We had zero CC debt and put 20% down. We also had over 6 months emergency funds and no car payments. The only debt at that time was my student loan payments. (I should say this was all my H's doing.)
“Life is not orderly. No matter how we try to make it so, right in the middle of it lose a leg, fall in love, drop a jar of applesauce.” - Natalie Goldberg
We were in our early 20s when we bought our first house; we only put down 10% but had zero credit card debt. I don't even think we had any credit cards at the time.
We bought our current house in our late 20s, put down 20% and still had zero credit card debt.
Post by VeryViolet on Aug 27, 2013 11:19:13 GMT -5
We didn't have any cc debt, only a car payment and put 10% down in HCOL area. After paying closing costs we still had a significant savings for e-fund, moving, home costs, etc. LOL to whoever said that 20% down isn't unrealistic in a HCOL area. I wouldn't buy with cc debt but I do think the most important piece of the finances when buying is to not completely drain your savings to buy.
Condo: Purchased in 2006. No debt other than SLs; 0% down
House: Some cc debt; smaller amount of SLs; mortgage on the.condo; 10% down. We have PMI, but based on recent sales in our development we plan to petition for removal by the end of next year.
Moi!!! Every time except once when we had unsecured debt (a revolving line at prime plus one, not credit card) because we'd maxed our liquid cash buying up other property and we need the revolving line for our 20% down. We have bought 6 houses. We are putting 33% down on our current house. YWIA.
Post by RoxMonster on Aug 27, 2013 11:38:01 GMT -5
We had no CC debt, but we only were able to put down 5%. While we had money still in savings after that, I wouldn't say we had loads left over or anything.
on our condo, yes. but that was cheap (we qualified for it based on my income alone since my husband hadn't started his job yet) and we'd just gotten married and my people are from the northeast and give CASH for weddings (and my parents paid for our wedding).
we sold the condo about a year before we'd intended to move, so we only had 16 or 17% downpayment for the house. and no CC debt at the time of financing/purchase, but then we put EVERYTHING on credit cards for the first couple months because i wanted to keep a small cash nestegg since L was still teeny and i was just going back to work. just until i was sure my entire world wouldn't implode. we're above 20% now.
pagas I mean the time frame is no longer doable. We will have a beach house, its just a few more years off We also like to go on vacation and go out to dinner and buy fancy beers
Nope! We ended up buying at 0 cc debt, and 10% down. We wanted to move while the kids were still young (my oldest is in 2nd), and there is no rental market in the area that feeds to our desired schools. Not waiting was a huge decision for us, but I don't think we will regret it. It was a good time for us to move based on the kids ages, and we lucked into a great price for the house plus awesome interest rates.
We are planning on buying next year. We have no CC debt and plan to keep it that way. We will put down probably 5% and will have 4-6 months of reserves in savings. I'm not too stressed about trying to put down a giant chunk of money.
I feel like 20% down where I am willing to live is almost impossible without a lucrative career, which I do not and will not have. H makes decent money and will be making much more in the next 5 years if he keeps at it.
We want to pay off all of our SLs before we even look at houses, as well as have at least 10% down.
We are in our mid/late 20s so we have plenty of time. We will probably buy in 10 years. I am in no rush, especially because we like renting.
lol, whatever. No debt and a 20% downpayment was never going to happen for us, ever. We did a first time homebuyer's program with a second, interest-free, deferred mortgage to cover the downpayment, and the sellers paid closing costs. Hello, 2006! Except it was 2013. I still feel like we got a good deal on the purchase price, bought at the right time, and we can stay here as long as we need to. It's also brand new, so a lot of things are still under warranty, and repairs should be minimal for awhile. That was a factor.
Similar situation here. We paid 3% down and the closing costs and that was still a bunch of money. 20% down plus closing would have been $90,000. Although both H and I make good money that was Not. Gonna. Happen. (At least not anytime soon.)
And, yeah, we have debt too, but it's manageable.
H and I have just started the process of looking (we rent) and have a meeting scheduled with a credit counselor that specializes in FHA but this will be our situation. We have minimal credit card debt but finance both of our cars and will have between 3-5% down. We should qualify for the first time homebuyer's program. 20% down where we are looking would be close to $80,000 and that's just not going to happen anytime soon with four kids at home.
Post by birdistheword on Aug 27, 2013 12:33:55 GMT -5
We had no CC debt ( we didn't even own any CCs at the time) and put a little over 20% down when we bought our house. We hadn't saved all of the DP though - part of it was some inheritance from my grandmother.