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mlny
blessed <3
Member since 10/09 2113 total posts
Name:
M
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After buying a house.. how much
money did you have left in your account?
I'm just trying to figure out what the norm is for how much liquid funds people usually have in their accounts after buying a house.
Also, I am currently a SAHM so I am not working. If anyone has bought a house and is in a similiar situation please FM me.
Thanks
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Posted 6/3/11 12:06 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: After buying a house.. how much
Have you talked to a mortgage professional about what you can afford? If you are buying a house with someone, the bank will look at both of your credit scores, debt-to-income ratio, and other factors. But if you are a SAHM, a lot will depend on the other person's income and how much debt the two of you have in comparison to that income.
I know that banks want you to have a certain amount of cash "reserves" once you pay the down payment and your closing costs, so they won't let you deplete your account down to nothing.
Some loans require a small down payment -- with an FHA loan, you only need 3.5% down (and a VA loan, if you qualify, requires no money down if you are within a certain price point). But there are usually more fees involved with an FHA loan, plus mortgage insurance.
If you want to conserve cash, you can get a sellers' concession of up to 6%, which will alllow you to finance the closing costs as part of your mortgage. The house just has to appraise for the whole amount (including the sellers' concession) and the seller must agree. But many buyers do that -- even if they have the money to pay -- just to make sure they leave more money in the bank.
If you need some recommendations for a mortgage professional, let me know. I can recommend both lenders and brokers.
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| Posted 6/3/11 12:17 AM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: After buying a house.. how much
About $30k. But, it has gone down quite a bit already bc we had to buy all new furniture for every room and a few unexpected costs. I didn't want anything on credit cards, so this was the only way I would buy a house.
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| Posted 6/3/11 8:15 AM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: After buying a house.. how much
I think we left ourselves with 20K.
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| Posted 6/3/11 8:30 AM |
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Re: After buying a house.. how much
We had probably between $20-$30K from what I remember in our savings.
That has gone away though because of DH's rough year last year (he's self-employed).
His business was doing well though back when we bought our house.
I don't want to scare you, but I've heard it's really tough these days for one person to get a mortgage.
I have a friend who is a SAHM but I think they have a ton in their savings because of an inheritance, and her DH I believe also makes close to 6 figures.
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| Posted 6/3/11 8:32 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: After buying a house.. how much
We kept a cushioin because we planned some renovations before we moved in. (bathrooms) Since you are not working you should try to keep at least 3 months bare bones living expenses in a liquid emergency savings. and then budget for any renovations or furniture that you will need to purchase and add that.
Good luck!
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| Posted 6/3/11 8:54 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: After buying a house.. how much
20k
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| Posted 6/3/11 9:15 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: After buying a house.. how much
We'll have about $30K--which is about 6 months' expenses. We're going to be slow and steady with renovations and buying furniture.
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| Posted 6/3/11 9:28 AM |
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MockingJay
Ring out the old...
Member since 9/08 1312 total posts
Name:
Ring in the new!
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Re: After buying a house.. how much
Woah- you guys are good. I feel like we're gonna be rolling coins to get ready for closing.
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| Posted 6/3/11 12:16 PM |
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BethanyLynn
Love these munchkins
Member since 10/09 6295 total posts
Name:
Bethany
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Re: After buying a house.. how much
Posted by Belongs2DanBuckley
Woah- you guys are good. I feel like we're gonna be rolling coins to get ready for closing.
Ha! About this!..no we had a little cushion and money saved for a patio we wanted to put in but not alot I'll tell you that!
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| Posted 6/3/11 1:05 PM |
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Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
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Re: After buying a house.. how much
About 15k, but it all went into improvements, etc. immediately
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| Posted 6/3/11 2:12 PM |
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browneyes
All moms are working mothers!
Member since 8/08 4311 total posts
Name:
Super Mom
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Re: After buying a house.. how much
Posted by BethanyLynn
Posted by Belongs2DanBuckley
Woah- you guys are good. I feel like we're gonna be rolling coins to get ready for closing.
Ha! About this!..no we had a little cushion and money saved for a patio we wanted to put in but not alot I'll tell you that!
I was thinking the same thing!! Maybe 10,000 maybe... lol
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| Posted 6/3/11 2:16 PM |
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mrsBLT
missing my baby
Member since 1/10 1359 total posts
Name:
Brittany
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Re: After buying a house.. how much
about 25-30k but our whole house had to be renovated so all that went right into the house
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| Posted 6/3/11 2:18 PM |
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JennyPenny
?
Member since 1/08 12702 total posts
Name:
Jen
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Re: After buying a house.. how much
6,000
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| Posted 6/3/11 2:22 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: After buying a house.. how much
almost none since we spent $$$ on our renos. I am a SAHM too but we had a large sum of cash coming to us 4 months after closing. plus we closed on our coop 2 months after we bought the house and got $$$ from that.
I would want at least 15K after closing
getting the morgtgage was no problem we had 20% down and high credit scores
Message edited 6/3/2011 3:59:29 PM.
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| Posted 6/3/11 3:57 PM |
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missfabulous
#mommyneedswine
Member since 6/09 10031 total posts
Name:
Colleen
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Re: After buying a house.. how much
We should have around 20-25k left in savings.
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| Posted 6/3/11 6:07 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: After buying a house.. how much
We put $30,000 into our house the first year  , so over that.
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| Posted 6/3/11 7:05 PM |
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05mommy09
Family of 5!
Member since 5/05 15364 total posts
Name:
<3 Mommy <3
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Re: After buying a house.. how much
After it was all said and done we had 17k left, but 10-12k immediately went to improvements...
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| Posted 6/3/11 9:57 PM |
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