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How Much?

Forum Opinion Poll
$25000 13 14.77%
$50000 23 26.14%
$75000 12 13.64%
$100000 18 20.45%
$125000 7 7.95%
Nada 15 17.05%
 

If you bought or are thinking of buying a house...

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Pages: [1] 2

LAMGAJ28
.

Member since 10/05

6039 total posts

Name:

If you bought or are thinking of buying a house...

How much did you put down or how much are you thinking to put down?

Posted 3/6/06 3:55 PM
 

Beth
The Key to your new home....

Member since 2/06

24849 total posts

Name:
Beth

Re: If you bought or are thinking of buying a house...

as little as possible- I would say about 10% or less depending

since my DH owns a mortgage company he is going to do some creative finacing for us- I just pick the house- he will handle the rest

Posted 3/6/06 4:01 PM
 

charon54
My two boys!

Member since 5/05

7279 total posts

Name:
Rebecca

Re: If you bought or are thinking of buying a house...

Less than $25,000, we only put 5% down, and took an 80-15-5 mortgage.

Posted 3/6/06 4:02 PM
 

CookiePuss
Cake from Outer Space!

Member since 5/05

14007 total posts

Name:

Re: If you bought or are thinking of buying a house...

You want to try to put down as much as needed avoid PMI and taking out untraditional mortgages.

Posted 3/6/06 4:04 PM
 

dpli
Daylight savings :)

Member since 5/05

13973 total posts

Name:
D

Re: If you bought or are thinking of buying a house...

Posted by shamrock12472

You want to try to put down as much as needed avoid PMI and taking out untraditional mortgages.



This is why when the time comes, we will probably put down 20%, whatever that ends up being.

Posted 3/6/06 4:06 PM
 

Leeners
:)

Member since 5/05

4898 total posts

Name:
Eileen

Re: If you bought or are thinking of buying a house...

I'm not sure if I skewed your results. I answered but we bought a co-op, not a house.

Anyway, we were required to put down 20%. It's good in that we won't have PMI, though. But, for PMI you can be reassessed (for a fee, of course Chat Icon) and if your property has increased in value by X% (not sure what it is), you no longer have to pay it. If you are planning on purchasing a fixer-upper and doing the majority of that work immediately, it may be in your best financial interests to put down less, deal with the PMI for a few months and reassess when you're done.

There's a lot that goes into these decisions so what is best for someone might not be best for you.

Good luck Chat Icon

Posted 3/6/06 4:09 PM
 

Jessica
I'm a mommy :)

Member since 1/06

7322 total posts

Name:
~Jess~

Re: If you bought or are thinking of buying a house...

I'm planning to buy land this coming spring or summer, and then build my house summer fall of 2007. I'm using the land as my down payment.

Posted 3/6/06 4:11 PM
 

LAMGAJ28
.

Member since 10/05

6039 total posts

Name:

Re: If you bought or are thinking of buying a house...

Posted by Leeners

I'm not sure if I skewed your results. I answered but we bought a co-op, not a house.

Anyway, we were required to put down 20%. It's good in that we won't have PMI, though. But, for PMI you can be reassessed (for a fee, of course Chat Icon) and if your property has increased in value by X% (not sure what it is), you no longer have to pay it. If you are planning on purchasing a fixer-upper and doing the majority of that work immediately, it may be in your best financial interests to put down less, deal with the PMI for a few months and reassess when you're done.

There's a lot that goes into these decisions so what is best for someone might not be best for you.

Good luck Chat Icon



I'm actually not looking to buy a house. We were having a conversation at work and someone mentioned that they didn't put anything down. I was wondering how many people actually do that these days but then and there, there's PMI and also your mortgage payment every month is higher. I also mentioned to my coworker that it depends a lot on how much the house costs and the taxes.....
I was wondering what kind of consensus was here since I know a few people on here are looking for houses.

Posted 3/6/06 4:12 PM
 

Beth
The Key to your new home....

Member since 2/06

24849 total posts

Name:
Beth

Re: If you bought or are thinking of buying a house...

100% finacing is more common outside of NY- but it is possible

my DH wants to do this- but I perfer to put something down if only to make the payment smaller

not sure what his reasoning is- but I will ask him

Posted 3/6/06 4:14 PM
 

trnity44
I hope you stay beautiful baby

Member since 5/05

8356 total posts

Name:
Liz

Re: If you bought or are thinking of buying a house...

We put down alot- more than recommended, so that our mortage would be affordable.

Posted 3/6/06 4:42 PM
 

my3bugs
Mom of 2 Boys

Member since 5/05

4381 total posts

Name:

Re: If you bought or are thinking of buying a house...

We put down over 20% - so it was over the ranges you listed.

Message edited 3/7/2006 10:10:51 AM.

Posted 3/6/06 4:43 PM
 

CaseyGirl
Mommy to 3 Boys :)

Member since 5/05

19978 total posts

Name:
Jen - counting my blessings...

Re: If you bought or are thinking of buying a house...

we put 5% down.

Posted 3/6/06 4:45 PM
 

MrsRbk
<3 <3 <3 <3

Member since 1/06

19197 total posts

Name:
Michelle

Re: If you bought or are thinking of buying a house...

We put just over 30% down.

Posted 3/6/06 4:47 PM
 

kms717
St Philomena Protect My Son

Member since 2/06

2747 total posts

Name:
Kelly

Re: If you bought or are thinking of buying a house...

We put 10% down and did two mortgages to avoid PMI

Posted 3/6/06 4:51 PM
 

MrsA
.............................

Member since 1/06

2012 total posts

Name:

Re: If you bought or are thinking of buying a house...

We plan to put 20-25% down or more if we can. That will be about $125k or a bit more for us.

Posted 3/6/06 5:11 PM
 

Gertyrae
Peace out Homies!

Member since 5/05

20046 total posts

Name:
Gerty ®

Re: If you bought or are thinking of buying a house...

I didn't answer because we only put $10K down on the price of the house. We did lay out an additional $12K for closing costs.

Posted 3/6/06 5:43 PM
 

~Colleen~
my loves...

Member since 5/05

9129 total posts

Name:
guess

Re: If you bought or are thinking of buying a house...

We're putting down 20% plus about $15k in closing costs.

Posted 3/6/06 6:00 PM
 

Tanaholic
My Big Boy!

Member since 10/05

2383 total posts

Name:

Re: If you bought or are thinking of buying a house...

Posted by kms717

We put 10% down and did two mortgages to avoid PMI



same here.

Posted 3/6/06 6:33 PM
 

CkGm
They get so big, so fast :(

Member since 5/05

13848 total posts

Name:
Christine

Re: If you bought or are thinking of buying a house...

I put down 5% the first time but with the money from that condo we can put down 20%now.

Posted 3/6/06 6:40 PM
 

Redhead
You Live, You Learn

Member since 5/05

31871 total posts

Name:
Jennifer

Re: If you bought or are thinking of buying a house...

we will be putting a little over 140K

Posted 3/6/06 6:45 PM
 

steph4777
**************

Member since 5/05

11726 total posts

Name:
Stephanie

Re: If you bought or are thinking of buying a house...

We did an 80/15/5 loan.

Posted 3/6/06 6:45 PM
 

MrsSchwags
Soccer Baseball Lax Mom

Member since 10/05

11240 total posts

Name:
Jennifer

Re: If you bought or are thinking of buying a house...

as little as possible

Posted 3/6/06 6:45 PM
 

CunningOne
***

Member since 5/05

26975 total posts

Name:

Re: If you bought or are thinking of buying a house...

WE put down 33% back in 2000. Our home was half of what it goes for now!

Posted 3/6/06 7:03 PM
 

nferrandi
too excited for words

Member since 10/05

18538 total posts

Name:
Nicole

Re: If you bought or are thinking of buying a house...

Our friends who recently bought a house in Nebraska didn't put anything down. They had intentions of putting $$ down, but there really was no need. Their mortgage and taxes are only $1000 a month and they were able to hold on to their savings. Granted, their 3 bedroom house only cost them $138,000.

Posted 3/6/06 7:11 PM
 

Tah-wee-ZAH
Kisses

Member since 5/05

15952 total posts

Name:

Re: If you bought or are thinking of buying a house...

We had a house to sell so we put down over 50% on the second house.

When DH bought the first house he put down 20% or 30K... granted this was 1998 and the house was 150K... we sold in August for 445K.

The people that bought the house we sold for $445K only put down 30K.

Posted 3/6/06 8:06 PM
 
Pages: [1] 2
 

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