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hunnybunnyxoxo
this is what it's all about
Member since 11/07 3321 total posts
Name:
Lisa
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how long did it take you to save for a 10% or 20% downpayment?
how much did you put down on your house?
how long did it take you to save that money?
tia!
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Posted 3/31/10 3:50 PM  |
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Prudential Douglas Elliman Real Estate
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: how long did it take you to save for a 10% or 20% downpayment?
we put 3.5% down and did FHA
the down payment wasn't so scary to me, it was the closing costs that are killer! after you save all this money, and then you have to come p with an additional 15-20k for closing 
Message edited 3/31/2010 4:09:41 PM.
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| Posted 3/31/10 4:08 PM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: how long did it take you to save for a 10% or 20% downpayment?
About a year-We put down 10%.
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| Posted 3/31/10 4:20 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: how long did it take you to save for a 10% or 20% downpayment?
About 3 years. This was starting in 1999 when we first started looking. Everytime we thought we had enough the prices of houses went up. It was a cruel time..
We put 10% down and saved enough for that plus closing fees.
Still ended up with something in the bank. After saving all of that money and seeing what was left, it got me sick to my stomach.
I never felt so broke in my life.
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| Posted 3/31/10 4:25 PM |
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JustJack
:)
Member since 2/06 2041 total posts
Name:
J
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Re: how long did it take you to save for a 10% or 20% downpayment?
We put 30% and that took about 4 years to save that.
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| Posted 3/31/10 4:29 PM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Re: how long did it take you to save for a 10% or 20% downpayment?
Posted by HeatherRose
we put 3.5% down and did FHA
the down payment wasn't so scary to me, it was the closing costs that are killer! after you save all this money, and then you have to come p with an additional 15-20k for closing
soooooooooooo true
I am putting down 3.5% but that plus closing costs is actually 10% of my total value. So that means closing costs are nearly double my downpayment 
It is taking me about 6months to come up with just the downpayment but the rest I'm using 401k for. 
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| Posted 3/31/10 4:46 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: how long did it take you to save for a 10% or 20% downpayment?
we put down 20% , i have been saving since getting a job out of college. so like, 4 years i would say.
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| Posted 3/31/10 5:09 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: how long did it take you to save for a 10% or 20% downpayment?
We were married just under 2 years when we started looking so at that point, we had enough for 20% down and the closing costs and had a decent amount in reserves.
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| Posted 3/31/10 5:40 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: how long did it take you to save for a 10% or 20% downpayment?
Posted by HeatherRose
we put 3.5% down and did FHA
the down payment wasn't so scary to me, it was the closing costs that are killer! after you save all this money, and then you have to come p with an additional 15-20k for closing
are closing costs always this high???
I was thinking they woul be 5 - 10 k
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| Posted 3/31/10 6:07 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: how long did it take you to save for a 10% or 20% downpayment?
Posted by staceyums81
Posted by HeatherRose
we put 3.5% down and did FHA
the down payment wasn't so scary to me, it was the closing costs that are killer! after you save all this money, and then you have to come p with an additional 15-20k for closing
are closing costs always this high???
I was thinking they woul be 5 - 10 k
I believe ours were about 12k. Our bank charged us very few fees, however. Additionally, it depends what time of year you buy (ie how much taxes need to be paid upfront)
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| Posted 3/31/10 7:35 PM |
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BBmaking
LIF Adolescent
Member since 1/10 791 total posts
Name:
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Re: how long did it take you to save for a 10% or 20% downpayment?
20% down and it was out of my salary only and that took me about 2 years.
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| Posted 3/31/10 8:06 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
Name:
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Re: how long did it take you to save for a 10% or 20% downpayment?
20%
2 yearsplus all of our wedding gift money.
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| Posted 3/31/10 9:04 PM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: how long did it take you to save for a 10% or 20% downpayment?
it's the freaking closing costs and the FARKING taxes that kill me.
i know it's worth it for the taxes, i know the SD and area make it worth it, i know, i know, i know -- but still !! lol and there's NO logical reason for the closing costs!!! 
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| Posted 3/31/10 10:43 PM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: how long did it take you to save for a 10% or 20% downpayment?
oh and i believe heather's closing costs (and mine in a week) will reflect the new rules where you now need to put down 6 months worth of your taxes upfront. so, yeah, you don't have to pay them for the six months but you have to have them up front. you also have to show bank statements that show you have at least double the amount of a mortgage payment in your savings and/or checking accounts. now, when my sister closed (only a few years back) this was not the case. i think this is a new thing since the recent economic/market problems.
so, normally, our closing costs would be about $10,000ish -- but they went up to almost $16,000 b/c of that.
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| Posted 3/31/10 10:45 PM |
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eddiesmommy
best buds!
Member since 5/09 11524 total posts
Name:
Melissa
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Re: how long did it take you to save for a 10% or 20% downpayment?
We put down 10% and it took about a year and a half.
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| Posted 3/31/10 10:54 PM |
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MRnMRSNurse
LIF Adult
Member since 8/09 1318 total posts
Name:
Jessica
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Re: how long did it take you to save for a 10% or 20% downpayment?
In one year we saved enough to put 10% down but we are hoping to have more then 20% in 2 years.
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| Posted 4/1/10 12:30 AM |
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Tine73
Member since 3/06 22093 total posts
Name:
*********
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Re: how long did it take you to save for a 10% or 20% downpayment?
we put 20% down, but the money came from different sources and I cant really put a exact time table on it.
We bought the house 1.5 years after we got married, so I guess you can say at least that amount of time but we used all of of wedding money which was a big chunk. I had about $20k in savings bonds that I have had since birth that I cashed in and the rest was our savings/bonuses.
If it wasn't for our wedding money it would probably have taken about another 1 or 2 years to save.
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| Posted 4/1/10 2:49 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: how long did it take you to save for a 10% or 20% downpayment?
I honestly don't remember but it wasn't very long. Maybe a year? We put down 10%. We were also paying for our wedding that same time.
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| Posted 4/1/10 10:10 AM |
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ndblovah
Be happy always
Member since 1/07 1880 total posts
Name:
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Re: how long did it take you to save for a 10% or 20% downpayment?
Posted by DaniRella
oh and i believe heather's closing costs (and mine in a week) will reflect the new rules where you now need to put down 6 months worth of your taxes upfront. so, yeah, you don't have to pay them for the six months but you have to have them up front. you also have to show bank statements that show you have at least double the amount of a mortgage payment in your savings and/or checking accounts. now, when my sister closed (only a few years back) this was not the case. i think this is a new thing since the recent economic/market problems.
so, normally, our closing costs would be about $10,000ish -- but they went up to almost $16,000 b/c of that.
The 6 months up front is to pay the first 6 months, but you will be escrowing taxes out of each mortgage payment when your payment is made, for the following 6 months to be paid. I hope you knew this and were not counting on a lesser payment for the first 6 months... maybe that's what you meant
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| Posted 4/1/10 10:40 AM |
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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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Re: how long did it take you to save for a 10% or 20% downpayment?
we put 10% down. I'm not sure how long it took because the $$ came from a bunch of different places. I opened an ING account and have been depositing $50 a week for a long time. So some of the money came from there, most of the money came from the sale of our co-op and some of it came from another savings account. If you count the ING account we've been saving for about 5 years. Without ING, we've been saving for a year.
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| Posted 4/1/10 10:56 AM |
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freckles
Love My Little Man!
Member since 5/07 1825 total posts
Name:
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Re: how long did it take you to save for a 10% or 20% downpayment?
About a year and we put 20% down.
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| Posted 4/1/10 10:57 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: how long did it take you to save for a 10% or 20% downpayment?
About 2 years and we put down 10% and closing costs.
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| Posted 4/1/10 1:02 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: how long did it take you to save for a 10% or 20% downpayment?
Posted by kokopelia
Posted by DaniRella
oh and i believe heather's closing costs (and mine in a week) will reflect the new rules where you now need to put down 6 months worth of your taxes upfront. so, yeah, you don't have to pay them for the six months but you have to have them up front. you also have to show bank statements that show you have at least double the amount of a mortgage payment in your savings and/or checking accounts. now, when my sister closed (only a few years back) this was not the case. i think this is a new thing since the recent economic/market problems.
so, normally, our closing costs would be about $10,000ish -- but they went up to almost $16,000 b/c of that.
The 6 months up front is to pay the first 6 months, but you will be escrowing taxes out of each mortgage payment when your payment is made, for the following 6 months to be paid. I hope you knew this and were not counting on a lesser payment for the first 6 months... maybe that's what you meant
the money you are paying this year toward your taxes is going to your escorw account for the next years taxes
the money you pay up front is to pay this years orpay back the seller for paying them- depeniding on what time of year you close
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| Posted 4/1/10 1:12 PM |
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hunnybunnyxoxo
this is what it's all about
Member since 11/07 3321 total posts
Name:
Lisa
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Re: how long did it take you to save for a 10% or 20% downpayment?
Posted by DaniRella
oh and i believe heather's closing costs (and mine in a week) will reflect the new rules where you now need to put down 6 months worth of your taxes upfront. so, yeah, you don't have to pay them for the six months but you have to have them up front. you also have to show bank statements that show you have at least double the amount of a mortgage payment in your savings and/or checking accounts. now, when my sister closed (only a few years back) this was not the case. i think this is a new thing since the recent economic/market problems.
so, normally, our closing costs would be about $10,000ish -- but they went up to almost $16,000 b/c of that.
what?!?!?!?!?!!?!? are you serious?!?! i'll never move into a house! 
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| Posted 4/1/10 2:11 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: how long did it take you to save for a 10% or 20% downpayment?
Posted by DaniRella
oh and i believe heather's closing costs (and mine in a week) will reflect the new rules where you now need to put down 6 months worth of your taxes upfront. so, yeah, you don't have to pay them for the six months but you have to have them up front. you also have to show bank statements that show you have at least double the amount of a mortgage payment in your savings and/or checking accounts. now, when my sister closed (only a few years back) this was not the case. i think this is a new thing since the recent economic/market problems.
so, normally, our closing costs would be about $10,000ish -- but they went up to almost $16,000 b/c of that.
we paid 6 months upfront but you still have to pay your taxes every month, they just escrow it for 6 months. you don't see any of the until you sell
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| Posted 4/1/10 2:22 PM |
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