I'm curious what % your down payment was on your first home.
Was it all your money or did your parents help out?
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DH had a house when I met him - we sold that and used the money he made for a down payment on our 1st place together - 20%
We lost money when we sold that place
Our current house was a VA so we put nothing down
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5%. Our money, we sold it in the fall. We just put 20% on our second house we bought this fall.
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We put just over 5%. It's our forever home, so we don't plan to move. We've got some money saved up that we plan to dump into the mortgage this year, and continue saving and doing that for awhile.
All our money
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DH bought our house lomg before we met. He put 20% down with part of it coming from his savings and part a gift from his grandparents. It was very inexpensive and needed a lot of TLC. He/we have done a ton to the house since he bought it, but our mortgage is less than half the value now so we are in really good shape! We want to have a completely paid for home by the time DH is 55, if not sooner.
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5%, our money
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Ours was 15%. We bought in a place where many houses go for all cash offers so we couldn't really go less than 15%. As it was, it was supposed to be 20% but we ended up buying a house that was much higher than our intended budget. Luckily it has all worked out fine.
Edited: It was all our money. I did cash out a decent sized investment fund that my parents had started for me as a child, so that was sort of a gift. But we technically didn't get any money from anyone at the time.
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3%.
ETA: It was our money. Hopefully when we sell we can put down about 10-20% on our next home.
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3.5% - it was our money.
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We put exactly 5% and got an FHA loan. It was fine because we could afford the monthly payments easily but just didn't have enough saved for a big down payment. I had just finished paying off my car, DH had paid off his student loans, and we were saving for our wedding but didn't want to wait because of the government tax refund incentive at the time. I think my dad also gave us about $5k but the majority was our money.
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20% - our money
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First home (we've since sold and now rent) - 20%, our money
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More than 20%, it was all our own money, basically saved from when we moved in together and I was still working. We lived on one salary and saved the rest. We also didn't buy a home until we were well into our 30s and we both lived alone for the majority of the time before that.
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20% just north of $150k, our money.
Stupid expensive housing market. -
We put down 25 to avoid PMI (it's a condo, so the threshold is higher). While our parents never gave us money for a down payment, DH's family gave us a generous wedding present, Christmas presents, and portion of an inheritance. And they paid for his college. I'd say that half of the down payment originally came from them.
My parents didn't give us cash gifts or pay for college. So I contributed 3% of the down payment (wedding checks from family)
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We didn't have to put anything down either time we've bought (twice, so far) since we have a VA loan. It was pretty awesome because we could use the equity in our old house to pay off our student loans.
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I think it was close to 10% but we couldn't put down too much or the bank wouldn't pay some of the costs for us.
DH parents helped us with about half of it. We'd been saving hard but just didn't quite have enough to buy a reasonable house.
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@Mrs. Champagne: I'm very close to doing the same.
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We did not have help.
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10% for my first home (a condo), no financial help. 10% for DH and my first home (no help) and 20% of our own money for our current home (no PMI, woo hoo!)
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10%, our money (wasn't sure if I should vote for 5-10% or 10-15%, so I didn't vote.)
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20% - our money (but mostly DH's - he's a fantastic saver and I don't know how he did it!)
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I'm not entirely sure (DH handles finances, so while I was aware at the time I don't remember now), but I think around 15%? We didn't have any help from parents.
We just found out there's a house down the road that's about 2/3 the size of ours, and with fewer upgrades, that's selling for the same as what we paid. So there's a decent chance we'll sell soon. If that happens we should have enough to put down 30-40% on a bigger home.
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$0 down because it was a Department of Agriculture loan in a rural area and they were trying to provide incentive to buyers to move there.
We leased back to the original owners for a month and they covered closing costs, so we actually received money to move into our home.
We do pay PMI, so I wouldn't do this method again. We are a lot more financially stable now vs. when we bought 5 years ago. In fact, we want to pay cash for our next house and not carry a mortgage (or any other type of debt) ever again once we pay off this one.
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@raspberries: Oh, oops. I fixed the poll for you.
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I honestly don't remember for sure, but I'm about 90% sure it was 0-down, high interest. We refinanced about 4 years in and had paid like $200 on our principle. We put 20% on our 2nd home with the sale of our first and savings.
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0%; both parents gifted us money and my parents pretty much purchased the house less the gifted amount and we're paying them back monthly.
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When we bought are first home, we were able to buy it with no down payment. BUT that split it into two loans - a 15 yr interest only loan and a regular 30 yr loan. I will never suggest doing that type of loan again.
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5% and all our money.
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15% for our first condo. We lived in Boston and it was required for that geographic area.
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20% - it was money my ILs saved for DH's college, but once he was college-aged they could pay his tuition out of cash flow so they didn't touch his college savings. So it was money in his name, but that his parents had saved for him.
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20%. Half of it was our money and half from my parents.
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20%, all our money
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VA loan so 0% down. No help available from either side of the family anyway. Because of DH's disability rating we also don't have to pay certain fees or PMI.
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This is going to be abnormal but we paid cash for our home. We saved all our money for the first 5 years we were together. We knew that apart from vehicles we wanted to live debt free. I also live in a super cheap part of Texas, so only 110,000$
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3.5%, FHA loan. All us, but we did put our cash wedding gifts towards it, so I guess you could say we had a little help. Mostly savings, though.
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We put 20% down to avoid PMI & the money came from our savings. We had zero help from anyone.
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20% that we borrowed from my in-law's -- $50k. We're almost done paying them off.
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About 25% - our own money. DH worked for 5 years after college while living with his parents. He had pretty close to ZERO bills, so when I graduated college we got married and bought our house with part of his savings.
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We put 5% down (all our own money). The seller paid $5,000 in closing costs as well.
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55 comments