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How did you save up for your first home down payment?
Posted on 5/21/17 at 6:16 pm
Posted on 5/21/17 at 6:16 pm
Discussing some options with my son and was curious what others have done. I was lucky to inherit a small home from a relative when they passed and sold that for our down payment (my son is not that lucky).
25
Posted on 5/21/17 at 6:49 pm to SpanishFortTiger
I was lucky that my first year of work was training that required me to be away for 6 months out of the year. Just lived with my parents for free since I'd rarely be home. Actually had a cousin offer a free room as well since he'd bought a 3 bedroom house and lived alone. Split my time in those places and lived very cheaply, plus got per diem when travelling for work, so very easy to save. I had 20% plus an engagement ring in a year and a half.
Posted on 5/21/17 at 7:08 pm to SpanishFortTiger
1st time homeowner program for me. Nothing down and the government gave me a grant which covered all closing cost.
I paid zero out of pocket to buy a house and my monthly mortgage was less then my rent at the time.
I paid zero out of pocket to buy a house and my monthly mortgage was less then my rent at the time.
Posted on 5/21/17 at 7:13 pm to SpanishFortTiger
quote:
How did you save up for your first home down payment?
worked my arse off? use serious discipline?
Posted on 5/21/17 at 7:17 pm to Fat Bastard
My father loaned us the money for a down payment.
We signed a note and repaid it in full with interest.
We signed a note and repaid it in full with interest.
Posted on 5/21/17 at 8:03 pm to SpanishFortTiger
(no message)
This post was edited on 12/21/21 at 11:07 am
Posted on 5/21/17 at 8:07 pm to SpanishFortTiger
Spent less than we made for five years.
Posted on 5/21/17 at 8:55 pm to SpanishFortTiger
My parents have a guest house and my wife and I moved in for a year rent and utility free. We both stopped all contributions to 401k/ retirement accounts. We took money from our wedding and paid off all credit cards and her car loan. We saved 45k in 12 months.
It was hard not eating out and not taking a vacation etc.
We still had a difficult time getting a house in Nashville. Every time we put in an offer there were 3 to 5 others with offers in as well. Mostly all cash offers we could not compete with.
We put in 6 different offers over the course of 8 months and eventually had to pay 20k over asking to get a house we really settled on.
It's so hard to get a home nowadays.
It was hard not eating out and not taking a vacation etc.
We still had a difficult time getting a house in Nashville. Every time we put in an offer there were 3 to 5 others with offers in as well. Mostly all cash offers we could not compete with.
We put in 6 different offers over the course of 8 months and eventually had to pay 20k over asking to get a house we really settled on.
It's so hard to get a home nowadays.
Posted on 5/21/17 at 9:00 pm to SpanishFortTiger
Stopped ordering avocado toast at brunch
Posted on 5/21/17 at 9:01 pm to SpanishFortTiger
Pinched pennies. Let magazine subscriptions go, cancelled HBO, cooked instead of eating at restaurants, drove cheap cars, etc. Socked away every extra buck.
Posted on 5/21/17 at 9:18 pm to SpanishFortTiger
The first home I purchased was with a rural development loan- Funny how many people dont know about this... 0 down and interest rate was 3.25%
Posted on 5/21/17 at 9:19 pm to Twenty 49
Pretty easy. Live within your means. My first house, we only put down 10%. That was in 1980 though.
Posted on 5/21/17 at 9:21 pm to SpanishFortTiger
Got a 12 k inheritance when I was kid from a great aunt. Let it grow without touching it by paying through grad school with scholarships and assistsntships. Was able to put 23 k down, but that was while living with my parents until I got settled.
Posted on 5/21/17 at 10:32 pm to TheWalrus
Stopped eating out and actually stuck to the budget. Saved 28k in 12 months
Posted on 5/22/17 at 7:17 am to SpanishFortTiger
A couple years of living in an apartment saving money.
Posted on 5/22/17 at 7:26 am to SpanishFortTiger
When me and my wife got engaged, we were both living in apartments and we knew we would want to buy a house soon after we married.
So my wife moved in with her Grandmother and I moved into a tiny "economy" apartment for $400/month. We both hoarded our money for 16 months.
This helped pay for wedding, honeymoon, and down payment, although we only put down 5%. But that money also helped us remodel the kitchen and a few other things so that when we refinanced 3 years later, we were able to get rid of PMI.
So my wife moved in with her Grandmother and I moved into a tiny "economy" apartment for $400/month. We both hoarded our money for 16 months.
This helped pay for wedding, honeymoon, and down payment, although we only put down 5%. But that money also helped us remodel the kitchen and a few other things so that when we refinanced 3 years later, we were able to get rid of PMI.
Posted on 5/22/17 at 7:37 am to Fat Bastard
Yep, same here. I worked hard and didn't? spend excessive. I put away $1000 a month to a high interest savings a couple years out.
But I'm a saver. From the first pay check I knew I'd have to buy a ring, house, car so I put away money for each before I even had a serious gf.
But I'm a saver. From the first pay check I knew I'd have to buy a ring, house, car so I put away money for each before I even had a serious gf.
Posted on 5/22/17 at 7:43 am to kciDAtaE
quote:Still the case for me too. I bought in what I think is a decent area and my note including taxes and insurance is still just $900/month.
I paid zero out of pocket to buy a house and my monthly mortgage was less then my rent at the time.
Posted on 5/22/17 at 7:45 am to SpanishFortTiger
I did FHA with 3.5% down which at the time was only like 4k at closing.
Posted on 5/22/17 at 8:05 am to bobaftt1212
No new car was big.
Minimal student loans at graduation.
Got a job that allowed me to save.
Some help from parents (a shade shy of a quarter of the total needed came as a gift- would've gotten there soon, but it certainly helped expedite being able to purchase and still have a cushion)
Minimal student loans at graduation.
Got a job that allowed me to save.
Some help from parents (a shade shy of a quarter of the total needed came as a gift- would've gotten there soon, but it certainly helped expedite being able to purchase and still have a cushion)
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