..???

and are you still in your first home?

Answer Question

Asked by Anonymous at 2:49 PM on Apr. 3, 2011 in Home & Garden

Answers (12)
  • I gave 10,000. in my first home as a down payment , that was 35 years ago though and no I still own it, my daughter lives there, but I had my dream home build to my taste after that.

    Answer by older at 2:50 PM on Apr. 3, 2011

  • Put 25% down on first home. No longer live there. Upgrader for more room.

    Answer by pookiekins34 at 2:52 PM on Apr. 3, 2011

  • We paid for our first home in full and later sold it making a profit of $200K so yes it was a good experience. Our second home we also paid for in full and just recently sold it with a $140K loss so, obviously, not such a great experience. We're hoping the one we are currently building will be the one we stay in for many years to come....we're putting 75% down on that home and will be getting a mortgage for the balance.

    Answer by Syphon at 2:56 PM on Apr. 3, 2011

  • We bought a brand new home 2 years ago. Didnt put a dime down. Rolled all the costs into the loan. It was a great experience for us. We bought before the banks tightened up the regulations to qualify, but would have still qualified as we have great credit and are older plus we had prior great mortgage payment history. First time, and young buyers are now required to put up to 15% down and still have a FICO score of 720 or above. They made it nearly impossible for people to qualify in todays market and wonder why Real estate is so slow. Of course I am in Real Estate sales so I knew the whole process, and didnt get blindsided like so many seem to get today.

    Answer by vbruno at 3:07 PM on Apr. 3, 2011

  • Syphon, why would you sell knowing you're losing 140k? It's 140k...not 40 grand....
    some people I really wonder about.

    Answer by Chloesmom1126 at 3:27 PM on Apr. 3, 2011

  • I know with closing costs, the down payment, and our portion of the central air installation (we asked that they pay for half as part of a condition of our buying the home), it was approximately $30,000 on a $100,000 home.

    We are still here, 6 years later...but we are outgrowing it and want to move. We own it outright now, but we know that we will get SCREWED at selling time. However, we would get to screw someone else on whatever we buy. Egh. The market here is so bad. I am just hopeful that we would get out of the sale without having to take on a new mortgage. It is what we worked very hard for.

    Answer by Mom-2-3-Girlz at 3:27 PM on Apr. 3, 2011

  • Chloesmom - we sold because we knew we could make up for it with what we could buy. In the end it all evens out. Does that make sense? We also wanted out of the neighborhood we were in. Unfortunately, alot of people ended up foreclosing in our neighborhood which allowed a bad element to move in.

    Answer by Syphon at 3:50 PM on Apr. 3, 2011

  • We put 20% down. We loved that house but had to move because of my husband's work. Have moved a total of 4 times now.

    Answer by elizabr at 4:27 PM on Apr. 3, 2011

  • We only put down 3% and the city put in 2% for a first time buyers incentive. Our first house was only $95,000 (we were only 20 years old) and it was a fixer upper. We did a bunch of work on it and sold it for $147,000 six years later. It was a good experience, remodeling it with my husband, and I really liked the house. It was a great small first home.

    Answer by JulieJacobKyle at 6:20 PM on Apr. 3, 2011

  • 0 down, good experience other than out-growing the house too fast, we're still in it almost 9 years later but looking to upgrade in the next couple of years.

    Answer by Anonymous at 7:54 PM on Apr. 3, 2011

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