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

our down payment is mostly all of our wedding money & what we've saved for the past year of marriage which comes out to a little more than 15% of our home price, but we are only putting 10% down and the remander for closing costs.

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... plus what we got from our wedding.

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

We were lucky and were getting relocation money from our company, so we were able to use that for the downpayment.

I will say that we got caught off guard by closing costs, so we had to borrow $2000 from my BIL at the last minute (literally!!) to cover them.

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

Ours was GIVEN to us by DH's parents. We told them we were looking into NC and they didnt want us to go and take their only grandchild away from them, so they decided to give us that very generous gift. We are very lucky.

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

We put down over 20% but most of that was savings from investments from DH when he was younger. We did save a lot of the remaining of the money together once our wedding money was set aside. We didn't want to have to borrow from anyone & have that hanging over our heads. DH made a comment back when we first started to save & said if we could not afford the down payment of the house, then we should not be buying it!

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

We were very lucky. We received it as a gift. There's no way we would have been able to do it ourselves and so quickly.

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

We saved all of ours, but the first condo that i bought i borrowed most of the down payment from my mother. I was able to pay her back within the year though.

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

Posted by CheeChee

Ours was GIVEN to us by DH's parents. We told them we were looking into NC and they didnt want us to go and take their only grandchild away from them, so they decided to give us that very generous gift. We are very lucky.

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

The 20% we put down came from savings and some stock we sold. (We paid closing costs and had a decent percentage left in our acct for renovations and savings.)

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

we saved it all.

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?

When we bought a co-op before we got married, we borrowed the down payment from my parents. We knew we'd have some money coming in from the wedding and our mortgage was going to be reasonable, so we set up a payment plan to pay it all back to them.
We paid off a huge chunck with the wedding gifts and then paid the rest back in monthly installments...it took about a year and a half but it was all paid off and then we were able to use the sale of our co-op as a downpayment for our house.

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

We are in the same position as you -- buy now or wait until we have more $$ saved? We will save as much as we can by June and buy then if we can find something we like. One thing that has been helping us is that we put our wedding money and our savings into a high yielding money market account. The interest rate is like 4.5 % -- Last month we earned almost 100 dollars in interest alone. It is not much, but it helps!

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

We are in the process of saving, and it is hard. Especially after saving for so long for the wedding - we just want to splurge a little! However, we are going to save until probably the summer then start looking seriously. We live in a great 3 bedroom apartment now and our rent is cheap, so we will stay until we find something we can afford. We won't be putting 20% down though, more like 10%.

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

We took the money we received as gifts for our wedding and used that as 10% down......We did a 80-10-10 mortgage....


ETA: We had the seller pay the closing costs, so we didn't pay a dime for that!

Message edited 1/15/2007 4:12:50 PM.

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

we'll put 10% down - from savings

and get a sellers consession for the closing costs- which we will get a discount on b/c my DH is a mortgage banker

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

We put down 5% and paid closing costs from savings. We borrowed everything else.

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

we had money from the sale of a condo that DH owned (and we both lived in) plus money we had saved...most of the saved money was mine, since the equity was all his...

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

We are planning on putting the 20% down ourselves, hopefully by this summer, or sometime this year. We also have to save for closing costs. After buying we will not have much left~ That makes me a little nervous

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

$3,000 was from some of our wedding money (didn't get much when we got married, most people only gave $100/couple then). The rest was from my parents.

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

We used part of our own money and the rest of it was gifts from our families.

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

It was very tight for us we paid for our own wedding and paid for our home..we put 20% down plus closing cost. We closed on 10/25 and got married on 11/05....very tight! The wedding money is now our savings!

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

We paid 20% by ourselves, with a lot of help from generous wedding gifts. We lived off of one salary for a year and that helped a ton.

We borrowed from our 403b in order to cover closing costs. We wanted to have some money left in savings after our purchase in order to fix some things and just in case anything went wrong.

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

We saved it but only put down 10% and got a seller's concession to cover the closing costs...but we got a single 30 year fixed rate mortgage for that amount.

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

we had to borrow