We are able to 6% down, although I'd like to put more. However, we are doing a convention 15 year loan, so at least we save a ton on interest by doing 15 year over 30.
dh says no home improvements until we build our savings back up!
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We haven't bought our first home yet, but we plan on putting 20% down, which will be about $60K. This will get us a pretty large home in our area. I don't know how anyone can afford a down payment in some of the higher cost of living areas!
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The market we are looking in is so competitive that I'm sure we would lose out on a place of our offer included less than 20% down. It's crazy- every place we've looked at has sold for over asking in less than a week!
We have decided to rent for a few more years though. -
@futuremama: yeah our down payments we were looking at would have been closer to 100k! It's crazy.
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We out down 20%!
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We are putting down anywhere between 40%-60% depending on the house we end up buying.
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My sweetie and I are house shopping now. It looks like we can probably manage about a 10% downpayment. We're in the metro DC area, and housing prices are high -- it would take us forever to save up 20%.
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We only put down 5 percent down, and we also have a 15 yr loan
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We put down close to 40% because I wanted to keep our mortgage manageable.
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Because I'm not a Canadian citizen, the bank is requiring us to put down 35%. With the cost of housing here, our downpayment is more than the entire cost of my sisters house. It's sickening.
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It would take a decade for us to save up 40% that is awesome!
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@matador84: This is another one of those age differences-- we are 32, both been working full time since we were 22-- so there you go-- we've been saving for a decade! Not specifically for a house but it was always there in our minds.
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We put down 3.5% when we bought last year.
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We put down 5%. We had 20% in our savings but the house needed so much work before we could move in. I'm so glad we did it the way we did. Our payments are great and the house is completely rennovated!
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@foodnerd81 yes we have been saving that long too...but paid off student loans, both cars in cash. I guess if we didn't do those we could have a ton for a down payment...bummer!
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We did 10%.
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@oliviaoblivia: What's the rationale behind that? Are you not eligible for CHMC if you aren't a citizen?
We put down 25% to avoid mortgage insurance fees.
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When I bought my place in Texas (before I met my DH), I only put down 3%, because I went through a federal program for teachers, and they gave me an additional 3% and guaranteed me a low interest rate. It was also the 2010 year of the Obama first-time homebuyers program, so I had abut 2 months to buy before that ended and I wanted to hurry. So then I got $8,000 back from the government (that I never have to repay), that I basically used to furnish my house, because I'm a spender. =) I probably should have just saved it, or put it into my mortgage for extra principal.
My husband, on the other hand, is a saver.
So now we're looking to buy a 2-bedroom in one of the most expensive areas of the country, so 20% might be anywhere from $125,000-$150,000. We're hoping to put 20% down, because the market here is TIGHT, and desirable 2-bedrooms sell within days. We already bid on 1 house (that had 10 offers) that we lost out on, so next time we fall in love, we'll bid something even more aggressive (read: even higher).
But full disclosure--that's all my husband. I'm just a poor educator.
And yes, the irony is not lost on us that we could keep saving another year, move back to Dallas, and buy a nice house fully, in cash. (sigh).
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We put down between 5-10%. It would have been the whole 10%, but there were some things that came up in the home inspection that we knew we would need to repair. We're paying a bit of a penalty for paying less than 10%, but its tiny.
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@Anagram: We are in a really expensive housing market too-- I just asked DH if we could move to Texas the other day. The amount we were thinking of paying for a 2 bed condo could buy SUCH a nice house there. Sad. DH reminded me that I hate the heat though.
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When I bought my townhouse I put 20% down. However, with our current home we put $0 down. We got an amazing loan from our credit union which was 0 down, no PMI and great interest rate.
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We got an FHA loan and put the min 3.5% down, and it has worked out great for us. We had money left over for emergencies and home improvements, although the PMI costs every month are a pain (extra 140$ a month for putting less down). We got an excellent rate and a great house, so I'm glad we bought when we did, even though it will take us longer to build up equity.
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We got an RD loan so it was zero down.
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We put 6%/14k down on our current house, was the most we could save for at the time, we will be putting 22%/$100k down on our new home in August. $25k deposit which was our money, the rest from what we made on sale of current home.
Without what we made on our house the move wouldn't be happening, nor would the large down payment be possible, would have had $20k more, but realtor and lawyer fees sucked that up!
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We did 23% so that it would be a conventional loan.
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We did 20% with a conventional loan. I pushed really hard for the 20%. DH really had to sacrifice, putting that much down at once, but we got a house we can stay in for a long time with a super reasonable mortgage payment. Good man.
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20% down to eliminate PMI.
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20%/$80k
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@DisneyBee: same.
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We put down 20% for a 30 year loan. Since we didn't have the funds at the time we ended up borrowing money from my in-law's. We should be finished paying off the loan in 2 years and use the extra money to pay down our mortgage faster.
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We put 20% down. Refuse to put less down to avoid PMI. The DC market is crazy, so it's tempting to put less down.
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We put down 10% on our house.
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@yin: We were/are (still deciding) doing the same with paying the mortgage down faster. But we took a closer look at retirement and how inflation will play into that, then it lead to looking at inflation vs mortgage rates vs investments. I think we've come to the conclusion that paying down the mortgage faster may be not as beneficial as we thought given today's rates, especially if we can put it in a portfolio with historic growth of conservatively 6-8%. This is one of the tons of interesting articles we read about it. http://www.heracliteanriver.com/?p=478 We haven't had the chance to talk to anyone about this since we don't know many people with the cash flow to do extra payment, so I'm curious what you think.
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20%/150k. And that was just for a 2 bdr condo. New York is horrible.
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We had 35% down.
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20%/110K...Ugh!!!!!!
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We're in the market now, and ready to put down more than 50%.
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We put down almost 30%.
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@oliviaoblivia: That sucks so much!!! And 35% of a place in the areas you folks are looking in...ouch! I hope that you find your dream home soon!
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Maybe I should add that we put down approx 30% but we were moving from a moderately-priced market (where our previous place sold for about 500K) to a more expensive area (where this one was purchased for just over 600K). In the end, it just felt like a ton, a TON of cash.
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