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allIwant
Love my crazy life!
Member since 1/10 9170 total posts
Name:
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buying a home and savings acct
Hi girls
We are currently buying a house and we were selling a coop but my buyer for my coop fell through I am due with twins in feb and i feel like things are a little out of control
I have spent the day number crunching and if you don't mind me asking how much do all of you leave in your savings after your down payment etc for emergencies. I know this is a personal question so sorry if i offend anyone
tia
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Posted 11/30/10 1:39 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: buying a home and savings acct
Six months of expenses.
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| Posted 11/30/10 1:42 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: buying a home and savings acct
a year of expenses
Message edited 11/30/2010 1:49:42 PM.
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| Posted 11/30/10 1:49 PM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: buying a home and savings acct
Our mortgage broker told us before we closed that the bank would want us to have at least 3 months of expenses in our savings account.
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| Posted 11/30/10 3:12 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: buying a home and savings acct
We had 3 months. I wouldn't do it again with less than 6 mos in this economy.
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| Posted 11/30/10 3:58 PM |
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Re: buying a home and savings acct
At least 6 months.
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| Posted 11/30/10 4:25 PM |
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Re: buying a home and savings acct
We had 20 grand left over.
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| Posted 11/30/10 4:49 PM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: buying a home and savings acct
Posted by Blu-ize
We had 3 months. I wouldn't do it again with less than 6 mos in this economy.
ditto. DH lost his job less than a year after we bought the house and was out of work for almost a year and a half. i had the "never happen to us" mentality. boy was i wrong!
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| Posted 11/30/10 5:09 PM |
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jgl
Love my little boys!!!
Member since 8/07 7060 total posts
Name:
g
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Re: buying a home and savings acct
a year
Message edited 11/30/2010 5:30:27 PM.
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| Posted 11/30/10 5:28 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: buying a home and savings acct
It really depends on how good of a saver you are and if you needed help could you go to family, we bought our coop and had ZERO dollars left. and saved up a lot very quickly
we just bought a house, we had a decent amount left but spending half of it on renovations. (we will get the money from the sale of our coop though end of dec). If DH were to lose his job we have other accounts that have cash we can use, or parents 
twins are a lot financially so that's def. something to consider 
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| Posted 11/30/10 5:59 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: buying a home and savings acct
Posted by BlueDiamonds
Posted by Blu-ize
We had 3 months. I wouldn't do it again with less than 6 mos in this economy.
ditto. DH lost his job less than a year after we bought the house and was out of work for almost a year and a half. i had the "never happen to us" mentality. boy was i wrong!
I was unemployed when we closed.
scary indeed.
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| Posted 11/30/10 6:16 PM |
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Agape08
LIF Adolescent
Member since 10/08 807 total posts
Name:
Kathy
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Re: buying a home and savings acct
our wedding money is all in savings..
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| Posted 11/30/10 8:48 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: buying a home and savings acct
For our first house I remember not having anything, but I think the bank was OK with it b/c we having investments that we didn't use for the DP
for our second house we went down to very little, but closed on the sale of our first place a week later, which was over 2 years of expenses.
this next house is going to be crunching numbers, but we still have our investments that we won't be cashing in.
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| Posted 11/30/10 9:54 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: buying a home and savings acct
2K and we have paying for it ever since. I would really have six months.
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| Posted 12/1/10 10:11 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: buying a home and savings acct
We had about 6 months--but then DH's car officially broke down so that used a chunk of it.
So keep in mind if you might have a large purchase upcoming and plan for it! (such as a car, wedding, trip, etc.)
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| Posted 12/1/10 11:34 AM |
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mamallama
<3 <3 <3
Member since 9/07 5035 total posts
Name:
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Re: buying a home and savings acct
we kept 5000 in savings, I was just too nervous with 3 kids not to have it.
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| Posted 12/1/10 11:56 AM |
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NeedtoHide
LIF Adolescent
Member since 3/10 551 total posts
Name:
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Re: buying a home and savings acct
we plan to keep $30k in savings between the 2 of us
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| Posted 12/1/10 12:23 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: buying a home and savings acct
we had 20k left which was necessary b/c we still needed to buy furniture and a few other things like paint, etc.
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| Posted 12/1/10 3:12 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: buying a home and savings acct
We had 9k in savings after closing.
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| Posted 12/1/10 3:32 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: buying a home and savings acct
We had over a year of expenses in savings.
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| Posted 12/1/10 7:00 PM |
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schmora15
LIF Adult
Member since 9/08 2476 total posts
Name:
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Re: buying a home and savings acct
We're buying a house and planning on renting out our current house. Our mortgage banker told us if you don't have 30 % (?) equity in your current home, you NEED 6 mos worth of pyments for both houses to get approved. I'm pretty sure if you google buy and bail the criteria that most banks follow will come up. Good luck!!
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| Posted 12/9/10 6:57 AM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: buying a home and savings acct
Posted by schmora15
We're buying a house and planning on renting out our current house. Our mortgage banker told us if you don't have 30 % (?) equity in your current home, you NEED 6 mos worth of pyments for both houses to get approved. I'm pretty sure if you google buy and bail the criteria that most banks follow will come up. Good luck!!
Is this true?
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| Posted 12/10/10 8:08 AM |
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ThePinkGoose
In Your Hands
Member since 8/08 4706 total posts
Name:
Nunya
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Re: buying a home and savings acct
over 6 months. You just never know.........
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| Posted 12/10/10 8:10 AM |
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MarsB
LIF Adult
Member since 11/10 1456 total posts
Name:
Martha
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Re: buying a home and savings acct
We just closed 2 wks ago and we were left with about $10k in savings.
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| Posted 12/10/10 12:41 PM |
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