Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

By the time we save 20-40,000 it will take forever

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

We saved alot for the wedding because we paid for half of it and we used the money we received as gifts for our downpayment and closing costs. We put down 5% which was 22,000 and brought 17,000 to the closing plus we had some extra money in the bank. Our friends put down 3% about 12,000 and then took out 100% financing. Hope that helps. Good luck!

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

Our downpayment was all saved and from the sale of some stocks my DH had. We put down 33% back in 2000.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

We're doing 20% but that's due to DH, not me.

A lot of girls borrow, and have 2 mortgages to avoid PMI - do what you can afford. It's manageable!

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

We did not have a huge down payment, so we have an 80-15-5 mortgage. We put down 5, so we have one for 80% and another for 15%.

We'd be saving forever, and by the time we thought we'd "saved enough", prices would be higher and we still wouldn't have enough. We just bit the bullet and did it.

Good luck!

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

We are putting 10% down and we are doing 2 mortgages an 80% mortgage and a 10% mortgage.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

Message edited 4/20/2007 11:24:03 PM.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

We saved but still didn't put down a large DP b/c we bought 5 months before the wedding, which we were paying for ourselves. But I moved back home with my parents (to me it was pointless to have an apartment since I was only there during the week at night, saturdays I was with DH since he lived an hour from me, and Sundays with my parents-I was hardly at my apt). I was able to save a ton.

We also did a second mortgage, but it's at a fixed rate, to avoid PMI.

It's rough, though. I still kick myself for not buying a co-op back in 2001 instead of renting the apartment.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

We will be putting the money down ourselves however it's not going to be 20% more like 10%. I know it's very hard to save that much $$$....it sucks being an adult!

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

We used what DH had saved - To be honest we put down 5% but that was what we could afford and we purchased 2-yrs ago - Do what you can afford ... GOOD LUCK

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

We're saving it all ourselves. We keep looking for some magic source of more funds but we haven't found anything yet.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

Ours was from our savings.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

Saved all of it.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

Posted by greenfreak

We're saving it all ourselves. We keep looking for some magic source of more funds but we haven't found anything yet.

Message edited 1/14/2007 8:21:45 PM.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

We have some saved, which we'll probably be using for the closing costs. We're going to put some $$ down - min of 3%, which we're taking from DH's 401k... it gives us a much better interest rate by just putting 3% down. and it'll be one mortgage...thank God! No PMI either.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

we used our wedding gift money to buy & flip properties in Florida in 2003-04, we used the profit from those deals as our DP & closing costs. Actually, we borrowed 15k from my dad & 10k from friends because 2 of our deals in Florida both closed 1 month after our closing here. We repaid them both within 30 days.
We pay PMI, it will be gone soon though, we couldn't do the piggyback & get a fixed rate with a no doc loan at that time.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

We are putting around 35% down. The money is coming from these sources:

- money we received from our wedding
- our bonuses
- cashing in all the savings bonds that I have gotten throughout my whole life
- selling some stock
- some savings

The reason we are putting so much down is because we wanted an affordable mortgage. We will still have a chunck of savings left and our mortgage payment won't stretch us. We'll also still be able to go on vacation and enjoy ourselves. Keep in mind that we are 33, so we've been saving for awhile.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

borrowed some, saved some, sold another property, some wedding money.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

Most of it was wedding money. The house we bought was about 10k more than we had planned on. We had to borrow 5k from the ILs

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

saved it all ourselves!

we put about 10% down and paid closing costs ourselves too.

we both lived at home (no rent), so we pretty much paid our bills off of his salary and banked all of mine for a little over a year.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

Saving it. We have a house already but we won't be selling it. We are keeping it as a rental. So we need to save a new down payment.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

Saved, we both lived at home, no rent before we were married. Also we used money we received from our wedding to make some home improvements when we moved in.

Re: Kind of personal...did you save most if not all of the down payment $$ or did you have to borrow?

We had bought the land in 2002. When we signed the papers for construction on the house in July 2004, the land served as our downpayment.