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CunningOne
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Member since 5/05 26975 total posts
Name:
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Re: What percentage did you put down on your house?
Somewhere around 30%, I dont remember specifics. This was back in 2000.
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Posted 9/29/08 2:43 PM  |
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freckles
Love My Little Man!
Member since 5/07 1825 total posts
Name:
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Re: What percentage did you put down on your house?
20%
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| Posted 9/29/08 3:04 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: What percentage did you put down on your house?
Posted by Luv2bAmom
I agree but at the same time you must admit that if a person cannot save up enough to put down 20% for a house or close to it, it seems that they are livign paycheck to paycheck, so it makes me think that if they god forbid lost their job they could easily default on their loan.
Ofcourse this is not the case for eveyone.
I never said we couldn't come up with the 20%. We chose not to so we could become homeowners sooner rather than later.
We paid over 35k in our downpayment and closing costs and still had enough money leftover for 6+ months of mortgage payments, God forbid one of us lost our jobs, and enough to buy new living room/bedroom furniture and to replace our cesspool.
The situations that scare me are those who are forced to do things like take cash advances on their credit cards just to close on their house. We were determined not to fall into that trap. Good thing too - or we wouldn't have been able to flush our toilets or shower for a while. 
If we had wanted to wait another year or two, we would have had the 20% easy. We didn't want to wait anymore, while our landlord got our hard-earned cash, not being able to do things like own a dog or renovate our home.
We haven't lived paycheck to paycheck since we first met, almost 10 years ago. We chose to spend our money on other things through the years. But had enough to pay for a wedding, honeymoon, and purchase a home in 2 years' time.
I think we did pretty damn good. All I know is, we are still financially secure and happy people, a year later. 
Message edited 9/29/2008 3:48:59 PM.
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| Posted 9/29/08 3:25 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: What percentage did you put down on your house?
Posted by lululu
That's why I edited my post on this thread yesterday. I am the one that put if the people had put down 20% blah blah blah.... but my point was, clearly these people couldnt afford their homes. if they chose to buy a home with less than 20% and no cushion and numerous other factors, I'm sure, they acted irresponsibly. Just because you put down 5% doesnt mean you are irresponsible. We actually have an IO, but we are intelligent people who know what we are doing. People who don't understand what an IO ARM is have no business getting one. KWIM?
I honestly wasn't referring to you. It's more of a popular notion that I see over and over when this subject comes up here.
I think sometimes, the pride that comes with working hard to save a 20% downpayment plays a role in how those of us who don't are perceived. Like - if you can't do what I did, you must not be able to afford your home. 
My explinations are only for those who have an open enough mind to consider that not all of us are in danger of foreclosure because we put 5% down. I could care less about the snooty patooties who don't consider that it could have been a choice, not a requirement. 
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| Posted 9/29/08 3:45 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: What percentage did you put down on your house?
10%, we have one fixed rate loan with no PMI - and have an excellent rate.
We also were approved for over $100K more than what we purchased. We didnt want to get in over our heads.
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| Posted 9/29/08 4:54 PM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: What percentage did you put down on your house?
20% (or maybe a little more, ~21%)
and paid closing costs out of pocket.
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| Posted 9/29/08 6:46 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: What percentage did you put down on your house?
First house, a bit over 20%
Second home, a lot more than 20%
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| Posted 9/29/08 7:01 PM |
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Rycois
Blessed with 2blue/2pink
Member since 12/05 13341 total posts
Name:
J
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Re: What percentage did you put down on your house?
Posted by julz33
20% (or maybe a little more, ~21%)
and paid closing costs out of pocket.
Same.
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| Posted 9/29/08 10:26 PM |
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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: What percentage did you put down on your house?
Wow, the sweeping generalizations on this topic are just eye-opening to me. We put 3% down on our house. Yes, 3%. Oh lord, we must be some sort of destitute, pay check- pay check living scoundrels or something Everyone should mind their own damn business. Just because I didn't put down 20% on my house doesn't mean we can't afford it
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| Posted 9/29/08 11:01 PM |
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lovemy2boys
LIF Adult
Member since 10/07 3915 total posts
Name:
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Re: What percentage did you put down on your house?
10% I like to leave my $$ in the bank and other investments and not have it tied up. as long as you can easily afford the mort, I feel like less is better and you can always overpay your mort
Message edited 9/29/2008 11:44:35 PM.
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| Posted 9/29/08 11:39 PM |
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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: What percentage did you put down on your house?
Posted by prncss
Wow, the sweeping generalizations on this topic are just eye-opening to me. We put 3% down on our house. Yes, 3%. Oh lord, we must be some sort of destitute, pay check- pay check living scoundrels or something Everyone should mind their own damn business. Just because I didn't put down 20% on my house doesn't mean we can't afford it
I agree, I am in the same boat as you and I make my mortgage payments with NO problem every month
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| Posted 9/30/08 9:14 AM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: What percentage did you put down on your house?
Posted by prncss
Wow, the sweeping generalizations on this topic are just eye-opening to me. We put 3% down on our house. Yes, 3%. Oh lord, we must be some sort of destitute, pay check- pay check living scoundrels or something Everyone should mind their own damn business. Just because I didn't put down 20% on my house doesn't mean we can't afford it
AMEN!!
ETA: I voted 0-5%
Message edited 9/30/2008 9:21:34 AM.
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| Posted 9/30/08 9:20 AM |
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